China industrial & humanoid robot trip

研报英文原文证据摘录

China industrial & humanoid robot trip

Macquarie Equity Research China industrial & humanoid robot trip

Dingli Machinery (603338 CH, Outperform)

Overseas markets

• Overseas demand remains resilient: US demand remains strong, with healthy inventory

and improving equipment turnover; Europe remains stable, while selected non-US/Europe

markets deliver double-digit growth.

• US AWP demand has recovered from its trough but remains below the 2021 peak. Dingli

continues to outperform the European market through its new-energy product portfolio.

US localisation

• US localisation should mitigate trade risks and support orders. Local production could

reduce tariff and anti-dumping exposure while improving customer confidence, supply-chain

stability and delivery certainty.

• Automation and localized sourcing are key. Dingli plans value-added manufacturing rather

than simple assembly, supported by multi-source procurement across the US, Mexico and

Europe.

Tariff mitigation and earnings outlook

• Management targets stable to moderate earnings growth in 2026–27. FX, freight and

tariffs remain near-term headwinds, while the FX impact could ease in 2H26.

Hengli Hydraulic (601100 CH, Outperform)

Core business: strong growth and resilient operations

• Hydraulic cylinders remain the core earnings driver, with 1H26 revenue up ~40% YoY; pumps

and valves grew faster at ~50–60%, albeit from a smaller base.

• Plants are expected to remain fully utilised in 3Q26, supporting sequential revenue growth

despite the traditional domestic machinery off-season.

• Overseas profitability varies by region, with Europe and the Middle East outperforming Asia

and Africa.

Precision machinery & semiconductors: fast ramp-up

• Precision machinery revenue doubled QoQ to ~Rmb60m in 2Q26 and is targeted to reach