招银国际：恒立液压（601100）-Netprofit-3%YoYin2Q26butlargelyduetoFXloss;strongrevenuegrowthandEBIT

恒立液压(601100) Hengli’snetprofitwasflatYoYatRMB1.4bnin1H26.Thisimplies2Q26netprofitofRMB784mn(slightlydown3%YoY),whichisinlinewithourexpectation.Thelackofearningsgrowthin2Q26,despitestronggrowthofrevenue/EBITof32%/22%YoY,waslargelyduetoFXloss(RMBappreciation).WemaintainourpositivestanceonHengliwithunchangedTPofRMB125(basedon48x2026EP/E,1.5SDabovethehistoricalaveragetoreflectboththeupcycleofhydraulicbusinessandthehugegrowthpotentialofprecisionbusiness).Hengliremainsakeypickinouruniverse.MaintainBUY