ZHEJIANG DINGLI(SH:603338) Xin Lang Cai Jing·2025-04-16 08:46Core Viewpoint - Zhejiang Dingli is a leading company in China's aerial work platform industry, with significant growth potential despite recent market adjustments [1][2][4]. Company Overview - Zhejiang Dingli Machinery Co., Ltd. was established in 2005 and has expanded its production capacity through multiple factory phases, including a new factory set to produce 4,000 large intelligent aerial platforms annually by 2024 [1]. - The company has made strategic acquisitions, including a 20% stake in Magni and a 25% stake in CMEC, enhancing its presence in North America and Europe [1]. Domestic Market Analysis - China's aerial platform rental market reached a scale of 14.88 billion yuan and a fleet of 525,000 units in 2023, with a five-year compound growth rate of 28.6% and 46.4% respectively [2]. - Despite a recent decline in sales, with a projected 33.4% drop to 87,000 units in 2024, the market still has significant room for growth compared to mature markets like the U.S. and Europe [2]. International Market Analysis - The U.S. aerial platform rental market is expected to grow to $18.1 billion by 2025, with a compound growth rate of 11.9% from 2020 [3]. - The European market has shown stable growth, with a projected market size of 3.7 billion euros by 2025, reflecting a compound growth rate of approximately 3.3% [3]. Competitive Advantages - Zhejiang Dingli has a rich product portfolio with over 200 specifications and a high degree of electrification, achieving 92.7% for scissor lifts and 100% for vertical lifts in 2022 [4][5]. - The company has established a strong market position, with a 27% share of the domestic aerial platform sales in 2023, and is recognized as one of the top five global manufacturers [4][5]. - Strategic acquisitions and partnerships have enhanced the company's market access and service capabilities, particularly in overseas markets [5]. Investment Outlook - The company is expected to see revenue growth, with projected revenues of 8.23 billion, 9.16 billion, and 10.53 billion yuan for 2024-2026, representing year-on-year growth rates of 30.5%, 11.2%, and 15.0% respectively [6]. - Net profits are forecasted to reach 2.15 billion, 2.44 billion, and 2.90 billion yuan for the same period, with growth rates of 14.9%, 13.7%, and 18.8% [6].