[Table_Reportdate] 2025年08月29日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250829 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.寒武纪（688256）：二季度业绩同环比大增，定增项目加码软硬件平台研发——公司简 评报告 ➢ 2.浙江鼎力（603338）：海外收入继续增长，营收利润创新高——公司简评报告 ➢ 3.巨化股份（600160）：公司业绩大幅提升，制冷剂高景气有望延续——公司简评报告 ➢ 4.老百姓（603883）：优化门店网络，持续发力新零售——公司简评报告 ➢ 1.美国第二季度实际GDP年化修正值环比增3.3%，好于预期 ➢ 2.美国第二季度核心 ...

Summary of Zhejiang Dingli Co Ltd. Conference Call Company Overview - **Company**: Zhejiang Dingli Co Ltd. (603338.SS) - **Industry**: Aerial Working Platforms (AWP) Key Points from the Conference Call 1. Sales Performance - **US Sales**: Stable year-over-year (flat yoy) in 1H25 despite US-China tariff escalation in April, with a temporary suspension of shipments for 1-2 months [1][6] - **EU Sales**: Relatively soft in 1H25 due to a high comparison base from the previous year, as shipments were front-loaded ahead of EU anti-dumping rulings [6] - **Emerging Markets**: Robust growth in non-US/Europe markets, with a double-digit percentage increase year-over-year in 1H25, contributing 25% to total sales [6] - **Domestic Sales**: Approximately 30% decline year-over-year in 1H25, primarily due to weak demand from large rental customers, although small-to-medium-sized customers saw a 20% increase in sales [7] 2. Profitability and Margins - **Gross Profit Margin (GPM)**: Declined by 0.8 percentage points year-over-year in 2Q25, attributed to a change in product mix and the impact of higher tariffs [8] 3. Tariff and Pricing Strategy - **Current Tariffs**: Dingli faces a 79% tariff in the US, which includes 24% anti-dumping/subsidy duties and 55% tariffs, approximately 10 percentage points higher than the previous year [10] - **Pricing Strategy**: Management indicated that they do not plan to pass on the additional tariffs this year but may negotiate prices for next year based on tariff clarity [10] 4. Market Outlook - **US Market**: Demand for AWP remains solid, with expectations of flat sales year-over-year in 2025. Current inventory levels are sufficient to support sales until year-end [10] - **EU Market**: Anticipated improvement in sales in 2H25 due to a low comparison base and ramp-up of high-end new products, with expectations for positive full-year growth [10] - **Capacity Expansion**: Plans for overseas capacity expansion are contingent on tariff changes [10] 5. Investment Thesis - **Long-term Potential**: The company is well-positioned in the under-penetrated Chinese AWP market, driven by rising labor costs, a construction worker shortage, and increasing safety awareness [13] - **Product Differentiation**: Focus on higher-ASP boom lifts and electrification technology, which provides a competitive edge [13][14] 6. Risks - **Key Risks**: Include weaker-than-expected global construction activities, intensifying competition in the AWP market, and potential escalations in US-China trade tensions that could lead to unfavorable tariffs [12] 7. Valuation - **Price Target**: The 12-month target price is set at Rmb64.0, reflecting a 10.0X 2026E DACF multiple, which is below the 3-year average due to uncertainties in global trade [11] 8. Financial Projections - **Revenue Growth**: Projected revenues for 2025E are Rmb8,949.4 million, with a core EPS CAGR of approximately 15% from 2025E to 2027E [16] Additional Insights - **Market Share**: Dingli has gained market share in the EU due to favorable anti-dumping duties compared to peers [10] - **Operational Resilience**: The company has demonstrated resilience under high-tariff environments, optimizing the competitive landscape against domestic peers [14]

Core Viewpoint - Zhejiang Dingli (603338) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 4.336 billion yuan, a year-on-year increase of 12.35% [1] - Net profit attributable to shareholders was 1.052 billion yuan, up 27.63% year-on-year [1] - In Q2 2025, total revenue was 2.438 billion yuan, reflecting a 1.27% increase year-on-year, while net profit for the quarter was 623 million yuan, up 19.4% [1] - Gross margin improved to 35.75%, an increase of 1.25% year-on-year, and net margin rose to 24.27%, up 13.54% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 34.0632 million yuan, representing only 0.79% of revenue, a significant decrease of 78.32% year-on-year [1] - Earnings per share increased to 2.08 yuan, a rise of 27.61% compared to the previous year [1] Asset and Liability Management - Cash and cash equivalents stood at 4.854 billion yuan, a 4.65% increase year-on-year [1] - Accounts receivable increased to 3.355 billion yuan, up 12.27% year-on-year [1] - Interest-bearing debt was slightly up to 1.163 billion yuan, a 1.35% increase [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 13.85%, indicating strong capital returns [3] - Historical median ROIC since listing is 17.87%, demonstrating good investment returns [3] Fund Holdings - The largest fund holding Zhejiang Dingli is Hongde Ruixing Three-Year Holding Mixed Fund, with 2.7509 million shares and a recent net value increase of 0.93% [4] - Other funds have also increased their holdings, indicating positive sentiment towards the company's stock [4]

