分析师：邢甜 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 华龙证券研究所 事件： 证券研究报告 机械 报告日期：2025 年 09 月 01 日 传统业务稳健增长，出口+线性执行器贡献新增量 ——恒立液压（601100.SH）2025 年半年报点评报告 最近一年走势 | 当前价格（元） | 89.42 | | --- | --- | | 52 周价格区间（元） | 48.21-99.47 | | 总市值（百万元） | 119,896.21 | | 流通市值（百万元） | 119,896.21 | | 总股本（万股） | 134,082.10 | | 流通股（万股） | 134,082.10 | | 近一月换手（%） | 19.84 | 投资评级：增持（首次覆盖） 公司发布 2025 年半年报: 2025H1 公司实现总营业收入 51.71 亿 元，同比增长 7%；实现归属于母公司净利润 14.29 亿元，同比增长 10.97%。 观点： 请认真阅读文后免责条款 市场数据 2025 年 08 月 29 日 Q2 利润创单季度新高，盈利能力有所增强。单二季度，实现收 入 27. ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [5][9]. Core Views - The company has achieved a record high net profit for a single quarter, driven by the recovery of its main business and expansion into new markets [1]. - The excavator industry continues to recover, with the company benefiting from increased demand for hydraulic components [2]. - The company's profitability is steadily improving due to structural optimization and ongoing cost reduction efforts [3]. - The company is enhancing its overseas presence and has made significant progress in new product development [4]. Summary by Sections Company Growth Prospects - In the first half of 2025, the company reported total revenue of 5.171 billion yuan, a year-on-year increase of 7%, and a net profit of 1.429 billion yuan, up 10.97% [1]. - The excavator industry saw total sales of 120,500 units in the first half of 2025, a year-on-year increase of 16.77%, with domestic sales up 22.9% and exports up 10.19% [2]. Profitability Improvement - The company achieved a gross margin of 41.85% and a net margin of 27.7% in the first half of 2025, reflecting an increase of 0.33 percentage points and 1.01 percentage points year-on-year, respectively [3]. - Cost management measures have been implemented across various areas, supporting profitability [3]. Overseas Expansion and New Product Development - The company has successfully launched its largest overseas production base in Mexico and is actively participating in international exhibitions [4]. - The company has developed over 50 new products as part of its electrification strategy, with all new products successfully entering the market [4]. Financial Forecast - Revenue projections for 2025-2027 are 10.478 billion yuan, 12.158 billion yuan, and 14.170 billion yuan, representing year-on-year growth of 12%, 16%, and 17% respectively [5]. - Net profit forecasts for the same period are 2.762 billion yuan, 3.255 billion yuan, and 3.837 billion yuan, with growth rates of 10%, 18%, and 18% [5].