太平洋证券股份有限公司崔文娟,张凤琳近期对恒立液压（601100）进行研究并发布了研究报告《Q2业绩 创单季度历史新高，看好主业复苏+新业务持续开拓》，上调恒立液压目标价至104.85元，给予买入评 级。 恒立液压 事件：公司发布2025年半年报，上半年实现收入51.71亿元，同比增长7.00%，实现归母净利润14.29亿 元，同比增长10.97%。其中Q2单季度实现收入27.49亿元，同比增长11.24%，实现归母净利润8.12亿元， 同比增长18.31%。 Q2业绩创单季度历史新高，盈利能力持续提升。公司Q2实现归母净利润8.12亿元，创单季度历史新高， 主要系：1)主业复苏带动收入规模向上；2)产品结构优化提升毛利率；3)汇兑收益增加等。Q2公司销售毛 利率、净利率分别为44.01%、29.59%，分别同比增长0.89pct、1.79pct。费用率方面，Q2公司销售、管 理、研发、财务费用率分别为1.66%、5.78%、7.56%、-2.50%，分别同比-0.43pct、 +1.46pct、-1.68pct、-0.59pct。 工程机械行业景气向上，公司主业充分受益。根据工程机械工业协会数据，2025上 ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but a decline in revenue and a net loss for Q1 2025, indicating mixed performance in the current fiscal year [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [1] - For Q1 2025, the company reported operating revenue of 737 million yuan, a year-on-year decrease of 0.8%, and a net loss attributable to shareholders of 31 million yuan [1] Group 2: Product Development and Market Expansion - The company has expanded its product offerings in the consumer electronics sector, covering a full range of terminal products including smartphones, tablets, TWS Bluetooth headsets, smartwatches, laptops, and AR/MR/VR devices [2] - In the new energy sector, the company has achieved large-scale domestic deliveries of its tunnel cavity injection machines and secured overseas mass production orders from leading industry clients [2] - The company is enhancing its semiconductor investments, focusing on optical communication, 3C precision components, and advanced packaging, with new products achieving significant orders from global leaders [3] Group 3: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 6.133 billion yuan, 7.311 billion yuan, and 8.737 billion yuan, with net profits of 533 million yuan, 683 million yuan, and 845 million yuan respectively [4] - The company is assigned a target price of 29.8 yuan based on a 25x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]