Summary of Conference Call Notes Industry or Company Involved - The discussion pertains to a specific industry, likely related to quality control or inspection services, as indicated by the mention of "检查" (inspection) and "占比" (proportion) [1] Core Points and Arguments - The proportion of inspections has decreased, but the overall volume remains stable, indicating resilience in demand despite the changing dynamics [1] - The market share of a specific category, referred to as "墨差," has reduced from over 70% to nearly 80% down to 50%, suggesting a significant shift in market dynamics [1] - Another category, denoted as "b值," currently holds about 40% market share, indicating its growing importance in the industry [1] - A third category, referred to as "重," accounts for approximately 10% of the market share, highlighting its relatively minor role compared to the others [1] Other Important but Possibly Overlooked Content - The data suggests a competitive landscape where shifts in market share could indicate changing consumer preferences or competitive pressures [1] - The stability in overall volume despite the decline in proportion may suggest that the industry is adapting to new conditions or that there are underlying factors supporting demand [1]

浙江鼎力机械股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Buy (First Coverage) [1] Core Views - The company has achieved steady growth in profitability through deepening its overseas market expansion [1] - The acquisition of CMEC has strengthened the company's presence in the North American market, with the potential to capture more market share [3] - The company's gross margin improved to 35.3% in H1 2024, up by 0.9 percentage points year-on-year, driven by effective cost control and scale effects [4] - The company's revenue and net profit are expected to grow significantly from 2024 to 2026, with EPS projected to increase from 4.19 yuan to 5.93 yuan [5] Financial Performance - In H1 2024, the company reported revenue of 3.859 billion yuan, a year-on-year increase of 24.56%, while net profit attributable to shareholders was 824 million yuan, a slight decrease of 0.88% due to foreign exchange losses of 40 million yuan [1] - In Q2 2024, revenue reached 2.407 billion yuan, up 34.02% year-on-year, with net profit attributable to shareholders increasing by 1.75% to 522 million yuan [1] - The company's period expense ratio was 6.69% in H1 2024, up by 4.49 percentage points year-on-year, mainly due to increased financial expenses caused by exchange rate fluctuations [4] Strategic Expansion - The company has actively pursued a global strategy, including equity cooperation and establishing subsidiaries to expand overseas sales channels [3] - The acquisition of CMEC, completed in April 2024, has given the company a 99.497% stake in CMEC, which will help accelerate its market penetration in North America [3] Future Projections - Revenue is expected to grow from 7.549 billion yuan in 2024 to 10.535 billion yuan in 2026, with a CAGR of 16.1% [5] - Net profit attributable to shareholders is projected to increase from 2.123 billion yuan in 2024 to 3.002 billion yuan in 2026, with a CAGR of 17% [5] - The company's PE ratio is expected to decrease from 12.2x in 2024 to 8.6x in 2026, indicating potential undervaluation [5]

浙江鼎力机械股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

gaoyy3@essence.com.cn 2024 年 09 月 08 日 浙江鼎力(603338.SH) 公司快报 证券研究报告 高空作业车 投资评级 买入-A 维持评级 12 个月目标价 57.24 元 股价 (2024-09-06) 50.28 元 交易数据 总市值(百万元) 25,459.17 流通市值(百万元) 25,459.17 总股本(百万股) 506.35 流通股本(百万股) 506.35 12 个月价格区间 43.58/72.98 元 收入稳步增长，并表 CMEC 强化全球竞 争力 事件：浙江鼎力发布 2024 年中报，上半年，公司实现营业收入 38.59 亿元，同比+24.56%，实现归母净利润 8.24 亿元，同比0.88%；单 Q2，公司实现营业收入 24.08 亿元，同比+34%，实现 归母净利润 5.22 亿元，同比+1.95%。 行业需求结构性分化特征显著，并表 CMEC 公司收入高增。根据 中国工程机械工业协会，2024 年上半年，高空作业平台总销量 10.14 万台，同比-15.19%，其中内销 5.32 万台，同比-33.7%， 出口 4.82 万台，同比+22.5%，出 ...

浙江鼎力机械股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|---------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 2024 年 09 月 02 日 公司点评 买入/维持 浙江鼎力(603338) 目标价: 62.52 昨收盘:48.43 臂式产品持续放量，子公司并表有望加速北美市场开拓 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 浙江鼎力 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.06/5.06 总市值/流通(亿元) 245.22/245.22 12 个月内最高/最低价 (元) 74.45/42.94 相关研究报告 <<海外市场持续发力，Q2 盈利能力提 升显著>>--2022-08-14 <<公司大客户宏信建发扩产加速，中 报业绩超市场预期>>--2020-07-23 <<与宏信签署臂车采购协议，四期工 厂即将投产规模放量>>--2020-05- 17 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号： ...

浙江鼎力机械股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | □公 ...

证券研究报告 2024 年 08 月 28 日 湘财证券研究所 公司研究 浙江鼎力（603338）事件点评 收入保持快速增长，臂式产品占比持续提升 相关研究： 1.《20240322湘财证券-603338.SH 浙江鼎力：五期工厂陆续投产， 收购CMEC强化海外优势》 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | |-------------|-------------| | | 沪深300 | | 60% | | | 40% | | | 20% | | | 0% | | | -20% | | | 23/08 23/10 | 24/06 24/08 | | % | 12 个月 | | 相对收益 | | | 绝对收益 | | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 公司发布 2024 年半年报，收入保持快速增长 近日，公司发布 2024 年半年度报告。上半年公司实现营业收入约 38.6 亿元，同比增长 24 ...

华福证券 投资要点： 24H1 汇兑收益同比减少约 2 亿，财务费用率同比增加 高空作业平台 7 月出口增长 46.6%，1-7 月累计出口增长 26.16% 据中国工程机械工业协会对升降工作平台主要制造企业统计： 2024 年 7 月当月销售各类升降工作平台 17264 台，同比增长 6.75%； 其中国内 7024 台，同比下降 23.6%；出口 10240 台，同比增长 46.6%。 2024年1-7月累计销售各类升降工作平台118713台，同比下降12.57%； 其中国内 60238 台，同比下降 32.65%；出口 58475 台，同比增长 26.16% 华福证券 盈利预测与投资建议 我们预计公司 2023-2026 年收入 CAGR 为 20%，归母净利润 CAGR 为 18%，2024-2026 年归母净利润分别为 21.34、25.35、30.35 亿元（前 值为 22.51、25.73、30.38 亿元，中报汇兑收益低于预期，因此调高了 全年财务费用），EPS 分别为 4.2 元、5.0 元、6.0 元，对应 PE 11、9、 8 倍，浙江鼎力经过多年发展，已经成为全球高空作业平台领先制造商 ...