浙江鼎力：2024年三季报点评：Q3业绩超预期，北美市场高景气延续

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 67.7 yuan, compared to the current price of 48.50 yuan [1]. Core Insights - The company's Q3 performance exceeded expectations, with a revenue of 6.13 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.4%. The net profit attributable to the parent company reached 1.46 billion yuan, up 12.9% year-on-year [1][3]. - The company is focusing on expanding its overseas market, particularly benefiting from the high demand in the North American market, which continues to show strong growth [1][3]. - The gross margin and net margin for Q3 were 37.6% and 28.0%, respectively, showing significant improvement from the previous quarter due to increased overseas sales [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.13 billion yuan, with a year-on-year growth of 29.4%. The net profit attributable to the parent company was 1.46 billion yuan, reflecting a 12.9% increase year-on-year. The Q3 revenue alone was 2.27 billion yuan, marking a 38.4% year-on-year growth, while the net profit for Q3 was 640 million yuan, up 37.7% year-on-year [1][3]. - The company expects revenues for 2024, 2025, and 2026 to be 8.13 billion yuan, 9.39 billion yuan, and 10.44 billion yuan, respectively, with year-on-year growth rates of 28.8%, 15.4%, and 11.3% [3][4]. - The net profit forecast for the same years is 2.13 billion yuan, 2.64 billion yuan, and 3.04 billion yuan, with growth rates of 14.0%, 24.0%, and 15.3% [3][4]. Market Dynamics - The domestic market is experiencing weak recovery, with a decline in demand for high-altitude work platforms. However, the overseas market, especially North America, is showing steady growth, driven by housing construction and supportive policies [1][3]. - The company has maintained a competitive edge in the international market, with over 60% of its revenue coming from overseas sales since 2022. The North American market is particularly buoyant, contributing significantly to the company's growth [1][3].