恒立液压：2026 年销售增速将加快，拓展液压件业务；目标价上调至 130 元

Accessible version Jiangsu Hengli Hydraulic Co., Ltd (A) Sales growth to accelerate in 2026; expansion in HR; raise PO to RMB130 Reiterate Rating: BUY | PO: 130.00 CNY | Price: 112.50 CNY Sales growth to accelerate in 2026 with improving GPM Hengli's planned production has been solid in Nov-Dec, mainly supported by the robust demand for excavator cylinders. Its excavator cylinder business has been operating at full capacity in 4Q25. Looking into 2026, we expect sales growth to accelerate (16% YoY, vs. 13% Y ...