欧盟委员会日前公布对中国产移动式升降平台反倾销反补贴调查最终结果，浙江鼎力（603338.SH）以 20.6%的综合税率，成为全行业最低税率获得者。这一关键性突破不仅验证了企业全球化战略的有效 性，更为其巩固欧洲市场地位注入强心剂。 根据欧盟官方披露数据，此次调查涉及中国移动升降设备（MAE）的额外关税区间为20.6%～66.7%。 在参与调查的主要企业中，浙江鼎力凭借积极有效的应诉策略和详实举证，最终反倾销税率定为 6.4%，叠加14.2%的反补贴税后综合税率为20.6%，取得行业优势税率，优于外资品牌22.5%～35%的税 率区间。这一结果充分体现了欧盟对浙江鼎力合规经营和市场化运作的认可。 作为深耕高空作业平台领域20年的全球化企业，浙江鼎力始终将合规经营视为发展根基。公司早在美国 2019年"双反"调查中便积累了应对经验，通过建立海外研发中心、完善本地化服务网络、强化产品全生 命周期合规管理，形成独特的风险防范体系。2022年2月根据美国商务部作出的反补贴终裁，浙江鼎力 反倾销税率31.54%，反补贴税率11.95%，双反税率合计43.49%，为国内最低水平。2024年11月，根据 美国商务部公布的第 ...

证券研究报告·公司点评报告·工程机械 浙江鼎力（603338） 2025 年一季报点评：归母净利润+42%略超 预期，盈利水平同环比修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,312 | 7,799 | 9,322 | 10,432 | 11,705 | | 同比（%） | 15.92 | 23.56 | 19.53 | 11.91 | 12.20 | | 归母净利润（百万元） | 1,867 | 1,629 | 2,135 | 2,438 | 2,780 | | 同比（%） | 48.51 | (12.76) | 31.07 | 14.19 | 14.05 | | EPS-最新摊薄（元/股） | 3.69 | 3.22 | 4.22 | 4.81 | 5.49 | | P/E（现价&最新摊薄） | 11.74 | 13.46 | 10.27 | 8.99 | 7.88 | [Table_Tag] ...

浙江鼎力 20250429 欧洲市场在 2025 年的表现如何？ • 面对高关税，鼎力采取与客户共担成本、优化供应链、调整产品结构等措 施应对，同时关注东南亚建厂的可行性，但需考虑产业链配套和二次关税 风险。 Q&A 请简要介绍国投机械 2025 年第一季度的业绩情况。 2025 年第一季度，国投机械的营收增长了 30.7%，净利润增长了 41.83%。 由于一季度和四季度是销售淡季，加上中国春节对生产和销售的季节性影响， 国内需求相对较淡，但外销需求更为旺盛。北美市场和欧洲市场表现出色，其 他市场也有不错的增长。 2025 年第一季度内外销比例如何？ 根据过往经验，一季度海外销售占据大头，约 80%以上都是以外销为主，因为 国内市场在一季度处于绝对淡季。 摘要 • 浙江鼎力 2025 年一季度外销需求强劲，尤其北美和欧洲市场表现突出， 非欧美市场延续增长态势，但中国市场受季节性影响表现平淡，海外销售 占比预计超过 80%。 • 欧洲市场受益于反倾销、反补贴仲裁结果，鼎力获得 20.6%的较低税率， 预计二三季度发货量将优于去年，并通过产品竞争力和税率优势提升市场 份额。 • 北美市场虽面临不确定性，但销售正 ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-015 浙江鼎力机械股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 15 日（星期四）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 问题征集方式：投资者可于 2025 年 5 月 8 日（星期四）至 5 月 14 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过浙江鼎力机 械股份有限公司（以下简称"公司"）邮箱 dingli@cndingli.com 进行提问。公 司将于说明会上对投资者普遍关注的问题在信息披露允许的范围内进行解答。 公司已分别于 2025 年 4 月 18 日及 4 月 29 日披露公司《2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,897,923,216.27, representing a year-on-year increase of 30.72% compared to ¥1,451,856,439.94 in the same period last year[4] - Net profit attributable to shareholders was ¥428,633,168.66, up 41.83% from ¥302,213,574.31 in the previous year[4] - The basic earnings per share increased to ¥0.85, reflecting a growth of 41.67% compared to ¥0.60 in the same period last year[5] - Total operating revenue for Q1 2025 reached ¥1,897,923,216.27, a 30.7% increase from ¥1,451,856,439.94 in Q1 2024[16] - The net profit for Q1 2025 was CNY 428,603,799.92, representing a 42% increase compared to CNY 302,213,574.31 in Q1 2024[17] - The company reported a total comprehensive income of CNY 422,054,782.72 for Q1 2025, compared to CNY 238,287,027.99 in Q1 2024, reflecting a 77% increase[17] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline, amounting to -¥471,622,271.04, a decrease of 501.04% from ¥117,600,536.48 in the previous year[4] - Cash and cash equivalents decreased to ¥4,686,822,244.00 as of March 31, 2025, from ¥5,078,017,354.46 as of December 31, 2024, a decline of 7.7%[11] - Total assets at the end of the reporting period were ¥15,826,693,752.17, an increase of 3.08% from ¥15,353,846,792.64 at the end of the previous year[5] - Total assets amounted to ¥15,826,693,752.17 as of March 31, 2025, compared to ¥15,353,846,792.64 as of December 31, 2024, an increase of 3.1%[14] - The company’s total assets decreased by CNY 386,610,330.68 during Q1 2025, compared to a decrease of CNY 448,567,902.88 in Q1 2024[20] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥1,321,955,899.63, up 34.5% from ¥982,449,284.24 in Q1 2024[16] - Research and development expenses increased to ¥69,870,805.03 in Q1 2025, compared to ¥50,632,612.53 in Q1 2024, reflecting a 37.8% rise[16] - The company incurred a total operating cash outflow of CNY 1,973,209,765.98 in Q1 2025, compared to CNY 1,609,304,417.35 in Q1 2024, indicating increased operational expenses[19] Shareholder Information - The top shareholder, Xu Shugen, holds 45.53% of the shares, with a total of 230,564,600 shares[8] Market Presence and Strategy - The company actively expanded its market presence, contributing to the significant increase in revenue and net profit[4] - The company is focusing on expanding its market presence and enhancing its product offerings, as indicated by the increase in R&D expenses[16] - The company did not report any significant new product developments or mergers and acquisitions during this quarter[10] Liabilities - Total liabilities were ¥5,366,047,964.69 as of March 31, 2025, slightly up from ¥5,315,649,326.73 as of December 31, 2024, a rise of 0.9%[13]

