穿越周期，无惧“双反”！高空作业平台进击海外，ROE碾压同行

Investment Rating - The report indicates a positive investment outlook for the aerial work platform industry, highlighting the growth potential and competitive advantages of the leading company, Zhejiang Dingli [1][2]. Core Insights - The aerial work platform market in China has seen significant growth, with a rental market inventory of 525,000 units in 2023, which is 5.8 times that of 2018 [2][12]. - Zhejiang Dingli has established itself as a global leader in high-end equipment manufacturing, showcasing resilience and high return on equity (ROE) compared to its peers [2][11]. - The company has a diversified product range, including over 200 models across three main categories: boom lifts, scissor lifts, and vertical lifts [6][12]. Summary by Sections Company Overview - Zhejiang Dingli is a private enterprise with a significant ownership stake held by its actual controller, Xu Shugen, who directly holds 45.53% of the shares [4][5]. - The company ranks fourth globally and second domestically in sales revenue within the aerial work platform sector, achieving a revenue of 7.88 billion USD in 2023, reflecting a 20.5% year-on-year growth [8][9][10]. Market Dynamics - The global aerial work platform market is characterized by stable competition, with mature markets like Europe and the U.S. showing steady demand primarily driven by equipment replacement needs [15][16]. - In contrast, the domestic market is still in a growth phase, with a lower per capita inventory but a faster growth rate, leading to increased competition and pricing pressures [17][20]. Financial Performance - Zhejiang Dingli has demonstrated a compound annual growth rate (CAGR) of 36.9% in revenue from 2014 to 2023, with a year-to-date growth rate of 29.4% for the first three quarters of 2023 [13][19]. - The company's gross margin is consistently higher than its competitors, with a gross margin of 35.3% in 2023, compared to 31.3% for XCMG and 27.4% for Zoomlion [34][35]. Strategic Initiatives - The company is focusing on expanding its production capacity, with a new project aimed at producing 20,000 units of new energy aerial work platforms, expected to generate an annual revenue of approximately 2.5 billion USD upon completion [45]. - Zhejiang Dingli has also prioritized product innovation, achieving nearly 100% electrification of its scissor and vertical lift products, and a 73.4% electrification rate for boom lifts [31][32]. Competitive Advantages - The company benefits from a lower anti-dumping tax rate compared to its domestic competitors, which positions it favorably in international markets [38][40]. - With a strong cash reserve and low interest-bearing debt ratio of 7.4%, Zhejiang Dingli is well-positioned to support its growth ambitions [45].