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研報掘金丨中信建投:恒立液壓新產品放量值得期待,維持“買入”評級
中信建投證券研報指出,2023年恒立液壓(601100.SH)營收實現穩健增長,分業務來看,挖機業務有所下滑,非標產品實現較好增長;分市場來看,國內、海外營收均有增長,海外營收佔比超20%。公司利潤增長略低於營收,從盈利能力來看,公司毛利率穩定提升,但折舊、人員增加使得成本短期較高,淨利率略有下滑。2024Q1,公司受挖機業務拖累,營收下滑,利潤也有小幅下滑。中長期來看,公司國際化與多元化持續推進,募投項目墨西哥工廠、線性驅動項目即將投產,新產品放量值得期待。維持“買入”評級。
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