恒立液压（601100）：线性运动核心部件领先供应商

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 118.40 CNY, up from the previous forecast of 94.70 CNY [1][4]. Core Views - The company's ball screw products have begun sample testing and small batch supply, which is expected to become a new growth driver for the company's performance [2]. - The engineering machinery industry is still in a bottoming phase, but with the advancement of internationalization and diversification strategies, the company's performance is expected to maintain steady growth [12]. - The company maintains its EPS forecasts for 2024-2026 at 2.05 CNY, 2.37 CNY, and 2.67 CNY respectively, and expects rapid volume growth in the ball screw business, which will accelerate domestic substitution [12]. Financial Summary - Revenue is projected to grow from 8,197 million CNY in 2022 to 13,217 million CNY in 2026, reflecting a CAGR of approximately 15.6% [3][14]. - Net profit attributable to the parent company is expected to increase from 2,343 million CNY in 2022 to 3,576 million CNY in 2026, with a CAGR of about 12.6% [3][14]. - The company's net asset return rate is forecasted to remain stable around 16.8% to 18.5% over the next five years [3][14]. Market Data - The company's current market price is 95.00 CNY, with a 52-week price range of 42.14 CNY to 95.00 CNY [5]. - The total market capitalization is approximately 127,378 million CNY, with a total share capital of 1,341 million shares [5]. Industry Context - The company is positioned as a leading supplier of linear motion core components, particularly in the ball screw segment, which is gaining traction among top domestic robot manufacturers [12]. - The company has a strong foundation in precision manufacturing capabilities, which is critical for producing high-quality ball screws [12].