招银国际：恒立液压（601100）-2Q26preview:RevenueontrackbutprofithurtbyFX;NoimpactfromUSforeignrobotsban

恒立液压(601100) WeforecastHenglitodeliver30%YoYrevenuegrowthin2Q26,drivenbystronghydraulicpartsforexcavators,aswellasfast-growingprecisionrevenue.Ontheprofitside,weexpectnetprofittolargelystayflatYoYat~RMB800mnin2Q26,dueto(1)highbasearisingfromhighgrossmargin(44%)in2Q25,(2)FXlossof~RMB200mn,basedonourestimates,asaresultoftheappreciationofRMBin2Q26.Ontheotherhand,webelievethelatestbanonforeignhumanoidrobots(source)salesintheUSwillhavenoimpactonHengli,giventhatthemajorityofHengli’scapacityofroboticba