恒立液压：业绩稳健增长，稀缺性和成长性仍是公司最突出的特点

Investment Rating - The report maintains an investment rating of "Buy-A" with a 12-month target price of 59.74 CNY, compared to the current stock price of 51.65 CNY [4][6][10]. Core Views - The company demonstrates steady revenue growth, with a reported revenue of 6.936 billion CNY for the first nine months of 2024, reflecting a year-on-year increase of 9.32%. The net profit attributable to shareholders reached 1.791 billion CNY, up 2.16% year-on-year [1]. - The excavator industry is experiencing a recovery, supported by the company's internationalization and diversification strategies, which are expected to drive revenue growth. The domestic sales of excavators have shown a positive trend since March, while exports have recently turned positive after a decline [2]. - The company's profitability remains stable, with a gross margin of 41.46% for the first nine months of 2024, an increase of 1.27 percentage points year-on-year. However, the net margin has slightly decreased [3]. Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 9.62 billion CNY, 11.18 billion CNY, and 13.42 billion CNY, with growth rates of 7.1%, 16.2%, and 20.1% respectively. Net profits are expected to be 2.44 billion CNY, 2.77 billion CNY, and 3.31 billion CNY, with growth rates of -2.2%, 13.2%, and 19.7% respectively [4][8]. - The company maintains a stable gross margin and net margin, with a gross margin of 41.03% in Q3 2024, although it faced some pressure due to new business capacity utilization and depreciation of new facilities [3][9]. - The report highlights the company's strong market position in hydraulic core components, emphasizing its high technical barriers and strong customer loyalty [6][9].