工程机械行业点评：欧盟高空作业平台终裁结果落地，风险释放

Investment Rating - The industry investment rating is "Buy" indicating an expected return exceeding the CSI 300 index by more than 15% [2][6]. Core Viewpoints - The report highlights the release of risks following the EU's final ruling on tariffs for aerial work platforms imported from China, which is expected to positively impact market competition [2]. - Despite the high tariffs imposed by the EU, many companies have developed mature countermeasures, and Chinese high-altitude machinery enterprises possess strong advantages in the industrial chain [2]. - The report maintains the industry rating of "Leading the Market," suggesting that the overall performance of the industry is expected to surpass the market index [2]. Summary by Sections Industry Overview - The EU has announced the final decision on tariffs for Chinese-manufactured aerial work platforms, with the tax levels being slightly lower than initially proposed. The tax rates for various companies are as follows: Zhejiang Dingli at 23.6%, XCMG at 22.9%, and others ranging from 22.5% to 30.2% [2]. - The tariffs aim to restore fair competition in the EU market, which is expected to have a positive impact on market dynamics [2]. Company Analysis - Zhejiang Dingli faces relatively lighter tariff pressure compared to peers like XCMG and Zoomlion, which are enhancing competitiveness through overseas factories and channel development [2]. - The report notes that many companies have already taken measures to cope with high tariffs, such as establishing local production capabilities in Europe [2]. Market Trends - The report indicates that the domestic demand for high-altitude machinery in China has been weak, leading to a decline in sales growth since 2024. However, international business is steadily expanding [2]. - The Chinese high-altitude machinery sector is increasingly focusing on emerging markets, capitalizing on urbanization trends in Southeast Asia and Africa [2].