浙江鼎力：差异化竞争优势显著，无惧贸易摩擦

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 75.18 RMB [7]. Core Views - The company has a significant competitive advantage due to its differentiated products and lower anti-dumping tax rates, which positions it favorably in the market despite trade tensions [2][5]. - The company has shown strong growth in overseas markets, with revenue increasing from 1.98 billion RMB to 3.84 billion RMB from 2021 to 2023, representing a CAGR of 39.3% [4]. - The company is expected to maintain a robust profit growth trajectory, with projected net profits of 2.145 billion RMB, 2.720 billion RMB, and 3.260 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 14.9%, 26.81%, and 19.82% [5][6]. Summary by Sections Anti-Dumping Tax Impact - The company received a final anti-dumping tax rate of 20.6% from the EU, which is the lowest among its peers, indicating limited impact from these tariffs [2][12]. - In the US, the company has also benefited from the lowest countervailing duty rate of 11.95% and a reduced weighted average dumping margin of 12.39%, further enhancing its competitive position [3][14]. Overseas Market Expansion - The company has been deepening its presence in overseas markets, particularly in North America, where it has established strong brand recognition and partnerships with local rental companies [4]. - The ownership stake in CMEC has been increased from 49.8% to 99.5%, which is expected to leverage both companies' strengths to expand further in the North American market [4]. Financial Projections - Revenue projections for the company are as follows: 7.949 billion RMB in 2024, 9.542 billion RMB in 2025, and 10.935 billion RMB in 2026, with respective growth rates of 25.93%, 20.04%, and 14.61% [6]. - The company’s earnings per share (EPS) are projected to grow from 4.24 RMB in 2024 to 6.44 RMB in 2026, indicating a strong upward trend in profitability [6].