This paper presents a novel 4D hyperchaotic system derived from a modified 3D Lorenz chaotic system. A key aspect of this system is the presence of a single equilibrium point, and its stability is carefully analyzed. The dynamic properties, including the Lyapunov exponent spectrum, bifurcation diagram, and chaotic attractors, are investigated using MATLAB simulations. The results reveal that the system displays hyperchaotic behavior across a wide range of the parameter d\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$d$$\\end{document}, with its chaotic attractor transitioning through four states: hyperchaotic, chaotic, periodic, and quasi-periodic, showcasing the system's complex dynamics. Experimental validation using STM32 embedded hardware successfully reproduces these four types of chaotic attractors, confirming the theoretical predictions. The proposed hyperchaotic system is then applied to image encryption, introducing a novel encryption method. The hyperchaotic key sequence generated by this system meets 15 tests of the NIST SP800-22 standard, and further experimental validation with STM32 hardware demonstrates the algorithm's effectiveness, simplicity, non-linearity, and high security. The encrypted images and sequences are rigorously tested key space analysis, histogram similarity analysis, information entropy analysis, statistical attack analysis, differential attack analysis, key sensitivity analysis, and correlation analysis, highlighting the robustness and reliability of the proposed system. This method is versatile and can be extended to various fields, including audio and video encryption, text encryption, IoT security, financial transaction security, and medical data protection.