Zheshang Securities(SH:601878) Ge Long Hui·2025-12-19 07:41Core Viewpoint - The semiconductor company, HeXin, aims to gain control of the listed company, Changling Hydraulic, which is expected to initiate a second growth curve for the company [1] Group 1: Company Overview - Changling Hydraulic is a leading domestic manufacturer of central swivel joints and tensioning devices, with over 50% of its revenue coming from the construction machinery sector, alongside precision casting and photovoltaic segments [1] - The company has recently acquired a 70% stake in Jiangyin Shangchi, marking its entry into the photovoltaic sector [1] Group 2: HeXin's Strategy - HeXin plans to acquire control of the listed company through a combination of share transfer and tender offer [1] - Established in 2018, HeXin focuses on the research and application of mixed-signal chain chips and has over 1,600 product models [1] - The company received the national-level "Key Small Giant" title in 2024, indicating its significant market position [1] Group 3: Market Dynamics - The construction machinery industry is showing signs of a turning point, with multiple demand factors creating a favorable environment for growth [1] - Changling Hydraulic's top five customers account for approximately 80% of its sales, with strong ties to leading companies such as SANY, XCMG, and Caterpillar [1] - The company has been recognized as an excellent supplier for several consecutive years and holds hundreds of patents, meeting international standards with a 3,000-hour equipment assessment [1] Group 4: Growth Potential - The penetration rate of photovoltaic tracking brackets is expected to increase, providing additional growth opportunities for the company [1] - The initial coverage of Changling Hydraulic has been rated as "Buy" [1]