作者 | 金贵 编辑 | 小白 翻看产品阵容：高压油缸、高压柱塞泵、液压多路阀、液压马达、工业阀、液压系统和液压测试台、 高精密液压铸件…… 从液压到电动。 近年来，公司产品线进一步拓展，新增了精密丝杠、直线导轨、电动缸等产品。 液压元件及系统是大型机械的核心传动装置，所以这家公司的液压产品下游应用领域极为广泛，覆盖 了行走机械、隧道工程、农业机械、工业工程、海洋工程，同时还涉及风电光伏新能源等。 液压＋电传，有传动的地方就有它的身影。 公司先后投资建成了多个生产基地，包括高压油缸基地、精密液压铸件基地和液压元件基地。公司还 通过并购德国茵莱等企业进行海外布局，在美国芝加哥、日本东京、墨西哥蒙特雷等地新设公司。 ...

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].

Group 1: Investor Relations Activity Overview - The company held a performance briefing on May 12, 2025, via an online platform, focusing on the 2024 annual performance [4] - Attendees included the Chairman, General Manager, Secretary of the Board, and financial representatives [4] Group 2: Financial Performance and Market Response - The company's gross profit margin for 2024 was 30.80%, a decrease of 0.86 percentage points year-on-year [7] - The company reported a healthy overall cash flow situation [6] - In Q1 2025, the performance increase was primarily due to a rise in customer order demand [12] Group 3: Product and Market Insights - The gross profit margin for high-pressure plunger pumps was 34.32%, down 1.85 percentage points from the previous year [7] - Domestic demand for high-pressure cleaning is increasing due to environmental regulations limiting traditional cleaning methods [11] - The company’s internal sales revenue for 2024 was 78.97 million yuan, a year-on-year increase of 32.61%, with an internal gross profit margin of 40.16%, down 2.78 percentage points [13] Group 4: Research and Development Investment - The company invested 12.81 million yuan in R&D for 2024, accounting for 4.88% of revenue, an increase of 2.50 percentage points from the previous year [10] - Continuous investment in R&D is aimed at enhancing product technology and core competitiveness [10] Group 5: Inventory Management Strategies - The company is optimizing inventory management through demand forecasting, market research, and improved procurement processes [8] - Future plans include refining inventory management to enhance capital turnover and create more value for shareholders [8]