abc 18 September 2025 Global Research Jiangsu Hengli Hydraulic We raise 2025-27E EPS by 8-11% to reflect higher excavator cylinder/pump&valve growth assumption. Hengli's share price is up 30% since June — mainly due to market expectations for an accelerating core business and progress on its screw business. However, we believe continued share gains in the cylinder and pump&valve markets, as well as potential breakthroughs in the ball screw and roller screw businesses are not fully priced in. We maintain Buy ...