Jiangsu Hengli Hydraulic CO.(601100) 东吴证券·2024-12-24 23:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 15% relative to the benchmark in the next six months [18][38]. Core Insights - The electrification of construction machinery is outlined in a "three-step" process, with the company positioned to leverage this transition through its advanced products like high-speed pumps and electric cylinders [7][19]. - The company is actively responding to market demands for electrification, having launched multiple high-speed pumps and integrated motor pump products that significantly enhance operational capabilities of various construction machinery [9][43]. Summary by Sections Electrification Process - The electrification of construction machinery can be divided into three phases: 1. Electrification 1.0 replaces fuel systems with electric ones while retaining traditional hydraulic structures, leading to energy loss [7]. 2. Electrification 2.0 involves electric drive systems for walking and rotation, reducing the integration of hydraulic components [7]. 3. Electrification 3.0 fully electrifies actuators, using electric cylinders instead of traditional hydraulic cylinders, achieving efficiency improvements from 10%-30% to over 70% [7][19]. Product Development and Market Position - The company has a comprehensive layout in the screw rod industry, with expected annual production capacities of 104,000 standard planetary roller screw electric cylinders and 100,000 meters of standard and heavy-duty ball screws [19][30]. - The successful application of electric cylinders in high-altitude machinery serves as a test case for broader adoption in other construction machinery products, marking a significant opportunity for future growth [19][51]. Financial Forecast - The company’s revenue is projected to grow steadily, with expected net profits of 2.462 billion, 3.033 billion, and 3.623 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook for long-term development [37][52].