浙江鼎力 20251224 Q&A 如何看待高空作业平台行业的景气度变化及双反关税对公司盈利性和成长性的 影响？ 国内高空作业平台市场 2025 年 1-11 月销量同比下滑 43%，主因前期 扩张过快，预计 2026 年市场或将持平或小幅下降，租赁商现金流紧张 和租金下降是主要挑战。 美国市场高空作业平台保有量增长停滞，但非住宅建筑投资活跃度提升 预示 2025 年末至 2026 年上半年需求复苏，部分企业计划涨价应对成 本压力。 欧洲市场受前期抢发货和经济影响表现不佳，但租赁企业收入和租金率 稳定增长，鼎力因双反税率较低，有望受益于市场复苏。 新兴市场高空作业平台保持 20%-30%增速，长期来看，国内人均保有 量与海外差距意味着行业仍具增长潜力。 鼎力是目前唯一能向美国出口高空作业平台的中国企业，虽面临高额关 税（最高或达 89%），但测算显示仍能保持 25%以上毛利率。 鼎力通过积极复审降低双反税率，2024 年 11 月成功将反倾销税率降至 12.4%，但受美国政府加征关税影响，总关税水平再次回升。 鼎力在欧美市场份额持续增长，尤其在美国 B 市领域潜力巨大，即使面 对高关税，仍有望通过销量增长实现 ...

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric vehicles, specifically golf carts, all-terrain vehicles (ATVs), and robotics Key Points and Arguments Financial Performance - **Q2 Performance**: TaoTao Vehicle's Q2 performance exceeded expectations, primarily driven by golf cart sales, with all-terrain vehicles and off-road vehicles also performing well. Electric bicycles are expected to grow due to tariff impacts, with clients like Walmart potentially shifting orders to Chinese manufacturers [2][5][6] - **Sales Growth**: Sales revenue increased by approximately 20% in the first half of 2025, with net profit growth expected to outpace revenue growth due to high margins on golf carts [3][10] - **Golf Cart Sales**: Approximately 10,000 golf carts were sold in Q2, with an average price of around 43,000 to 44,000 yuan [12][23] Market Dynamics - **Tariff Impact**: The introduction of anti-dumping tariffs has led to a drastic decline in exports of golf carts from China to the U.S., with a drop of 80-90%. This has created opportunities for companies with overseas production capabilities [13][14] - **U.S. Market Strategy**: The company has established a localized operation in the U.S. and has a significant team, enhancing brand and channel advantages. Inventory levels are healthy, with no immediate impact from tariffs expected [7][8][36] Product Performance - **Product Categories**: Besides golf carts, all-terrain vehicles and off-road vehicles showed good performance, while electric bicycles are anticipated to grow due to shifting orders from major clients [5][6][9] - **Regional Performance**: In non-U.S. markets, all-terrain vehicles have seen over 20% annual growth, while electric scooters in Europe have faced declines [9][28] Robotics Business - **Development Plans**: The company is accelerating its robotics business, establishing a smart technology company in Shanghai to develop humanoid robots and autonomous vehicles. Collaborations with TSKL focus on efficient research and data collection, with expectations for revenue generation by 2026 [11][20][22] Competitive Landscape - **Market Positioning**: TaoTao Vehicle differentiates itself through its established brand, localized operations, and extensive sales channels in North America. The company aims to capture a significant market share in the golf cart segment, targeting sales of over 100,000 units in the coming years [15][18][30] - **Challenges in Europe**: The company faces challenges in the European market due to high anti-dumping taxes and competition from low-priced Chinese manufacturers [32][28] Future Outlook - **Growth Projections**: The company anticipates continued growth, with a long-term goal of achieving a market share of 20-30% in the golf cart segment. The natural growth rate of the golf cart market is estimated at 8-10% annually [16][18] - **Investment in Robotics**: Future investments in robotics are expected to increase operational costs, but the company is prepared to manage these expenses based on market conditions [22][19] Supply Chain and Production - **Production Strategy**: The company has divided its production capabilities, with Vietnam and Thailand serving the U.S. market and China focusing on non-U.S. markets. This strategy is aimed at mitigating tariff impacts [24][25] Conclusion - **Core Competitiveness**: TaoTao Vehicle's core competitiveness lies in its established brand, localized operations, and global supply chain, positioning it as a significant player in the electric vehicle market [38][39]