Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved significant growth in 2023, with operating revenue of 6.31 billion yuan, a year-on-year increase of 15.9%, and a net profit of 1.87 billion yuan, up 48.5% year-on-year [2]. - The gross margin improved to 38.5%, an increase of 7.5 percentage points, driven by cost control, product structure optimization, and a decrease in raw material costs [2]. - The company reported a strong performance in its arm-type products, with revenue from aerial work platforms reaching 2.45 billion yuan, a remarkable growth of 68.2% [2]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 63.1 billion yuan and a net profit of 18.7 billion yuan, with an EPS of 3.69 yuan [2]. - The operating cash flow was 22.3 billion yuan, reflecting a 137.8% increase year-on-year [2]. - For Q1 2024, the company achieved operating revenue of 14.5 billion yuan, a year-on-year increase of 11.5%, and a net profit of 300 million yuan, down 5.4% year-on-year [2]. Market Expansion - The company generated 3.84 billion yuan from overseas markets, a 13.4% increase, while domestic revenue reached 2.12 billion yuan, up 15.2% [2]. - The strong performance in arm-type products was attributed to increased sales efforts, particularly in overseas markets, where revenue grew by 141.3% [2]. Innovation and R&D - The company has achieved full electrification of its product line and is a leader in the digital and intelligent development of the industry [3]. - The "Future Factory" project, which utilizes big data, IoT, and AI technologies, is currently in trial production [3]. - R&D expenses in 2023 amounted to 220 million yuan, reflecting an 8.7% increase [3]. Profitability and Valuation - The report projects net profit for 2024 and 2025 to be 2.15 billion yuan and 2.53 billion yuan, respectively, with corresponding EPS of 4.25 yuan and 4.99 yuan [4]. - The company’s P/E ratio is projected to decrease from 17 in 2023 to 11 in 2026, indicating an attractive valuation [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][11]. Core Insights - The company achieved a revenue of 6.312 billion yuan in 2023, a year-on-year increase of 15.92%, and a net profit attributable to shareholders of 1.867 billion yuan, up 48.51% year-on-year. For Q1 2024, revenue was 1.452 billion yuan, a growth of 11.53%, while net profit decreased by 5.4% to 302 million yuan [2][4]. - The company is benefiting from the expansion of its high-end arm-type products in overseas markets, with overseas revenue reaching 3.84 billion yuan, a growth of 13.35%, accounting for 64.4% of total revenue. The sales revenue of arm-type products increased to 41.0%, up 13.2 percentage points year-on-year [2][4]. - The company is focused on automation and has increased its R&D investment, with R&D expenses rising to 220 million yuan in 2023, a growth of 8.74%. The electric version of arm-type products has seen an increase in sales ratio to 73.36%, up 11.07 percentage points [2][4]. Financial Summary - The company forecasts revenues of 7.643 billion yuan, 8.614 billion yuan, and 9.486 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.09%, 12.71%, and 10.12% [4][5]. - The net profit attributable to shareholders is projected to be 2.133 billion yuan, 2.495 billion yuan, and 2.806 billion yuan for the same years, with growth rates of 14.25%, 16.97%, and 12.46% [4][5]. - The earnings per share (EPS) are expected to be 4.21 yuan, 4.93 yuan, and 5.54 yuan for 2024, 2025, and 2026, respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with significant growth driven by the expansion of boom products and overseas market penetration [3] - The company plans to invest 1.7 billion yuan in a new production base, which is expected to further enhance its capacity in the new energy high-altitude machinery sector [3] - The company has completed the acquisition of CMEC, a local brand in the US, which is anticipated to provide more operational autonomy in the North American market [3] Financial Performance Summary - In 2023, the company achieved total revenue of 6.3 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 1.87 billion yuan, up 49% year-on-year [2][3] - For Q1 2024, the company reported revenue of 1.45 billion yuan, a 12% increase year-on-year, while net profit decreased by 5% to 302 million yuan [2][3] - The gross profit margin for 2023 was 38.5%, an increase of 7.4 percentage points year-on-year, driven by lower raw material costs and improved cost control [3] Product and Market Insights - The company's boom products saw a revenue increase of 68% year-on-year, significantly contributing to overall growth [3] - Domestic revenue reached 2.1 billion yuan, a 15% increase, while overseas revenue was 3.8 billion yuan, up 13% [3] - The company’s gross margin for boom products was 30.5%, reflecting a substantial year-on-year increase [3] Future Projections - The company forecasts net profits of 2.2 billion yuan for 2024 and 2.6 billion yuan for 2025, with an expected net profit of 3 billion yuan in 2026 [3] - The projected P/E ratios for the next three years are 15, 12, and 11 times, respectively [3]

证券研究报告 公 2024年04月25日 司 报 告 浙江鼎力(603338) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（维持） 司 当前价格： 65.28元 年 公司盈利能力持续提升 目标价格： 77.76元 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报，公司 2023 年实现营收 63.12 亿 总股本/流通股本(百万股) 506.35/506.35 元，同比增长15.92%；实现归母净利润18.67亿元，同比增长48.51%。公 流通A股市值(百万元) 33,054.39 司 2024Q1实现营收14.52亿元，同比增长11.53%；实现归母净利润 3.02 每股净资产(元) 18.12 亿元，同比下降5.40%。 资产负债率(%) 36.67 ➢ 23年公司臂式高空作业车推广顺利，国内外市场均实现增长 一年内最高/最低(元) 71.99/42.94 分产品看，公司剪叉式/臂式/桅柱式高空作业平台/其他业务分别收入 30.1/24.5/5.0/3.5亿元，分别同比-8.6%/+68.2%/+5.2%/+62.0%。分地区 股价相对走势 看，公司国内/海外分 ...

