Jiangsu Hengli Hydraulic - A Global China Summit Takeaways: Accelerating new drivers and global expansion

研报英文原文证据摘录

Jiangsu Hengli Hydraulic - A Global China Summit Takeaways: Accelerating new drivers and global expansion

Asia Pacific Equity Research

28 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Overweight

Jiangsu Hengli Hydraulic - A 601100.SS, 601100 CH

Price: Rmb112.09

Global China Summit Takeaways: Accelerating new 28 May 2026

drivers and global expansion Price Target: Rmb121.00

PT End Date: 30 Jun 2027

Hengli Hydraulic participated in the JPM Global China Summit (May 20-22), Infrastructure, Industrials &

providing a comprehensive update on business momentum, new growth drivers, Transport

ACand strategic priorities for 2026 and beyond. Key takeaways from the summit Karen Li, CFA

reflect a more bullish tone from management compared to the 1Q26 briefing, with (852) 2800-8589

stronger confidence in the scale-up of new business lines, accelerating order karen.yy.li@jpmorgan.com

momentum, and a clear path to margin improvement and global expansion. We Mufan Shi

maintain our OW rating on the shares. (852) 2800-8502

mufan.shi@jpmorgan.com

• Management commentary at the China Summit was incrementally more Jenny Qiu, CFA

positive, with a focus on the rapid ramp-up of FA/ball screw and robotics, (852) 2800 8503

robust order visibility, and a disciplined approach to capacity and global jenny.qiu@jpmorgan.com

expansion. The company is seeing demand and order flow in new business lines Sunny Su

far above current capacity, and is targeting multi-year growth as new capacity (852) 2800 8551

sunny.su@jpmorgan.com

comes online.