恒立液压（601100）：25Q3业绩加速向上，线性驱动器业务进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported a revenue of 7.79 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.31%, and a net profit attributable to shareholders of 2.09 billion yuan, up 16.49% year-on-year. In Q3 alone, revenue reached 2.62 billion yuan, growing 24.53% year-on-year, with a net profit of 658 million yuan, an increase of 30.60% year-on-year [5][8] - The demand for excavators in both domestic and overseas markets is on the rise, with a total of 174,039 units sold from January to September, reflecting an 18.1% year-on-year growth. Domestic sales increased by 21.5% to 89,877 units [8] - The company is successfully advancing its linear actuator business, having launched over 50 new products in the first half of the year, which have all entered mass production [8] Financial Data and Profit Forecast - The company expects total revenue to reach 10.53 billion yuan in 2025, with a year-on-year growth rate of 12.2%. The net profit attributable to shareholders is projected to be 2.82 billion yuan, reflecting a growth rate of 12.6% [7][9] - The gross margin for the first three quarters of 2025 was 41.96%, an increase of 0.50 percentage points year-on-year, while the net margin was 26.85%, up 0.98 percentage points year-on-year [8] - The report forecasts net profits of 2.82 billion yuan, 3.28 billion yuan, and 3.86 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 46X, 39X, and 33X [8][9]