Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 77.99 billion yuan in 2024, representing a year-on-year growth of 23.56%, while the net profit attributable to shareholders was 16.29 billion yuan, a decrease of 12.76% year-on-year [7] - The arm series products have become the main growth driver for the company, with sales revenue reaching 29.56 billion yuan, a year-on-year increase of 20.84%, accounting for 41.21% of the main business revenue [7] - The company has successfully expanded its overseas market, achieving overseas revenue of 55.23 billion yuan, a year-on-year growth of 43.83%, with overseas revenue accounting for 70.82% of total revenue [7] - The company has invested 2.56 billion yuan in R&D in 2024, a year-on-year increase of 16.32%, focusing on electric, modular, and intelligent technologies [7] - The company maintains a low "double-reverse" tax rate compared to peers, which supports its competitive advantage [7] Summary by Sections Financial Performance - Total revenue for 2024 was 77.99 billion yuan, with a gross margin of 35.04% and a net margin of 20.89% [7] - The company forecasts net profits of 20.68 billion yuan, 24.71 billion yuan, and 28.72 billion yuan for 2025, 2026, and 2027 respectively [7][8] Market Position - The company has established a strong presence in over 100 countries, focusing on expanding non-trade friction markets [7] - The arm series products are expected to continue driving growth, with significant sales increases in both domestic and international markets [7] R&D and Innovation - The company holds 280 patents, including 142 invention patents, leading the domestic industry in patent quantity [7] - Continuous investment in R&D is aimed at developing advanced intelligent aerial work platform products [7]

Investment Rating - The investment rating for Zhejiang Dingli Machinery Co Ltd. is Overweight [6]. Core Insights - The report indicates that China's Aerial Working Platform (AWP) sales have shown a narrowing decline, with a 10% year-over-year decrease in March, totaling 18.2k units, compared to a 20% decline in the first three months of 2025. Domestic sales fell by 22% year-over-year to 8.8k units, while exports increased by 6% year-over-year to 9.4k units [1]. - Dingli has suspended shipments to the US due to tariffs but anticipates growth in non-US markets [1]. Summary by Sections Sales Performance - In March, AWP sales in China decreased by 10% year-over-year to 18.2k units, with domestic sales down 22% to 8.8k units and exports up 6% to 9.4k units [1]. Company Overview - Zhejiang Dingli Machinery Co Ltd. is a leading supplier of aerial working platforms in China, making the AWP sales volume a significant indicator for its share price [4]. Financial Metrics - The price target for Dingli is set at Rmb70.00, indicating a potential upside of 77% from the closing price of Rmb39.48 on April 18, 2025 [6]. - The company has a market capitalization of Rmb19,991 million and an enterprise value of Rmb15,647 million [6]. - Projected revenues for the fiscal years ending in December are Rmb6,312 million for 2023, Rmb8,450 million for 2024, Rmb10,020 million for 2025, and Rmb11,487 million for 2026 [6]. Valuation - The report applies a P/B multiple of 2.8x to the 2025 estimated book value per share, which aligns with its average P/B over the past three years, reflecting similar ROE levels and earnings growth [8].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 47.84 CNY, compared to the current stock price of 41.01 CNY [5]. Core Views - The company achieved a total revenue of 7.799 billion CNY in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to shareholders was 1.629 billion CNY, a decrease of 12.76% year-on-year [1]. - The domestic market is transitioning from a growth phase to a structural adjustment phase, while the overseas market continues to show good growth [1][2]. - The company’s product structure is improving, with significant revenue contributions from different types of aerial work platforms, particularly the boom-type series, which has become a key growth driver [1][3]. Revenue and Profitability - The company’s total revenue from domestic and international sales was 1.649 billion CNY and 5.523 billion CNY, respectively, with year-on-year changes of -22.23% and +43.83% [2]. - The gross profit margin for the main business was 35.04%, a decrease of 1.75 percentage points year-on-year, primarily due to the consolidation of CMEC's lower-margin revenue [2]. - The net profit margin was 20.89%, down 8.7 percentage points year-on-year, mainly due to increased expenses following the CMEC merger [2]. Global Competitiveness and Product Development - The company is enhancing its global competitiveness through a continuous globalization strategy and has successfully completed projects to increase production capacity for large intelligent aerial platforms [3]. - The company has introduced a range of differentiated and high-quality new products, expanding into new application scenarios such as large shipyards and rail transit [3]. Financial Forecast - The company is expected to achieve total revenues of 9.07 billion CNY, 10.25 billion CNY, and 11.59 billion CNY for the years 2025, 2026, and 2027, with growth rates of 16.3%, 13%, and 13.1%, respectively [9]. - Net profits are projected to be 1.86 billion CNY, 2.23 billion CNY, and 2.67 billion CNY for the same years, with growth rates of 14.4%, 19.9%, and 19.5% [9].

