Core Viewpoint - The company has established a strong competitive position in the high-pressure hydraulic pipeline system sector, maintaining its leading status in the domestic industry while expanding into new markets and applications [1][2]. Company Overview - The company, originally founded as Fushite Co., Ltd. in April 2005, has evolved through several key milestones, including the establishment of Jiangsu Fushite Hydraulic Technology Co., Ltd. in August 2007 and its listing on the Shenzhen Stock Exchange's ChiNext in July 2023 [1]. - The company has developed a range of core technologies in the hydraulic hard pipe assembly sector, including diverse bending techniques, automatic welding technology, and integrated pipe end forming technology, positioning itself as a leader in the domestic hydraulic industry [2]. Market Dynamics - The global hydraulic industry has shown a steady upward trend, with the market size increasing from €27.67 billion in 2016 to €31.60 billion in 2023, reflecting a CAGR of approximately 1.91% [1]. - The hydraulic pipeline system is critical for the transmission and control of hydraulic energy, directly influencing the operational precision and stability of heavy machinery [2]. Competitive Advantage - The company has established significant technical barriers and customer loyalty in the hydraulic pipeline sector, with a gross margin exceeding 55% in its mining aftermarket business, highlighting its profitability potential compared to competitors [3]. - Collaborations with major engineering machinery firms like SANY Heavy Industry and Zoomlion have allowed the company to gain valuable service experience and align with the recovery trends in downstream industries [3]. Market Expansion - The company is replicating a successful expansion strategy similar to its competitor, focusing on both domestic and international markets, including new applications in wind power and ports, as well as entering overseas markets like Mongolia and Serbia [4]. - The company is expected to see significant revenue growth, with projected revenues of CNY 590 million, CNY 1.1 billion, and CNY 2.12 billion for 2025-2027, reflecting year-on-year growth rates of 25%, 87%, and 93% respectively [4].
福事特(301446)：液压管路龙头 乘矿山维保东风再启航