Maintain Buy; raise TP to RMB104.00 from RMB98.80. We base our target PE on domestic screw and linear guide peers (Exhibit 7). We lower our target PE to 40x from 45x, at a 30% discount (previously 25%) to its peer average 2026-27e Bloomberg consensus of 55x (previously 60x) as Hengli's 2025-27e EPS CAGR of 15% (unchanged) is 30% below that of peers' consensus CAGR of 21% (previously 20%). Our target PE is 30% above Hengli's historical average of 31x in 2011-24, which reflects our more positive view on excav ...