Core Viewpoint - Zhejiang Dingli achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year growth of 23.56%, with overseas revenue reaching 5.523 billion yuan, up 43.83% [1][2] Group 1: Overseas Expansion - Zhejiang Dingli has accelerated its overseas layout, expanding into emerging markets in Latin America, Africa, and Eastern Europe while consolidating its presence in mature markets like Europe and Asia-Pacific [2] - The company showcases its high-value, intelligent electric products at international industry exhibitions, enhancing global brand recognition and influence [2] - Zhejiang Dingli is one of the earliest domestic companies to achieve "high machine going abroad," establishing a solid foundation for future breakthroughs in overseas markets [2] Group 2: Resilience and Strategic Positioning - Despite facing short-term profit pressure due to macroeconomic challenges and increased expenses from acquisitions, the long-term growth logic of Zhejiang Dingli remains intact [3] - Analysts from Huachuang, Huaxi, and Dongwu maintain "buy" or "strong buy" ratings for the company, projecting a net profit range of 2.1 billion to 2.2 billion yuan by 2025, reflecting a year-on-year growth of approximately 30% [3] - The company demonstrates strong resilience against global trade tensions, utilizing strategies such as pre-stocking and local layout to mitigate tariff impacts [3] Group 3: Strategic Strengths - Zhejiang Dingli has built a core competitive advantage through a "diversified market + differentiated products + intelligent manufacturing" strategy [3] - The company’s strategic determination and forward-looking layout are expected to inject strong momentum into its globalization process amid a landscape of risks and opportunities [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year growth of 23.56%, while the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [1][4] - The overseas business showed significant growth, with revenue from international markets increasing by 43.83%, while domestic revenue fell by 22.23% [2][4] - The arm-type products have become a major growth driver, with sales increasing by 20.84% and accounting for 41.21% of the main business [3][4] Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 77.99 billion yuan, up 23.56% year-on-year, and a net profit of 16.29 billion yuan, down 12.76% [1] - The gross profit margin for the main business was 33.68%, slightly down by 1.06 percentage points year-on-year [2] Product Performance - Revenue from arm-type, scissor-type, and column-type aerial work platforms was 29.56 billion yuan, 34.44 billion yuan, and 7.72 billion yuan, with year-on-year growth rates of 20.84%, 14.41%, and 53.14% respectively [2] - The arm-type products saw a 46.99% increase in overseas sales [3] Market Expansion - The company has actively expanded its overseas markets, particularly through the acquisition of CMEC and the development of non-European and American markets [2][3] - The company has completed a project to produce 4,000 large intelligent aerial platforms, which is expected to enhance production capacity [3] Financial Forecast - The net profit forecasts for 2025 and 2026 have been cautiously adjusted downwards by 18% each, with new estimates for 2027 set at 27.53 billion yuan [4] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.08 yuan, 4.75 yuan, and 5.44 yuan respectively [4][5]

