2025 年 04 月 12 日 多维战略应对关税挑战，全球竞争力持续巩固 —浙江鼎力（603338.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2 0 2 5-0 4-1 1 | | --- | --- | | 当前股价（元） | 45.19 | | 总市值（亿元） | 229 | | 总股本（百万股） | 506 | | 流通股本（百万股） | 506 | | 52 周价格范围（元） | 44-72.98 | | 日均成交额（百万元） | 346.48 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 浙江鼎力 沪深300 资料来源：Wind，华鑫证券研究 ▌深化美国本土化布局，应对市场关税挑战 公司凭借丰富的贸易摩擦及"双反"调查应对经验，拥有应 对海外关税的方案，根据税率变化启动相应预案。公司与美 国 CMEC 合作已久，2024 年完成对美国 CMEC 公司的收购，拥 有在美国本土生产制造高空平台的能力，有效规避高关税对 出口成本的直接冲击。依托 CMEC 本土化生产基地 ...

公司与原"国泰君安证券股份有限公司"签署的法律文件继续有效，由"国泰 海通证券股份有限公司"继续履行。本次公司持续督导保荐机构名称变更不属于公 司更换持续督导保荐机构事项。 特此公告。 证券代码：603338 证券简称：浙江鼎力 公告编号：2025-003 浙江鼎力机械股份有限公司 关于持续督导保荐机构更名的公告 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。 浙江鼎力机械股份有限公司（以下简称"公司"）于2025年4月11日收到持续 督导保荐机构更名的通知，具体内容主要如下： 公司持续督导保荐机构"国泰君安证券股份有限公司"名称变更为"国泰海通 证券股份有限公司"，并已完成工商变更登记，后续以新公司名义开展业务与管理 活动。 浙江鼎力机械股份有限公司董事会 2025年4月12日 ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-002 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10日，公司与交通银行股份有限 公司上海徐汇支行（以下简称"交通银行"）签署了《保证合同》（编号： C250228GR3101585），为上海鼎策向交通银行申请总额不超过人民币伍亿元整的银 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2024年年度 ...

4月7日，全球工程机械行业的重要盛会——德国宝马展(bauma2025)在慕尼黑盛大开幕。浙江鼎力 （603338）携多款新能源高空作业平台集中亮相，吸引了来自全球的专业观众和客户广泛关注，展位人 气居高不下，成为本届展会的焦点之一。 此次公司展出的产品覆盖臂式和剪叉式多种平台类型，工作高度范围广泛，搭载纯电、增程、轻混等多 种新能源驱动技术，满足多样化作业场景需求。其中包括全球首创的大载重模块化T系列44米直/曲臂式 平台，28米整机重心下移设计的电动曲臂平台，以及多款越野剪叉、电动迷你剪叉等热门产品，充分体 现了公司在技术创新与产品多样性方面的持续投入，浙江鼎力也是全球新能源高空作业平台领军企业， 拥有行业唯一模块化电动臂式系列。 浙江鼎力深耕欧洲市场多年，已建立起较为稳固的客户网络和品牌基础。尽管欧盟曾对自中国进口的高 空作业平台发起"双反"调查，但根据最新裁定，浙江鼎力适用的综合税率为20.6%，显著低于外资品牌 税率(22.5%至35%)及国内大部分竞争对手税率(41.2%至66.7%)，反映出公司在产品合规性、品牌信誉与 本地化服务等方面具备明显优势。展会首日，欧洲前十大租赁公司悉数到访浙江鼎力展 ...

