长龄液压：液压零部件有望迎来拐点，光伏跟踪支架回转减速器打造“小而美”第二成长曲线

Investment Rating - The report upgrades the investment rating to "Buy" [3] Core Views - The company is positioned as a small giant in the domestic hydraulic components sector, driven by dual engines of "construction machinery + photovoltaic" [1][12] - The company's revenue from the planetary gearbox business is expected to grow significantly due to increasing photovoltaic installations and market penetration [6][12] - The company has diversified its business, reducing reliance on hydraulic components, with other business segments growing from 3.47% in 2021 to 38.49% in 2023 [20] Summary by Sections Company Overview - The company has over 20 years of expertise in the hydraulic components sector, establishing itself as a key player [22] - The company has initiated a diversification strategy since 2021, focusing on the planetary gearbox business after acquiring Jiangyin Shangchi [20][76] Hydraulic Components Market - The hydraulic industry is expected to recover as the construction machinery sector approaches a bottoming out phase, with multiple factors likely to catalyze marginal improvements [41][87] - The hydraulic market in China has been expanding, with construction machinery being the primary application area, accounting for 60.38% of the market in 2022 [44] Planetary Gearbox Business - The company has positioned itself as a rare player in the photovoltaic tracking support gearbox market, with significant growth potential driven by increasing installations and market share [12][76] - The planetary gearbox business is projected to achieve revenues of 371 million, 444 million, and 478 million yuan from 2024 to 2026, maintaining a gross margin of 40% [10] Financial Projections - The company forecasts revenues of 806.31 million yuan in 2023, with a growth rate of -10.05%, followed by a recovery with a 33.81% growth rate in 2024 [7] - The net profit attributable to the parent company is expected to reach 101.69 million yuan in 2023, with a significant increase of 50.47% in 2024 [7] Market Position and Strategy - The company has established a strong market position in the hydraulic components sector, with a focus on expanding its overseas market presence through strategic investments [57][38] - The company aims to leverage its partnerships with leading construction machinery manufacturers to enhance its market share and customer loyalty [97]