恒立液压（601100）：系列深度研究报告（二）：不止于液压油缸，打造全球领先的液压系统解决方案供应商

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 105.5 CNY, representing approximately 28% upside from the current price of 81.33 CNY [1][4][8]. Core Insights - The company is positioned as a leading hydraulic system solution provider, expanding beyond hydraulic cylinders to include hydraulic pumps, valves, and motors, which are expected to drive future growth [4][6][7]. - The hydraulic industry is experiencing steady growth, with a shift towards high-end and electric solutions, indicating a robust market opportunity for the company [4][6][8]. - The company aims to replicate its success in hydraulic cylinders by expanding its product offerings and enhancing its global presence through strategic acquisitions and new manufacturing facilities [4][6][8]. Summary by Sections 1. Hydraulic Systems as Core Technology - Hydraulic systems are essential for heavy equipment, providing high power density and efficiency, crucial for various applications including excavators and marine engineering [12][13][16]. - The system consists of key components such as hydraulic pumps, valves, and motors, each playing a vital role in the overall functionality and efficiency of machinery [12][13][16]. 2. Market Growth and Demand - The global hydraulic market has grown from 25.7 billion euros in 2000 to 54 billion euros in 2023, with a CAGR of 3.3%, indicating a strong demand for hydraulic components [4][6][8]. - The company has successfully diversified its product lines to include non-standard hydraulic components for various industries, reducing its dependency on the cyclical nature of the construction sector [4][6][8]. 3. Replicating Success and Global Expansion - The company has established a strong reputation in the hydraulic cylinder market and is now focusing on expanding its product range to include hydraulic pumps and valves, which are expected to contribute significantly to revenue growth [4][6][8]. - The establishment of manufacturing facilities in Mexico is anticipated to enhance supply chain stability and facilitate entry into new markets, further driving growth [4][6][8]. 4. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 99.7 billion CNY, 114.8 billion CNY, and 135.8 billion CNY, respectively, with corresponding growth rates of 10.9%, 15.2%, and 18.3% [5][8]. - Net profit forecasts for the same period are 25.3 billion CNY, 31.4 billion CNY, and 39.6 billion CNY, reflecting growth rates of 1.3%, 24.3%, and 26.0% [5][8].