Investment Rating - The report does not explicitly state the investment rating for the company Core Viewpoints - The acquisition of CMEC has significantly boosted revenue, but rising expense ratios are putting short-term pressure on performance [1] - The company's revenue and gross profit are heavily reliant on the US market, with 47% of revenue and 48% of gross profit expected from the US in 2024 [3] - The company's performance in 2024 is projected to be below expectations due to higher-than-expected expense ratios and a decline in gross margins following the CMEC acquisition [8][12] Summary by Sections Recent Stock Price Decline - The stock price has dropped significantly due to escalating US-China tariff disputes, which could severely impact the company's performance if trade decoupling occurs [3] - The company's 2024 performance is expected to be lower than anticipated, with a significant increase in expense ratios and a decline in gross margins post-CMEC acquisition [8][12] Future US-China Tariff Implications - A sensitivity analysis indicates that a 50% additional tariff would be the breakeven point for the company's North American business [14] - The report outlines various scenarios regarding tariffs and their potential impact on revenue and gross margins in the North American market [14][20][23] Current Stock Price Reflection - The report discusses three scenarios: pessimistic, neutral, and optimistic, each with different revenue and profit projections for 2024 to 2027 [17][21][25] - The pessimistic scenario predicts a revenue of 71.7 billion and a net profit of 1.63 billion for 2024, while the optimistic scenario forecasts a revenue of 71.7 billion and a net profit of 1.63 billion for the same year [17][25] Long-term Growth Potential - The domestic and emerging markets still present long-term growth opportunities, with significant potential for market share expansion in Europe and North America [28] - The company has a stable management team, ensuring strategic continuity and effective governance [34] Business Operations and Financial Analysis - The company has shown consistent revenue growth, with a compound annual growth rate (CAGR) of 38.0% in revenue and 40.1% in net profit from 2011 to 2023 [36] - High-altitude work platforms are the primary revenue source, with a significant increase in the revenue share of arm-type products [39] - The company has experienced a rebound in gross and net profit margins since 2022, despite rising expense ratios [42]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 7.799 billion yuan for 2024, representing a year-on-year increase of 23.56%. However, the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [4][10] - The company experienced significant growth in overseas revenue, which increased by 43.83% to 5.523 billion yuan, while domestic revenue fell by 22.23% to 1.649 billion yuan [5] - The gross margin slightly decreased to 33.68%, down by 1.06 percentage points year-on-year, with domestic gross margin increasing by 0.89 percentage points to 26.39% and overseas gross margin decreasing by 3.99 percentage points to 35.86% [5] - The company has a robust product lineup with over 200 models, including high-end products and innovative solutions, which are expected to meet diverse customer needs [6] - The company is projected to achieve revenues of 9.001 billion yuan, 10.028 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.849 billion yuan, 2.066 billion yuan, and 2.345 billion yuan [7][10] Financial