招银国际：恒立液压（601100）-4Q25earningsmissongrossmarginandFXloss;Butstructuralgrowthoutlookstillintact

恒立液压(601100) Hengli’snetprofitin4Q25dropped10%YoYtoRMB647mn,whichis10%/5%belowour/Bloombergconsensusestimates.Themajordeviationcamefrom(1)alower-than-expectedgrossmargin(-6.11pptsYoYto40.6%)duetohighersalesofnon-excavatorcomponentproducts;and(2)aRMB206mnnetfinanceexpenseduemainlytofxloss(appreciationofRMB).Thatsaid,wearestayingpositiveonHengliasweexpectcontinuouspenetrationintodifferentdownstreamsegments,aswellasthestructuralgrowthoutlookofhumanoidrobots.Weslightlyreviseupour2026E/27Eearningsfor