恒立液压（601100）：25Q3业绩点评：业绩增长提速，盈利能力继续上行

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a significant increase in performance for Q3 2025, with revenue reaching 2.619 billion yuan, a year-on-year increase of 24.53%, and a net profit attributable to shareholders of 658 million yuan, up 30.60% year-on-year [2][6] - The growth is attributed to the recovery in domestic excavator demand, the restoration of foreign client demand, and the addition of new clients, leading to a notable increase in the excavator segment's revenue [12] - The company's overall profitability continues to improve, with a gross margin of 42.2% in Q3 2025, an increase of 0.9 percentage points year-on-year [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 7.790 billion yuan, a year-on-year increase of 12.31%, and a net profit of 2.087 billion yuan, up 16.49% year-on-year [6] - In Q3 2025, the company reported a revenue of 2.619 billion yuan and a net profit of 658 million yuan, reflecting strong growth in both metrics [6] Business Segments - The excavator segment is expected to see significant growth due to the recovery in domestic and foreign demand, with the domestic excavator industry sales increasing by 21.2% year-on-year in Q3 2025 [12] - The non-excavator segment is also projected to improve, with revenue from non-excavator hydraulic cylinders expected to grow due to diversification into various industrial sectors [12] Future Outlook - The hydraulic components business is anticipated to continue its upward trajectory, supported by the steady progress of the linear drive business, which is expected to open new growth opportunities [12] - The company is expected to achieve net profits of 3.004 billion yuan and 3.612 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 42 times and 35 times [12]