恒立液压（601100）：2025年三季报点评：Q3归母净利润同比+31%，业绩增长开始提速

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's net profit attributable to shareholders increased by 31% year-on-year in Q3 2025, indicating a significant acceleration in performance growth [2] - The company's revenue for Q3 2025 reached 2.62 billion yuan, up 24.5% year-on-year, with net profit attributable to shareholders at 660 million yuan, reflecting a 30.6% increase [2] - The excavator segment is expected to see substantial revenue growth, with small, medium, and large excavator cylinder revenues increasing by 60%, 5%, and 25% respectively, driven by market share gains [2] - The company's profitability has improved significantly, with a net profit margin of 25.2% in Q3, up 1.2 percentage points year-on-year [3] - The establishment of a hydraulic component production base in Mexico is expected to enhance the company's access to high-end customers in North America [4] Financial Summary - The company's total revenue is projected to grow from 8.985 billion yuan in 2023 to 15.011 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.78% [1] - Net profit attributable to shareholders is forecasted to increase from 2.499 billion yuan in 2023 to 4.141 billion yuan in 2027, reflecting a CAGR of 21.30% [1] - The latest diluted earnings per share (EPS) is expected to rise from 1.86 yuan in 2023 to 3.09 yuan in 2027 [1]