产品型谱完善，产能逐步提升。公司持续通过定增、自筹等方式筹集资金，推动产能项目建设。公司陆续完善和建设五期和六期产能，进一步完善公司产品型谱，实现不同米数段、新能源等全品类型号覆盖，形成差异化竞争。公司大力发展臂式产品，产品结构有望有望带动公司盈利能力进一步提升，随着臂式出海逐步加深，将进一步深化公司全球新能源高空作业平台领域布局。Report summary:
High-tech products are widely used, and overseas markets continue to break through. The cyclical characteristics of high-altitude machinery products are relatively weak. Compared with traditional construction machinery, they have a wider range of application scenarios. In addition to construction engineering, they can also be widely used in building cleaning, warehousing and logistics, garden maintenance, aerospace, etc., so compared with traditional construction machinery, aerial work machinery has a wider range of applications. With the continuous improvement of the electrification of high machinery products, the export sales boom of lifting platforms continues to be high.
Leading private high speed aircraft enterprises are expanding rapidly in the European and American markets. The company was founded in 2005 and is headquartered in Deqing, Zhejiang. It is one of the first domestic enterprises in China to enter this industry segment. The company achieved a breakthrough in product development in 2009. The business focus gradually shifted to high-end aerial work platforms, and the aerial work product line was gradually enriched, forming a preliminary product layout. At the same time, the company's export revenue grew steadily, and its products were exported to more than 80 countries and regions, including Europe, America, Asia and Africa, and successfully entered the Indian, Russian and Brazilian markets. In 2015, the company successfully listed on the Shanghai Stock Exchange, making it the first listed company in the same industry in China. In 2016, the company launched an overseas merger and acquisition strategy to acquire 20% of Magni, an Italian smart telescopic high-position forklift manufacturer. At the same time, the first Dingli European R&D center was established. The two sides cooperated to develop a variety of new arm-style products, and overseas markets continued to expand.
The product range has been improved, and production capacity has gradually increased. The company continues to raise capital through fixed growth and self-financing to promote the construction of production capacity projects. The company has successively improved and built phase 5 and phase 6 production capacity, further improved the company's product range, achieved coverage of all product types such as different meter ranges and new energy sources, and formed differentiated competition. The company is vigorously developing arm-type products, and the product structure is expected to drive the company's profitability to further increase. As arm-type overseas expansion gradually deepens, it will further deepen the company's global layout in the field of new energy aerial work platforms.
Acquiring CMEC, building brand strength and deepening global layout. In 2017, the company entered the North American rental market and invested in CMEC, an aerial work platform manufacturer and sales company with a brand history of more than 40 years in the US. In addition, the company has established more than 10 overseas subsidiaries to provide electric aerial work platform products and services to customers around the world. In terms of product layout, based on the foundation of early R&D, the company has taken the lead in product electrification, and product advantages have been further strengthened. At the same time, CMEC itself has advanced manufacturing capabilities, compounding the brand trust established by the company with customers in the early stages, and has strong resilience to risks.
Investment rating: The company's net profit for 2024-2026 is estimated to be 2.091 billion, 2.497 billion, and 3,031 million, respectively. The corresponding PE is 13x, 11x, and 9x, respectively. It is covered for the first time, giving a “gain” rating.
Risk warning: risk of increased tariffs; risk of failure of profit forecasting and valuation models
