Accessible version Jiangsu Hengli Hydraulic Co., Ltd (A) 1Q26 results ahead; rising demand + share gain + capacity expansion = solid growth Reiterate Rating: BUY | PO: 134.00 CNY | Price: 104.52 CNY 1Q26 net profit +6% YoY, solid sales growth (33% YoY) Hengli announced 1Q26 results on 27 April and held a post-result call on 28 April. In 1Q26, revenue came in at RMB3.2bn, +33% YoY/+2% QoQ, 4% above BofAe. Gross margin declined 0.8ppt YoY (or -2ppt QoQ) to 38.6%. Operating income (clean EBIT) grew 36% YoY to ...