恒立液压：挖掘机零部件工厂满负荷生产，预示 2026 年开局强劲；重申买入评级

Vi e w p o i n t | 11 Mar 2026 08:50:04 ET │ 16 pages Hengli Hydraulic (601100.SS) Full Run Rate at Excavator Component Plants Indicates Strong Start of 2026; Reiterate Buy CITI'S TAKE After a 20% YoY earnings growth in 4Q25E, we expect Hengli to deliver 30% YoY earnings growth in 1Q26E on 35% YoY revenue increase and 1.6pp YoY GPM expansion driven by almost full utilization rates at its excavator component plants, as Hengli continues to gain shares among Chinese OEMs, especially for their large size excava ...