Investment Rating - The report maintains a HOLD rating for Zhejiang Dingli with a new target price of RMB44, down from RMB51, reflecting a 11.4% upside potential [1][3]. Core Insights - Zhejiang Dingli's net profit for 2024 is projected at RMB1.63 billion, representing a 13% year-over-year decline, which is significantly below expectations by 20% and 21% compared to the report's and Bloomberg's consensus [1]. - The disappointing earnings are attributed to advanced shipments to the US to avoid tariff hikes and the consolidation of higher costs from the acquisition of CMEC [1]. - The company has sufficient AWP inventory to cover US sales until September 2025, but the unpredictable US tariff policy poses a risk to demand and operational capacity [1][8]. - Earnings forecasts for 2025 and 2026 have been revised down by 13% due to increased cost assumptions [1]. Financial Summary - Revenue for FY24 is expected to be RMB7.8 billion, with a year-over-year growth of 23.6% [2]. - Net profit for FY25 is estimated at RMB1.86 billion, showing a recovery with a 14.4% growth [2]. - The P/E ratio for FY24 is projected at 12.3x, while it is expected to decrease to 10.7x in FY25 [2][22]. Performance Metrics - In 4Q24, Dingli's gross profit fell by 28% to RMB515 million, with a gross margin contraction of 14.9 percentage points to 30.9% [1][9]. - The company’s administrative expenses increased significantly, contributing to a 71% year-over-year decline in net profit for 4Q24 [1][9]. - The current ratio is projected to improve from 2.3 in FY23 to 2.6 in FY25, indicating better liquidity [23]. Shareholding Structure - The largest shareholder, Xu Shugen, holds 45.5% of the company, followed by Deqing Zhongding Equity with 10.8% [4]. Market Performance - The stock has experienced a significant decline, with a 1-month drop of 32.9% and a 3-month decline of 42.6% [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 [3][15]. Core Insights - The company reported a total revenue of 7.8 billion yuan for 2024, a year-on-year increase of 23.56%, while the net profit attributable to shareholders decreased by 12.77% to 1.63 billion yuan [2][6]. - The company is facing challenges due to rising costs and trade frictions but is implementing multiple measures to address these issues [2][6]. - The company achieved significant growth in overseas markets, with a 43.83% increase in overseas revenue, reaching 5.52 billion yuan [2][6]. Financial Performance Summary - **2024 Financial Metrics**: - Total Revenue: 7,799 million yuan, with a growth rate of 23.6% [2][7]. - Net Profit: 1,629 million yuan, with a decline of 12.8% [2][7]. - Earnings Per Share (EPS): 3.22 yuan [2][7]. - Price-to-Earnings (P/E) Ratio: 12 [2][7]. - Price-to-Book (P/B) Ratio: 2.0 [2][7]. - **Future Projections**: - Revenue is projected to reach 9.17 billion yuan in 2025, 10.47 billion yuan in 2026, and 12.08 billion yuan in 2027, with respective growth rates of 17.6%, 14.2%, and 15.3% [2][7]. - Net profit is expected to increase to 2.10 billion yuan in 2025, 2.40 billion yuan in 2026, and 2.81 billion yuan in 2027, with growth rates of 28.8%, 14.5%, and 16.7% respectively [2][7]. Market Position and Strategy - The company is recognized as a leader in the high-altitude work platform industry, with a strong focus on differentiated products and significant R&D investments [2][6]. - The company has launched several innovative products, enhancing its competitive edge in both domestic and international markets [2][6]. - The company is strategically positioned to benefit from the robust demand in mature markets like North America and Europe, despite facing short-term pressures from tariffs [2][6].