25 Apr 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Zhejiang Dingli (603338 CH) 4Q23 & 1Q24 earnings in line; Staying positive on overseas growth Zhejiang Dingli (Dingli)'s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan. In 1Q24, the adjusted net profit (excluding fair value loss of RMB101mn) grew 27% YoY to RMB404mn, which is in line with our expectation. During the post results call, management revealed t ...

国泰君安证券股份有限公司 关于浙江鼎力机械股份有限公司 非公开发行A股股票持续督导之保荐工作总结报告书 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为浙 江鼎力机械股份有限公司（以下简称"浙江鼎力"、"公司"、"发行人"）非公 开发行A股股票持续督导保荐机构，履行持续督导职责期间截至2023年12月31日， 持续督导期限已满。保荐机构按照《证券发行上市保荐业务管理办法》（2023年 修订）和《上海证券交易所上市公司自律监管指引第11号——持续督导》等相关 法律法规和规定的要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、根据浙江鼎力提供的相关资料和信息，本保荐总结报告书不存在虚假记载 、误导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性 承担法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中国 证监会"）对保荐总结报告书相事项进行的质询和调查。 3、本机构及保荐代表人自愿接受依据中国证监会《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 保荐机构：国泰君安证券股份有限公司 注册地址：中国（上海）自 ...

国泰君安证券股份有限公司 关于浙江鼎力机械股份有限公司 2023年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江鼎 力机械股份有限公司非公开发行股票的批复》（证监许可[2021]3636号）核准，浙 江鼎力机械股份有限公司（以下简称"浙江鼎力"或"公司"）2021年非公开发行 20,862,308股人民币普通股（A股）股票（以下简称"本次发行"）。根据立信会 计师事务所（特殊普通合伙）出具的《验资报告》（信会师报字[2021]第ZA15995 号），本次发行的募集资金总额为人民币1,499,999,945.20元，扣除发行费用人民 币19,207,822.25元后，募集资金净额为人民币1,480,792,122.95元。国泰君安证券股 份有限公司（以下简称"国泰君安"或"保荐机构"）作为本次发行的保荐机构， 负责本次发行后的持续督导工作，持续督导期至2023年12月31日止。 根据中国证监会《证券发行上市保荐业务管理办法》《上海证券交易所上市 公司自律监管指引第11号——持续督导》等相关规定，国泰君安通过日常沟通、 定期回访、现场检查等方式对浙江鼎力进行持续督导，现将2 ...

浙江鼎力机械股份有限公司 独立董事专门会议工作制度 第四条 独立董事专门会议是指全部由公司独立董事参加的会议。独立董事 专门会议对所议事项进行独立研讨，并且形成讨论意见。 第二章 职责权限 第五条 独立董事行使以下特别职权应当经独立董事专门会议审议，并经全 体独立董事过半数同意： （一）独立聘请中介机构，对公司具体事项进行审计、咨询或者核查； （二）向董事会提议召开临时股东大会； （三）提议召开董事会会议； 第一章 总 则 第一条 为进一步完善浙江鼎力机械股份有限公司（以下简称"公司"）治 理结构，充分发挥独立董事在公司治理中的作用，根据《中华人民共和国公司法》、 《中华人民共和国证券法》、《上市公司治理准则》、《上市公司独立董事管理办法》、 《浙江鼎力机械股份有限公司章程》（以下简称"《公司章程》"）及其他规范 性文件等规定，并结合公司实际，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督 ...

2024 年第一季度报告 证券代码：603338 证券简称：浙江鼎力 浙江鼎力机械股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------|----------|------------------|-------------------------------------| | | | | 单位：元 币种：人民币 | | 项目 | 本报告期 | | 本报告期比上年同期增减 变动幅度 (%) | ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2024-011 浙江鼎力机械股份有限公司 2023 年年度利润分配方案公告 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： 每股分配比例及转增比例：每股派发现金红利 1.00 元（含税），不以 公积金转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配 （转增）总额不变，相应调整每股分配（转增）比例，并将另行公告具体调整情 况。 本年度现金分红比例低于 30%主要是基于公司正处于发展阶段，公司 在产品研发、市场开拓、产能提升等方面仍需要资金的不断投入以加强公司的竞 争优势和规模效益，本着回报股东、促进公司稳健发展的综合考虑。 一、利润分配方案内容 经立信会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日，浙 江鼎力机械股份有限公司（以下简称"公司"）母公司报表中期末未分配利润为 人民币 5,502,271,09 ...