恒立液压（601100）：公司点评：业绩符合预期，性驱动器打开成长潜力机械组

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 2.8 billion, 3.2 billion, and 4.0 billion RMB for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 35, 30, and 25 times [4]. Core Insights - The company's revenue for 2024 reached 9.39 billion RMB, a year-on-year increase of 4.51%, with a net profit of 2.51 billion RMB, up 0.40% year-on-year. In Q1 2025, revenue was 2.42 billion RMB, reflecting a 2.5% increase year-on-year, while net profit was 618 million RMB, up 2.66% year-on-year [2]. - The recovery in the excavator market, along with the expansion into non-excavator markets, has driven stable revenue growth. The domestic engineering machinery industry showed signs of recovery in 2024, with excavator sales increasing by 3.13% year-on-year [2][3]. - The company has seen a significant increase in market share for hydraulic pump and valve products, and its diversification strategy is yielding results, with non-engineering machinery products continuing to grow. International sales also increased by 7.61% year-on-year [2]. - The company's gross margin for 2024 was 42.83%, up 1 percentage point year-on-year, attributed to cost reduction and product mix optimization. The net margin was approximately 26.76%, down 1.1 percentage points due to increased sales and management expenses [2]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.39 billion RMB and a net profit of 2.51 billion RMB, with Q4 2024 revenue at 2.45 billion RMB and net profit at 717 million RMB [2]. - For Q1 2025, revenue was 2.42 billion RMB and net profit was 618 million RMB, with a significant increase in non-recurring net profit [2]. Operational Analysis - The excavator market is recovering, with a total of 201,100 excavators sold in 2024, marking an end to three consecutive years of decline. Domestic sales reached 100,500 units, up 11.7% year-on-year [2]. - The company’s revenue growth is supported by increased market share in hydraulic components and successful international market expansion [2][3]. Profitability - The gross margin for 2024 was 42.83%, while the net margin was approximately 26.76%. In Q1 2025, the gross margin was 39.4% and the net margin was 25.55% [2]. - The company’s profitability is stable, with a notable increase in non-recurring profit growth compared to apparent profit growth [2].