Summary - The latest closing price of the company's stock is 41.47 yuan, with a total market capitalization of 21 billion yuan [3] - The company has a debt-to-asset ratio of 34.6% and a price-to-earnings ratio of 12.88 [3] - The earnings per share (EPS) for 2024 is 3.22 yuan, with projections of 3.65 yuan, 4.08 yuan, and 4.63 yuan for the following years [10][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 7.799 billion yuan in 2024, representing a year-on-year increase of 23.56%. However, the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [4][5] - The company experienced significant growth in overseas revenue, which reached 5.523 billion yuan, a year-on-year increase of 43.83%, while domestic revenue fell by 22.23% to 1.649 billion yuan [5] - The gross profit margin slightly decreased to 33.68%, down by 1.06 percentage points year-on-year, with domestic gross margin increasing by 0.89 percentage points to 26.39% and overseas gross margin decreasing by 3.99 percentage points to 35.86% [5] - The company has a robust product lineup with over 200 models, including high-end products and innovative solutions, which are expected to meet diverse customer needs [6] - The company is projected to achieve revenues of 9.001 billion yuan, 10.028 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.849 billion yuan, 2.066 billion yuan, and 2.345 billion yuan [7][10] Financial Summary - The latest closing price of the company's stock is 41.47 yuan, with a total market capitalization of 21 billion yuan [3] - The company has a debt-to-asset ratio of 34.6% and a price-to-earnings ratio of 12.88 [3] - The earnings per share (EPS) for 2024 is projected at 3.22 yuan, with estimates of 3.65 yuan, 4.08 yuan, and 4.63 yuan for the following years [10][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company continues to advance its globalization strategy, achieving significant growth in overseas market revenue, with a total of 5.523 billion yuan in foreign main business income, representing a year-on-year increase of 43.83% [2][12] - The arm-type product series has shown continuous breakthroughs, with overseas sales revenue for arm-type products increasing by 46.99% year-on-year [2][12] - The company has launched differentiated high-end products, such as ship spray rust removal robots and tunnel drilling robots, which are expected to contribute to new demand and revenue growth [2][12] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 7.799 billion yuan, a year-on-year increase of 23.56%, and a net profit attributable to shareholders of 1.629 billion yuan, a decrease of 12.76% year-on-year [6][12] - In Q4 2024, the company reported a revenue of 1.665 billion yuan, a year-on-year increase of 6.07%, but a significant decline in net profit attributable to shareholders by 70.65% year-on-year [6][12] Product Development - The company has successfully introduced differentiated products, with revenue from arm-type, scissor-type, and mast-type products increasing by 21%, 14%, and 53% year-on-year, respectively [12] - The arm-type products account for 41% of main business revenue, while scissor-type and mast-type products account for 48% and 11%, respectively [12] Market Strategy - The company actively participates in global industry exhibitions and has enhanced its overseas channel construction and subsidiary operations, leading to a broader market coverage [12] - The company is expected to see growth in both domestic and international markets, particularly in Europe and non-European markets [12]

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-014 浙江鼎力机械股份有限公司关于对公司 合并报表范围内的下属企业提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 （一）担保基本情况 为满足上海鼎策的生产经营需要，2025年4月22日，公司与上海浦东发展银行 股份有限公司徐汇支行（以下简称"浦发银行"）签署了《最高额保证合同》（编 号：ZB9830202500000017），为上海鼎策向浦发银行申请总额不超过人民币贰亿元 整的银行授信提供连带责任保证担保。本次担保事项不存在反担保情况。 （二）本次担保事项履行的决策程序 公司于2024年4月23日召开的第五届董事会第十次会议和2024年5月28日召开 的2023年年度股东大会分别审议通过了《关于公司对公司合并报表范围内的下属企 业提供担保额度预计的议案》，同意公司为公司合并报表范围内的下属企业因日常 经营和业务发展需要提供日常担保总额度预计不超过28亿元人民币（或等值外币）， 有效期自股东大会审议通过之日起至 ...