Profit Distribution Plan - The company plans to distribute a cash dividend of 1.00 RMB per share (including tax), with no capital reserve conversion or bonus shares [2][3] - As of December 31, 2024, the company's undistributed profits amount to approximately 6.92 billion RMB, and the total number of shares is 506,347,879, leading to a total cash dividend distribution of approximately 506 million RMB, which accounts for 31.09% of the net profit attributable to shareholders [3][4] - The profit distribution plan requires approval from the company's shareholders' meeting [4] Decision-Making Process - The company's board of directors approved the profit distribution plan with a unanimous vote of 9 in favor, 0 against, and 0 abstentions during the meeting held on April 16, 2025 [6] - The supervisory board supports the profit distribution plan, stating it aligns with the company's profit distribution policy and considers the company's operational needs and cash flow [7] Fundraising and Usage Report - The company raised approximately 1.5 billion RMB through a private placement of 20,862,308 shares at a price of 71.90 RMB per share, with a net amount of approximately 1.48 billion RMB after deducting issuance costs [10][11] - The company has established a management system for the use of raised funds, ensuring compliance with regulatory requirements [12] Foreign Exchange Derivative Business - The company plans to engage in foreign exchange derivative transactions, including forward foreign exchange sales and options, to mitigate risks associated with currency fluctuations, with a maximum transaction amount of up to 600 million USD [23][25] - The board approved this plan on April 16, 2025, without requiring shareholder meeting approval [30] Guarantee for Subsidiaries - The company intends to provide a total guarantee amount not exceeding 2.26 billion RMB for its subsidiaries, with an existing guarantee balance of approximately 735 million RMB [36][42] - The board approved this guarantee plan, which will be submitted for shareholder approval [39][41] Change of Registered Address - The company plans to change its registered address to Deqing County, Huzhou City, Zhejiang Province, and will revise its articles of association accordingly [44][45] - This change also requires approval from the shareholders' meeting [45]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金一一零组合，，持股减 少占比达0.21%。本期新披露持有浙江鼎力的社保基金共计2个，包括全国社保基金五零二组合、全国 社保基金一零八组合。。本期较上一季未再披露的社保基金共计1个，即全国社保基金五零四组合。 2025年4月18日，浙江鼎力(603338.SH)发布2024年年度报告。截至2025年4月17日，共有582个机构投资 者披露持有浙江鼎力A股股份，合计持股量达1.69亿股，占浙江鼎力总股本的33.41%。其中，前十大机 构投资者包括德清中鼎股权投资管理有限公司、香港中央结算有限公司、中国农业银行股份有限公司- 中证500交易型开放式指数证券投资基金、富国基金-中国人寿保险股份有限公司-分红险-富国基金国寿 股份均衡股票型组合单一资产管理计划(可供出售)、交通银行股份有限公司-华安策略优选混合型证券投 资基金、全国社保基金五零二组合、招商银行股份有限公司-泓德瑞兴三年持有期混合型证券投资基 金、全国社保基金一零八组合、全国社保基金一一零组合、景顺长城能源基建混合A，前十大机构投资 者合计持股比例达17.97%。相较于上一季度，前十大 ...

浙江鼎力 2025041720250416 摘要 • 2025 年浙江鼎力 B 市产品收入近 30 亿元，增速 21%，海外市场占比 57%，增速达 46.99%，但国内市场略降 2%。产品均价提升，B 市均价 超 45 万元/台，高空作业平台超 9 万元/台，桅柱式产品近 8 万元/台。 • 2025 年利润同比下降，主要因毛利率下降 1.06 个百分点，以及汇兑、公 允价值变动和四季度美国费用增加。四季度销售费用率近 7%，全年 3.26%；管理费用率单季度 4.95%，全年 2.88%。 • 四季度费用增加源于并表后美国人员费用较高，为扩大美国市场新增销售 网点和仓储，以及美国员工交接奖励政策和为应对反倾销税率降低及关税 上涨预期，公司在生产端优先供给美国市场，因此提前备货和清关也导致 额外开支。 • 为应对关税，公司提前备货至 9 月，确保美国市场销售。2025 年美国市 场销售额预计达 6 亿美元。公司通过与客户协商，将部分库存产品放置在 美国保税仓库，等待关税可能下降后再进行清关，否则会将这些货物运至 加拿大仓库以避开高关税。 Q&A 请介绍一下浙江鼎力 2024 年的财务业绩情况。 2024 年 ...