招银国际：恒立液压（601100）-Keytakeawaysfrompost-resultscall

恒立液压(601100) Wehaveseveralpositivetakeawaysfromthepost-resultscall:(1)LossinMexicooperationreducedin2Q26(vs1Q26),andwenowforecastthefullyearlosstobe~RMB100mn(i.e.RMB20mnlossin2H26E);(2)Precisionindustry(excludingballscrew)isexpectedtoturnprofitablein2027E;(3)Demandforhydrauliccomponentsforexcavatorsisstrong,withpotentiallymoreorderintakesformediumsizecylindersforexcavatorsfromthemajorUSconstructionmachinerycustomerin4Q26E;(4)Ballscrewsforhumanoidrobotscapacityisontracktoreach100kunitsinthenearte