招银国际：恒立液压（601100）-Takeawaysfromplantvisit:Morepositivethanwethought

恒立液压(601100) WearrangedasitevisittourforinvestorstoHengli’sproductionbaseinChangzhouon3Jun.Keytakeawaysinclude:(1)Strongdemandforlinearguidewaysdrivenbymachinetoolsandsemiconductorsegments;(2)Hugepotentialforballscrewsforhumanoidrobotsduetostrongcommitmentfromthemajorcustomer;(3)Capacityforcylinders,pumpsandvalvesarerunningatfullutilisationdrivenbyawiderangeofdownstreamdemandsuchasminingequipmentandagriculturalmachinery.Wereviseupour2027E/28Eearningsforecastsby4%/7%,duetohighervolumeassumptions.