Summary of the Conference Call for Zhejiang Dingli Company Overview - **Company**: Zhejiang Dingli - **Industry**: Aerial Work Platforms and Equipment Manufacturing Key Financial Metrics - **Net Profit**: 623 million CNY in H1 2025, up 19.4% YoY [2][3] - **Revenue**: 4.336 billion CNY in H1 2025, up 12.35% YoY; Q2 revenue was 2.438 billion CNY, up 1.27% YoY [3] - **Gross Margin**: 35.75%, up 0.44 percentage points YoY; main business gross margin at 35.14%, up 1.62 percentage points YoY [2][3] - **Net Margin**: 24.26%, up 2.9 percentage points YoY [2][3] Market Performance Domestic Market - **Trend**: Overall decline, but small and medium-sized customer purchases increased by approximately 20% [3][7] - **New Customers**: New customer ratio increased by over 25% [3][7] - **Product Development**: Focus on oil-to-electric technology services and backend applications like rust removal robots and tunnel drilling robots [3][7] International Markets - **Overseas Revenue**: 3.374 billion CNY in H1 2025, up 21.25% YoY [2][3] - **U.S. Market**: Sales remained flat YoY; impacted by tariffs and production halts in April and May [3][10][11] - **European Market**: Demand is relatively weak but expected to show slight growth; focus on high-value products aligns with customer preferences [2][6][15] - **Non-EU/US Markets**: Fastest growth observed in regions like the Middle East, Brazil, India, and Africa, driven by urbanization and infrastructure development [2][6][14][16] Strategic Responses - **Tariff Management**: Adjusted production and shipping schedules, utilized overseas warehouses to manage U.S. tariffs; currently, U.S. market inventory is sufficient [2][5] - **Product Development**: New products tailored for the U.S. market to enhance competitiveness [2][5] - **Cost Management**: Plans to reduce non-essential capital expenditures and control costs to ensure cash flow and asset safety amid global economic instability [3][8] Future Outlook - **Sales Projections**: U.S. market sales expected to remain flat for the year; new product promotions are ongoing [11][12] - **Market Expansion**: Continued focus on overseas market profitability and product enhancement [8] - **Factory Development**: The sixth-phase factory is expected to be operational by the second half of 2026 [28] Additional Insights - **Customer Base**: High coverage among U.S. rental customers, particularly those familiar with the company's products [13] - **Market Dynamics**: Emerging markets show diverse sales structures compared to the concentrated preferences in the U.S. and Europe [21] - **Profitability Challenges**: U.S. market profitability under pressure due to high tariffs, while European market remains relatively stable [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, strategic responses, and future outlook.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has achieved record high revenue and profit, with overseas income continuing to grow [1][5] - The company reported a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [5] - The company is actively responding to trade friction impacts, with overseas revenue increasing by 21.25% year-on-year [5] - R&D investment reached 144 million yuan in the first half of 2025, a 21.82% increase year-on-year, focusing on innovative technologies [5] - The company leads the industry in intelligent manufacturing, utilizing big data and AI technologies [5] Summary by Sections Financial Performance - Total revenue for 2024A is projected at 7.799 billion yuan, with a growth rate of 23.56%. For 2025E, revenue is expected to reach 8.902 billion yuan, reflecting a 14.15% growth [2] - Net profit attributable to shareholders for 2024A is estimated at 1.629 billion yuan, with a projected increase to 2.068 billion yuan in 2025E, representing a 26.97% growth [2] - The company’s diluted EPS for 2025E is forecasted at 4.08 yuan, with a P/E ratio of 13.12 [2] Market Position and Strategy - The company has a strong global presence, with a focus on expanding its market share in emerging countries [5] - The company is recognized for its innovative product design and has a comprehensive product line that is well-received by both domestic and international clients [5] - The company is actively optimizing its overseas subsidiaries and enhancing customer relationships to expand its market coverage [5] R&D and Innovation - The company holds 273 patents, including 146 invention patents and 97 overseas patents, showcasing its commitment to innovation [5] - The R&D efforts are directed towards electric, green, digital, and unmanned technologies, aiming to meet new market demands [5] Manufacturing Capabilities - The company operates the most intelligent and automated manufacturing facility in the industry, ensuring high production quality and efficiency [5] - The production capacity for large intelligent aerial platforms is ramping up, with ongoing projects to further enhance production capabilities [5]

