ZHEJIANG DINGLI(603338) 申万宏源证券·2025-03-26 11:06Investment Rating - The report assigns a "Buy" rating for Zhejiang Dingli, marking its first coverage [2][7]. Core Views - Zhejiang Dingli is a leading manufacturer in the global aerial work platform industry, with a strong growth trajectory in revenue and net profit, driven by both domestic demand and international expansion [6][25]. - The global aerial work platform market is valued at approximately $17.235 billion, with significant growth potential in both developed and emerging markets [6][57]. - The company is well-positioned to benefit from the increasing demand for electric and arm-type aerial work platforms, supported by its robust R&D capabilities and production efficiency [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 6,312 million yuan in 2023 to 11,480 million yuan in 2026, with a compound annual growth rate (CAGR) of 36.87% from 2014 to 2023 [5][25]. - The net profit attributable to the parent company is expected to increase from 1,867 million yuan in 2023 to 3,184 million yuan in 2026, reflecting a CAGR of 39.73% during the same period [5][25]. - Earnings per share (EPS) are forecasted to rise from 3.69 yuan in 2023 to 6.29 yuan in 2026 [5]. Market Position and Competitive Landscape - Zhejiang Dingli ranks fifth among global aerial work platform manufacturers, with a market share of 6% in 2023 [6][49]. - The company has a diverse product portfolio, including over 200 models of aerial work platforms, catering to various industries such as construction, logistics, and energy [6][23]. - The competitive landscape shows that five Chinese manufacturers are among the top ten globally, collectively holding a market share of 27.9% [6][47]. Growth Drivers - The company is expanding its production capacity and global presence, with plans for new projects and acquisitions to enhance its market share [6][17]. - The increasing focus on safety and efficiency in construction and maintenance operations is driving the demand for aerial work platforms, which are gradually replacing traditional equipment [6][36]. - The North American market is expected to see steady growth, while emerging markets are anticipated to experience rapid expansion [6][57].