恒立液压 20250826 摘要 2025 年二季度，恒立液压营收同比增长 7%，单季度毛利率达 44%， 主要受益于收入增长、成本控制及产品结构调整，如中大挖泵阀、马达 等高毛利率产品占比提升。 二季度单季度净利润增长超 18%，净利率达 29%以上，经营现金流同 比增长 13.2%，显示公司盈利能力和财务状况稳健。内销市场增长 11%，海外市场略有下滑，但核心客户需求向好。 挖掘机专用油缸上半年产量增长 16%，收入增长 12%，泵阀及液压系 统、马达等业务收入增长 15%，其中挖掘机阀增速最快，达 24%。 新业务方面，已导入 300 多家客户，建立十余家经销体系，市场反馈良 好，下半年预计逐步走向正轨。行星丝杠重视研发和商务对接，长期前 景看好，对接 AI 领域新兴创投企业。 海外市场拓展加速，成立多个海外子公司，并在墨西哥、印尼等地布局 产能。墨西哥工厂 6 月投产，带来海外订单增量，每月产值约一千多万 元人民币。 Q&A 恒立液压在 2025 年上半年的整体经营亮点有哪些？ 2025 年上半年，恒立液压在收入和利润方面均表现出色，尤其是二季度的表 现尤为突出。单季度收入达到历史二季度峰值，同比增幅 ...

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - The direct export cost of engineering machinery to the US has significantly increased due to tariffs, reaching 79% (25% + 20% + 34%), but the overall risk is manageable as the exposure to the US market is low for major manufacturers [1] - Key recommendations focus on companies with North American factories and those with facilities in Mexico (which has tariff exemptions) or Brazil and Turkey (which can bear a 10% tariff) [2] - Companies like SANY Heavy Industry and Hengli Hydraulic have established production capabilities in North America, which can help mitigate tariff risks [2] - The report suggests that the overall risk is controllable despite the tariff impacts, and recommends companies such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic for investment [5] Summary by Sections Tariff Impact - The engineering machinery sector faces a 79% tariff on exports to the US, but major companies have limited exposure, with SANY at approximately 3% and Hengli at about 5% [1] - If retaliatory measures are taken by sanctioned countries, it could benefit Chinese engineering machinery brands, especially in emerging markets [1] Overseas Factory Layout - Companies with North American factories include SANY and Hengli, with SANY's future production capacity expected to exceed 2,000 units, corresponding to about 1 billion yuan [2] - Hengli's North American factory has an annual output value of 300-400 million yuan for hydraulic components, with plans to produce planetary screws if tariffs persist [2] - In Mexico, Hengli and Zoomlion have factories, with Hengli's projected annual output value increasing from 2 billion to 3-4 billion yuan [2] - Zoomlion's factory in Mexico has achieved over 1 billion yuan in actual sales since full production began in Q3 2024 [2] - In Brazil and Turkey, Zoomlion and LiuGong have factories with a combined capacity exceeding 3 billion yuan [2]