Group 1 - The core viewpoint of the article highlights Zhejiang Dingli's financial performance in the first half of 2025, showcasing significant growth in revenue and net profit compared to the same period last year [1][3] - The company's total operating revenue reached 4.336 billion yuan, marking an increase of 477 million yuan, which represents a year-on-year growth of 12.35% [1] - The net profit attributable to shareholders was 1.052 billion yuan, reflecting a year-on-year increase of 27.63% [1] Group 2 - The latest asset-liability ratio stands at 36.25%, a decrease of 2.24 percentage points from the same period last year [3] - The gross profit margin is reported at 35.75%, ranking 6th among peers, with a year-on-year increase of 0.44 percentage points [3] - The return on equity (ROE) is 9.95%, which is an increase of 1.01 percentage points compared to the previous year, ranking 5th among peers [3] Group 3 - The diluted earnings per share (EPS) is 2.08 yuan, an increase of 0.45 yuan year-on-year, ranking 1st among peers with a growth of 27.61% [3] - The total asset turnover ratio is 0.27 times, reflecting a year-on-year increase of 2.73% and achieving two consecutive years of growth [3] - The inventory turnover ratio is reported at 1.07 times [3] Group 4 - The number of shareholders is 38,800, with the top ten shareholders holding 336 million shares, accounting for 66.42% of the total share capital [3] - The largest shareholder, Xu Shugen, holds 45.53% of the shares, followed by Deqing Zhongding Equity Investment Management Co., Ltd. with 10.78% [3]

Group 1 - Zhejiang Dingli (603338.SH) reported its semi-annual results for 2025, with 35 institutional investors holding a total of 118 million shares, representing 23.36% of the total share capital [1] - The top ten institutional investors collectively hold 21.23% of the shares, with a 2.50 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.22% increase, while one fund saw a slight decrease [2] - Five new public funds were disclosed this period, while 64 funds were not disclosed compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.55% [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a strong performance in the first half of 2025, with revenue reaching approximately 4.34 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.05 billion yuan, up 27.6% year-on-year [1] - Overseas revenue continues to grow rapidly, with a 21.3% increase year-on-year, accounting for 77.8% of total revenue, while domestic revenue faced short-term pressure, declining by 31.2% [2][4] - The company's gross margin improved to 35.7%, up 0.4 percentage points year-on-year, driven by higher contributions from overseas and other business segments [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 4.34 billion yuan, with a net profit of 1.05 billion yuan, and a basic earnings per share of 2.08 yuan [1] - The second quarter of 2025 saw revenues of about 2.44 billion yuan, a 1.3% increase year-on-year, and a net profit of 620 million yuan, up 19.4% [1] Business Segmentation - The high-altitude platform business generated 3.98 billion yuan in revenue, an 8.7% increase year-on-year, while other business revenues surged by 77.3% to 360 million yuan [2] - Despite a 47.2% decline in the domestic high-altitude platform industry, the company mitigated the impact through enhanced customer loyalty and new service offerings [2] Profitability Metrics - The company's gross margin increased to 35.7%, with a decrease in total expense ratio to 4.1% due to a significant rise in exchange gains [3] - The net profit margin rose to 24.3%, reflecting improved profitability [3] Future Outlook - The company expects continued growth in revenue and net profit for 2025-2027, with projected revenues of 8.57 billion yuan, 9.67 billion yuan, and 10.94 billion yuan, representing year-on-year growth rates of 9.9%, 12.8%, and 13.2% respectively [4][29] - The net profit forecast for the same period is 2.07 billion yuan, 2.43 billion yuan, and 2.86 billion yuan, with growth rates of 27.0%, 17.7%, and 17.5% respectively [4][29]

