Galunhui December 2nd | Changjiang Securities research reports pointed out that although Zhejiang Dingli Machinery (603338.SH) faced the pressure of US 301 tariffs and anti-dumping duties last year, the company still relied on the strength of its US domestic brand, differentiated product positioning, continuous efficiency improvement, and other advantages, and successfully achieved dual growth in revenue and profit margin since 2021, benefiting from the strong demand and inflation background in the US market. As a developed economy, the United States has shown a continued growth trend in the demand for aerial work platforms, with a CAGR of approximately 5.5% in equipment holdings in the US leasing market from 2010 to 2023. The company's scissor products have been selling well in the US market, and with the brand effect, boom products are also expected to increase in volume; at the same time, during Trump's previous term, he encouraged the reshoring of manufacturing, and the new term is also expected to bring demand growth, with the potential to reduce income tax for US domestic companies, benefiting CMEC. It is expected that the company will achieve net income attributable to shareholders of 2.173 billion and 2.585 billion yuan in 2024-2025, with corresponding PE ratios of 14 times and 12 times, maintaining a "buy" rating.