恒立液压：2024年中报点评：Q2业绩好于市场预期，扣除汇兑影响后盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit increased by 5% year-on-year, exceeding market expectations, with H1 revenue at 4.83 billion yuan, up 8.6% year-on-year [2][6] - The company's profitability continues to improve due to structural optimization and declining raw material costs, with H1 gross margin at 41.6%, up 2.6 percentage points year-on-year [2][6] - The company is advancing its diversification and internationalization strategy, with projects in Mexico and linear actuator initiatives expected to drive future growth [2][6] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 8,197, 2023A was 8,985, and projections for 2024E, 2025E, and 2026E are 9,929, 11,845, and 14,234 respectively, showing a year-on-year growth of 10.51% in 2024E [2][6] - Net profit attributable to the parent company (in million yuan) for 2022A was 2,343, 2023A was 2,499, with projections for 2024E, 2025E, and 2026E at 2,730, 3,313, and 4,024 respectively, indicating a growth rate of 9.27% in 2024E [2][6] - The latest diluted EPS (in yuan/share) for 2022A was 1.75, 2023A was 1.86, with projections for 2024E, 2025E, and 2026E at 2.04, 2.47, and 3.00 respectively [2][6] Market Data Summary - The closing price of the stock is 46.48 yuan, with a one-year low of 41.55 yuan and a high of 68.11 yuan [3] - The market capitalization is approximately 62.32 billion yuan [3] Asset and Liability Summary - The total assets for 2023A are projected at 17.896 billion yuan, increasing to 20.471 billion yuan in 2024E [6] - The total liabilities for 2023A are projected at 3.453 billion yuan, decreasing to 3.292 billion yuan in 2024E [6] Cash Flow Summary - Operating cash flow for 2023A is projected at 2.677 billion yuan, with expectations of 2.403 billion yuan in 2024E [7] - The net increase in cash for 2023A is projected at (1.073) billion yuan, with expectations of 2.410 billion yuan in 2024E [7]