Core Viewpoint - Zhejiang Dingli has demonstrated strong operational resilience and growth in revenue and profit despite global macroeconomic uncertainties, showcasing effective management and competitive advantages [1][2]. Financial Performance - In the first half of 2025, Zhejiang Dingli achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35% - The net profit attributable to shareholders reached 1.052 billion yuan, up 27.63%, with a net profit margin of 24.27% [1]. Global Market Expansion - The company's overseas market revenue reached 3.374 billion yuan, growing by 21.25% and accounting for over 70% of total revenue - Notable performance in Europe and countries along the Belt and Road has effectively mitigated uncertainties in the North American market [2]. - The impact of previous U.S. tariffs has been largely absorbed, and the marginal improvement in the global macro environment is expected to further alleviate uncertainties [2]. Technological Innovation - Zhejiang Dingli has focused on product electrification, intelligence, and differentiation, with R&D expenses reaching 144 million yuan, a 21.82% increase year-on-year - The company has achieved full electrification of its product line and introduced the industry's first batch of oil-free electric scissor lifts, enhancing product performance and supporting industrial upgrades [3][4]. Product Diversification - In addition to over 200 conventional products, Zhejiang Dingli has launched differentiated products such as ship spray rust removal robots and tunnel drilling robots, expanding into new application scenarios [4]. ESG and Long-term Value - The company emphasizes sustainable development and long-term value creation, actively implementing carbon emission calculations and reduction measures - Zhejiang Dingli has maintained a cash dividend policy for 10 consecutive years, with a total dividend of over 500 million yuan for the 2024 fiscal year and a payout ratio of 31.09% [5]. Recognition and Future Outlook - The company received nominations for "Technological Innovation" and "Proactive Progress" at the Sedex Supply Chain Awards, highlighting its responsibility and innovation in the global supply chain - With a dual-driven strategy of "new energy transformation + overseas expansion," Zhejiang Dingli is expected to maintain its industry leadership in the high-altitude work platform sector and explore new growth opportunities [6].

Summary of Zhejiang Dingli Co Ltd. (603338.SS) 2Q25 Results Company Overview - **Company**: Zhejiang Dingli Co Ltd. - **Industry**: Aerial Working Platforms (AWP) - **Ticker**: 603338.SS Key Financial Results - **Net Profit (NP)**: Rmb 623 million, up 19% year-over-year (yoy) [1] - **Topline Revenue**: Rmb 2.44 billion, up 1% yoy, marking the highest quarter in history [1][4] - **Gross Profit Margin (GPM)**: 32.0%, down 0.8 percentage points yoy, below expectations [1][4] - **Operating Expenses (Opex)**: Rmb 249 million, up 41% yoy, primarily due to high selling expenses [4] - **EBIT**: Rmb 531 million, down 13% yoy, below expectations [4] - **Net Profit Margin (NPM)**: 25.6%, up 3.9 percentage points yoy, inline with expectations [4] Sales Performance - **Overseas Sales Growth**: +21% in 1H25, despite US-China trade tensions and tough comparisons in Europe [1][4] - **Domestic Sales**: Implied decline of -30% yoy, but better than the industry average decline of -42% yoy [4] Cash Flow and Balance Sheet - **Operating Cash Inflow**: Rmb 338 million, a recovery from -Rmb 472 million in 1Q25 [4] - **Capital Expenditures (Capex)**: Down 19% yoy to Rmb 43 million [4] - **Free Cash Flow (FCF)**: Positive at Rmb 295 million [4] - **Net Cash Position**: Increased slightly to Rmb 3.69 billion from Rmb 3.61 billion [5] Investment Thesis - **Long-term Adoption Potential**: The AWP market in China is under-penetrated, with rising labor costs and increasing safety awareness driving demand [8] - **Product Mix Upgrade**: Transition towards higher-ASP boom lifts, where Dingli has a technology advantage [8] - **Competitive Positioning**: Strong resilience under high-tariff environments, optimizing competitive landscape against peers [9] Price Target and Valuation - **12-month Price Target**: Rmb 64.00, implying a 19.4% upside from the current price of Rmb 53.60 [13] - **Valuation Metrics**: Target EV/DACF multiple of 10.0X, reflecting uncertainties around global trade [11] Risks - **Global Construction Activity**: Weaker-than-expected construction activities could impact sales [12] - **Competition**: Intensifying competition in the global AWP market [12] - **Trade Tensions**: Escalating US-China trade tensions could lead to unfavorable tariffs [12] Conclusion - **Recommendation**: Maintain Buy rating as Dingli is well-positioned to leverage the machinery cycle inflection in developed markets [1][8]