恒立液压（601100）：点评报告：主业加速向上，人形机器人突破放量在即

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The humanoid robot industry is poised for significant growth, with the company's linear actuators successfully entering mass production [1][2] - The company has developed over 50 new products in the first half of 2025, with nearly 300 new clients added [1] - The company is expected to benefit from the upward cycle in the excavator sector, with domestic sales increasing by 15% year-on-year and exports up by 11% [3] - The company is expanding its product applications in precision ball screws, linear guides, and electric cylinders to enhance its leading position in electric and hydraulic transmission [1][3] Summary by Sections Humanoid Robot Sector - Major players like Tesla and Figure are accelerating their developments, indicating a catalytic period for the industry [2] - The demand for humanoid robots in manufacturing and domestic services in China and the US is projected to reach approximately 2.1 million units by 2030, representing a market space of about 314.6 billion RMB [2] Excavator Segment - The company is positioned to benefit from the ongoing infrastructure projects, with significant growth in excavator cylinder sales, which reached 308,000 units in the first half of 2025, a year-on-year increase of over 15% [3] - Non-excavator segments also saw over 30% growth in pump and valve sales, expanding market share in various machinery sectors [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 10.4 billion, 12.1 billion, and 14.1 billion RMB, with year-on-year growth rates of 11%, 16%, and 17% respectively [4] - Net profit forecasts for the same period are 2.7 billion, 3.2 billion, and 3.7 billion RMB, with growth rates of 10%, 15%, and 17% [4] - The company is expected to maintain a PE ratio of 48, 42, and 35 for the years 2025, 2026, and 2027 respectively [4]