作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占全国 五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖20个 产业门类、占全国品种的85%，起重机械、桩工机械销量居全球第一，17类细分产品销量稳居全国首 位。 资讯编辑：吴命媛 021-26093301 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 2月25日，徐州市召开打造世界级工程机械产业集群暨全市产业项目提质增效推进会，动员全市上下牢 固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级集群迈进。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、 ...

2月25日，徐州市召开打造世界级工程机械产业集群暨全市产业项目提质增效推进会，动员全市上 下牢固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级集群迈进。 作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占 全国五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖 20个产业门类、占全国品种的85%，起重机械、桩工机械销量居全球第一，17类细分产品销量稳居全国 首位。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、驱动桥 等关键环节完成国产化替代，其中40%处于国际领先水平。以徐工集团为"头马"，徐州已构 建"1+100+1000"创新矩阵，卡特彼勒、罗特艾德等中外企业共生共荣，形成"一超一大多强"的企业发展 格局。 徐州市委书记宋乐伟在会上表示，打造世界级工程机械产业集群，是牢记嘱托的具体实践、乘势而 上的战略举措、再攀新高的现实选择。要坚持久久为功、持续发力，在战略目标上实现从加速赶超向全 球领先迈进，在发展路径上实现从集成制造向智慧制造跃迁，在价值创造上实现从传统服务向生态领 ...

本报讯(记者王岩李立晨)2月25日，徐州市召开打造世界级工程机械产业集群暨全市产业项目提质增效 推进会，动员全市上下牢固树立"围着产业转、盯着项目干"理念，乘势而上推动工程机械产业向世界级 集群迈进。 产业链自主保障能力持续增强，70%的核心零部件和关键材料实现自主供给，液压多路阀、驱动桥等关 键环节完成国产化替代，其中40%处于国际领先水平。以徐工集团为"头马"，徐州已构 建"1+100+1000"创新矩阵，卡特彼勒、罗特艾德等中外企业共生共荣，形成"一超一大多强"的企业发展 格局。 徐州市委书记宋乐伟在会上表示，打造世界级工程机械产业集群，是牢记嘱托的具体实践、乘势而上的 战略举措、再攀新高的现实选择。要坚持久久为功、持续发力，在战略目标上实现从加速赶超向全球领 先迈进，在发展路径上实现从集成制造向智慧制造跃迁，在价值创造上实现从传统服务向生态领创转 变，坚定不移固根基扬优势补短板，一步一个脚印打造世界级工程机械产业集群。 作为徐州"一号产业"，该市工程机械产业近年来持续领跑发展，已形成千亿级产业集群，营收约占全国 五分之一，跻身国家首批先进制造业集群。目前，该产业全产业链自主可控率突破90%，产品覆盖2 ...

Core Insights - The hydraulic system is a critical component of construction machinery, acting as its "muscle" by transmitting pressure through liquids to perform various tasks [1][10] - The market size of China's construction machinery hydraulic system industry is projected to grow from 24.477 billion yuan in 2016 to 41 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.66% [11] - By 2025, the market size is expected to reach 43.747 billion yuan, driven by increased investment in major engineering projects and the transition towards intelligent and green manufacturing [11] Industry Overview - The hydraulic system consists of power components (pumps), actuating components (cylinders and motors), control components (valves), auxiliary components (oil tanks, pipelines, seals), and hydraulic oil [4][10] - Hydraulic systems can be classified into open, closed, and semi-closed systems based on their degree of closure [6][7] Market Dynamics - The construction machinery hydraulic system industry has seen a significant increase in demand due to ongoing infrastructure development, urbanization, and advancements in industrial automation [11] - In 2022, the construction machinery industry faced challenges with a revenue drop to 797.7 billion yuan, a 12% year-on-year decrease, but is expected to rebound to 876.6 billion yuan in 2024 [9] Policy Support - Various policies have been implemented to support the hydraulic system industry, including plans to accelerate the replacement of outdated equipment and promote innovation in the sector [8] Industry Chain - The upstream of the hydraulic system industry chain includes raw materials such as steel, cast iron, non-ferrous metals, and rubber products, which are essential for production [9] - The midstream involves the research, production, and sales of hydraulic components, while the downstream focuses on applications in construction machinery [9] Key Companies - Notable companies in the hydraulic system industry include Eddie Precision Machinery, Hengli Hydraulic, and Changling Hydraulic, which are making strides in technology and market presence [2][13] - Eddie Precision has become a leading manufacturer of hydraulic components, with a revenue of 2.374 billion yuan in the first three quarters of 2025, reflecting a 16.49% year-on-year growth [14] - Hengli Hydraulic reported a revenue of 7.79 billion yuan in the same period, with a 12.31% increase [15] Future Trends - The hydraulic system industry is expected to advance towards integration with electromechanical systems and smart technologies, enhancing operational precision and efficiency [16] - There will be a focus on energy efficiency and sustainability, with the adoption of variable pumps and eco-friendly hydraulic fluids [16] - Customized solutions tailored to specific operational environments will become increasingly important as the industry addresses diverse application needs [17]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company is positioned as a benchmark in the domestic hydraulic industry, focusing on the development of hydraulic transmission control equipment and systems integration, with a significant emphasis on non-standard hydraulic cylinders and valves [5][6]. - The hydraulic industry is entering an upward phase, driven by favorable policies and accelerating domestic substitution, particularly in the engineering machinery sector [6][40]. - The company has invested 1.4 billion yuan in a linear actuator project, which is expected to enhance its product offerings and market reach [2][18]. Financial Summary - The company's projected net profit for 2025, 2026, and 2027 is estimated at 2.747 billion, 3.220 billion, and 3.665 billion yuan, respectively, with corresponding PE ratios of 42.63, 36.36, and 31.95 times [2][3]. - Revenue is expected to grow from 8.985 billion yuan in 2023 to 13.897 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.71% [3][4]. - The company’s net profit margin is projected to remain stable, with a slight increase in profitability expected over the forecast period [25][28]. Industry Outlook - The hydraulic industry is projected to grow significantly, with the global market expected to reach approximately 51.57 billion USD by 2024 and 77.82 billion USD by 2034, indicating a CAGR of 4.2% [40][43]. - The domestic excavator market is recovering, with sales expected to increase significantly in the coming years, driven by infrastructure investment and equipment upgrades [41][49]. - The company is well-positioned to benefit from the increasing demand for hydraulic components in various sectors, including construction and agriculture, as the market shifts towards high-efficiency and energy-saving hydraulic systems [6][44].