Investment Rating - The report assigns a "Buy" rating for Zhejiang Dingli, marking its first coverage [2][7]. Core Views - Zhejiang Dingli is a leading manufacturer in the global aerial work platform industry, with a strong growth trajectory in revenue and net profit, driven by both domestic demand and international expansion [6][25]. - The global aerial work platform market is valued at approximately $17.235 billion, with significant growth potential in both developed and emerging markets [6][57]. - The company is well-positioned to benefit from the increasing demand for electric and arm-type aerial work platforms, supported by its robust R&D capabilities and production efficiency [6][7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 6,312 million yuan in 2023 to 11,480 million yuan in 2026, with a compound annual growth rate (CAGR) of 36.87% from 2014 to 2023 [5][25]. - The net profit attributable to the parent company is expected to increase from 1,867 million yuan in 2023 to 3,184 million yuan in 2026, reflecting a CAGR of 39.73% during the same period [5][25]. - Earnings per share (EPS) are forecasted to rise from 3.69 yuan in 2023 to 6.29 yuan in 2026 [5]. Market Position and Competitive Landscape - Zhejiang Dingli ranks fifth among global aerial work platform manufacturers, with a market share of 6% in 2023 [6][49]. - The company has a diverse product portfolio, including over 200 models of aerial work platforms, catering to various industries such as construction, logistics, and energy [6][23]. - The competitive landscape shows that five Chinese manufacturers are among the top ten globally, collectively holding a market share of 27.9% [6][47]. Growth Drivers - The company is expanding its production capacity and global presence, with plans for new projects and acquisitions to enhance its market share [6][17]. - The increasing focus on safety and efficiency in construction and maintenance operations is driving the demand for aerial work platforms, which are gradually replacing traditional equipment [6][36]. - The North American market is expected to see steady growth, while emerging markets are anticipated to experience rapid expansion [6][57].

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-001 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3月5日，公司与广发银行股份有限公 司杭州分行（以下简称"广发银行"）签署了《最高额保证合同》（编号：（2025） 杭银授额字第000047号-担保01），为上海鼎策向广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。 号：2024-016）。 二、被担保人基本情况 公司名称：上海鼎策融资租赁有限公司 统一社会信用代码：91310115MA1K3DFH38 注册地址：中国（上海）自由贸易试验区浦东大道2123号3楼西南区 主要办公地点：浙江省杭州市上城区钱江路1366号华润大厦 A 座2601 法定代表人：许树根 注册资本：人民币30,000万元整 （二）本次担保事项履行的决策程序 公司于 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 75.18 RMB [7]. Core Views - The company has a significant competitive advantage due to its differentiated products and lower anti-dumping tax rates, which positions it favorably in the market despite trade tensions [2][5]. - The company has shown strong growth in overseas markets, with revenue increasing from 1.98 billion RMB to 3.84 billion RMB from 2021 to 2023, representing a CAGR of 39.3% [4]. - The company is expected to maintain a robust profit growth trajectory, with projected net profits of 2.145 billion RMB, 2.720 billion RMB, and 3.260 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 14.9%, 26.81%, and 19.82% [5][6]. Summary by Sections Anti-Dumping Tax Impact - The company received a final anti-dumping tax rate of 20.6% from the EU, which is the lowest among its peers, indicating limited impact from these tariffs [2][12]. - In the US, the company has also benefited from the lowest countervailing duty rate of 11.95% and a reduced weighted average dumping margin of 12.39%, further enhancing its competitive position [3][14]. Overseas Market Expansion - The company has been deepening its presence in overseas markets, particularly in North America, where it has established strong brand recognition and partnerships with local rental companies [4]. - The ownership stake in CMEC has been increased from 49.8% to 99.5%, which is expected to leverage both companies' strengths to expand further in the North American market [4]. Financial Projections - Revenue projections for the company are as follows: 7.949 billion RMB in 2024, 9.542 billion RMB in 2025, and 10.935 billion RMB in 2026, with respective growth rates of 25.93%, 20.04%, and 14.61% [6]. - The company’s earnings per share (EPS) are projected to grow from 4.24 RMB in 2024 to 6.44 RMB in 2026, indicating a strong upward trend in profitability [6].

