恒立液压：收入保持较快增长，利润表现超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7][26]. Core Insights - The company reported a revenue of approximately 4.83 billion yuan for the first half of 2024, representing a year-on-year growth of 8.6%. The net profit attributable to shareholders was about 1.29 billion yuan, with a slight increase of 0.7% year-on-year [4]. - The second quarter of 2024 saw a significant acceleration in performance, with revenue reaching approximately 2.47 billion yuan, up 22.0% year-on-year, and a net profit of 690 million yuan, reflecting a 5.0% increase [4]. - The company is benefiting from a diversification strategy, with non-excavation business segments showing strong growth, including a 21.5% increase in heavy non-standard hydraulic cylinder sales [5]. - The gross profit margin improved by 2.6 percentage points to 41.6% due to the growth in non-excavation business [6]. Financial Forecast - The company is projected to achieve revenues of 10.01 billion yuan, 11.74 billion yuan, and 13.84 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.4%, 17.3%, and 17.9% [9][26]. - The net profit attributable to shareholders is expected to be 2.62 billion yuan, 3.17 billion yuan, and 3.94 billion yuan for the same years, with growth rates of 4.8%, 20.9%, and 24.3% [9][26]. - The report indicates a projected price-to-earnings ratio of 24.6, 20.4, and 16.4 for the years 2024, 2025, and 2026, respectively [7][26].