Summary of Conference Call Notes Company and Industry Overview - The company discussed is a leading player in the aerial work platform industry, established in 2005, and has achieved a position among the top ten globally in this sector [3][6][12]. - The company generates approximately 80% of its revenue and 85-90% of its profits from overseas markets, indicating a strong international presence [3][7]. Key Points and Arguments Financial Performance - The company has shown a significant increase in profitability over recent years, with gross margins and net margins improving post-tariff adjustments [1][2]. - Financial data indicates a projected revenue of around 8 billion yuan for the current year, with quarterly earnings reaching 6.1 billion yuan [6][7]. - The overseas gross margin is reported at 41%, compared to 27% domestically, highlighting a substantial margin difference of 15 percentage points [7][8]. Market Dynamics - The company faces increasing competition in the domestic market, but the impact on its operations is considered manageable due to its established market position and strategies [3][4]. - The company has a strategy to shift production capacity overseas if domestic profitability declines, ensuring flexibility in operations [3][4]. Tariff Implications - The company is navigating the complexities of U.S. tariffs, with a significant focus on maintaining competitiveness despite potential increases in tariffs [2][4][20]. - A reduction in tariffs by 20 percentage points is anticipated to provide a buffer against future tariff increases, with a threshold of 45% being a critical point for operational viability [4][20]. - The company benefits from a lower tariff rate compared to competitors, which positions it favorably in the European market [22][24]. Growth Opportunities - The company aims to expand its market share in the U.S., currently holding about 15% of the market, with potential revenue projections exceeding 10 billion yuan if growth targets are met [22][23]. - The focus on high-margin products and modular design is expected to enhance competitiveness and profitability in both domestic and international markets [17][18]. Challenges and Risks - The domestic market is experiencing a slowdown, with projections indicating a potential decline in demand, which could impact future growth [15][16][26]. - The company is cautious about the competitive landscape in Europe, where market dynamics may be more fragmented and challenging [24][25]. Additional Important Insights - The company emphasizes the importance of modular design and quick turnaround times in its service offerings, which are critical for maintaining customer satisfaction and operational efficiency [17][18]. - The transition to electric-powered equipment is seen as a long-term growth strategy, although the adoption rate may be gradual due to market conditions [19][20]. - The company is actively monitoring global market trends and adjusting its strategies accordingly to mitigate risks associated with economic fluctuations and competitive pressures [26].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 75.59 yuan, corresponding to a 15x dynamic P/E ratio for 2025 [21]. Core Insights - The company is a leading player in the aerial work platform industry, with strong product capabilities driving high profitability [54]. - The domestic market has low penetration, indicating significant growth potential, while there is considerable demand for equipment updates in Europe and the U.S. [54]. - The company is expanding its overseas channels through mergers and acquisitions, while enhancing brand influence through independent innovation [54]. Chapter Summaries Chapter 1: Leading Company in the Aerial Work Platform Industry - The company has established itself as a global leader in the aerial work platform sector, focusing on R&D, manufacturing, and sales [54]. Chapter 2: Low Domestic Penetration and Considerable Demand in Europe and the U.S. - The Chinese market shows a significant gap in per capita ownership compared to mature markets, suggesting substantial future growth potential [54]. - The U.S. rental market for aerial work platforms is projected to continue growing, with a rental income of approximately $15 billion in 2023, reflecting a 10% year-on-year increase [54]. Chapter 3: Expanding Overseas Channels through M&A and Enhancing Brand Influence - The company has successfully established a global presence through acquisitions and has been recognized as the fifth-largest aerial work platform manufacturer globally [31][54]. - The company has achieved a high level of product electrification, leading the industry in innovation [34]. Chapter 4: Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are 7.746 billion yuan, 9.253 billion yuan, and 10.975 billion yuan, respectively, with corresponding net profits of 2.122 billion yuan, 2.552 billion yuan, and 3.106 billion yuan [21][47].

Group 1: Company Strategy and Innovation - The company plans to launch more high value-added, differentiated, electric, and intelligent products with independent intellectual property rights [2] - The core driving force for future development is self-research and technological innovation, emphasizing product innovation for sustainable development [3] Group 2: Production Capacity and Market Response - The current production capacity utilization rate is normal, with the new production line in Phase 5 gradually ramping up [3] - The company has experience in dealing with overseas trade barriers and has established internal response plans to enhance overall competitiveness [3] Group 3: Future Expansion and Market Development - There are no immediate plans for overseas factories; production bases are currently located in Deqing, Zhejiang [3] - The company aims to expand into non-trade friction overseas markets and optimize the supply chain to improve resilience against external uncertainties [3]