Core Points - Zhejiang Dingli Machinery Co., Ltd. has completed the registration change of its business address to 188 Qihang Road, Deqing County, Huzhou City, Zhejiang Province [1] - The change was approved during the annual shareholders' meeting held on May 20, 2025, where the amendment to the company's articles of association was also discussed [1] - The company has obtained a new business license from the Zhejiang Provincial Market Supervision Administration reflecting the updated registration information [1] Company Information - The company is classified as a listed other joint-stock company with a registered capital of 506,347,879 yuan [1] - Established on May 16, 2005, the company operates in various sectors including high-altitude work platforms, multi-functional power repair platforms, lifting machinery, construction machinery, hydraulic machinery, and forklift manufacturing [1] - The business scope also includes the sale of metal materials, building materials, chemical raw materials (excluding hazardous chemicals), labor protection products, machinery equipment maintenance services, and import-export of goods [1]

关于公司完成工商变更登记的公告 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5月20日召开的2024 年年度股东大会审议通过了《关于变更注册地址及修订<公司章程>的议案》，同意 公司注册地址变更为：浙江省湖州市德清县启航路188号。 公司已于近日完成工商变更登记手续，并取得了浙江省市场监督管理局换发的 《营业执照》，变更后的工商登记信息如下： 证券代码：603338 证券简称：浙江鼎力 公告编号：2025-017 浙江鼎力机械股份有限公司 名 称：浙江鼎力机械股份有限公司 统一社会信用代码：913300007743880298 特此公告。 浙江鼎力机械股份有限公司董事会 2025年5月30日 法定代表人：许树根 注册资本：伍亿零陆佰叁拾肆万柒仟捌佰柒拾玖元 成立日期：2005年05月16日 营业期限：2005年05月16日至长期 经营范围：高空作业品平台、多功能电力抢修平台、起重机械、建筑机械、液 压机械、叉车制造、加工、经销，金属材料、建筑材料、化工原料（除化学危险 ...

国枫律股字[2025]A0251 号 致：浙江鼎力机械股份有限公司（贵公司） 关于浙江鼎力机械股份有限公司 2024 年年度股东大会的 法律意见书 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《上市公司股东会规则》《证券法律业务管理 办法》《证券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对贵公司 ...

浙江鼎力机械股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：603338 证券简称：浙江鼎力 公告编号：2025-016 | 1、出席会议的股东和代理人人数 | 396 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 321,741,897 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 63.5416 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由董事会召集，由董事长许树根先生主持，本次股东大会所采用的表决 方式是现场投票和网络投票相结合的方式。本次会议的召集、召开符合《公司法》 和《公司章程》等相关法律法规的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：公司 2024 年度董事会工作报告 审议结果：通过 (一)股 ...

Core Insights - Zhejiang Dingli Machinery Co., Ltd. reported a revenue of 7.799 billion yuan for 2024, marking a year-on-year increase of 23.56%, while net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [2] - The company focuses on the development, manufacturing, sales, and service of intelligent aerial work platforms, with a product range that includes arm, scissor, and mast series [2] - The arm series has become a key development area, generating 2.956 billion yuan in revenue for 2024, a growth of 20.84%, and accounting for 41.21% of main business income [2] - The overseas market for arm products has seen significant growth, with sales revenue increasing by 46.99% year-on-year [2] Product Development and Market Trends - Zhejiang Dingli has fully electrified its arm series products, becoming the first manufacturer globally to achieve mass production of high-reach, heavy-load, and modular electric arm platforms [2] - The shift towards electric platforms aligns with global trends in electrification and intelligence in the aerial work industry, enhancing the company's competitive position [3] - The scissor lift segment also contributed significantly, with revenue of 3.444 billion yuan in 2024, reflecting a year-on-year increase of 14.41% [3] - The company is the only global manufacturer to achieve mass production of oil-free, all-electric scissor platforms, which are characterized by low energy consumption and high safety [3] Financial Performance and Future Outlook - In the first quarter of 2025, Zhejiang Dingli reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, with net profit rising by 41.83% to 429 million yuan [4] - The chairman indicated that the significant growth in the first quarter was driven by proactive market expansion [4] - Looking ahead, the company aims to explore the integration of electric, green, digital, and unmanned technologies, while expanding its product matrix to include high-altitude work platforms combined with robotics [5]

Core Viewpoint - In Q1 2025, the company achieved a revenue growth of 31%, primarily driven by overseas markets, with CMEC's consolidation contributing to overseas revenue growth. The net profit attributable to the parent company increased by 42% year-on-year, with stable gross margins and improved net margins due to reduced one-time expenses from CMEC consolidation. The company made positive progress in overseas tax rates, securing a minimum tariff of 20.6% in the EU anti-dumping investigation, which enhances its export competitiveness. Additionally, the US-China Geneva trade talks exceeded expectations, leading to adjustments in tariffs on Chinese exports to the US, currently around 30%, benefiting the company's exports to the US [1]. Events - Event 1: In Q1 2025, the company reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, a year-on-year increase of 41.83% [2]. - Event 2: The EU's final ruling on the anti-dumping and countervailing investigation against mobile elevating work platforms from China resulted in the company obtaining a minimum tariff of 20.6% [2]. - Event 3: The US-China Geneva trade talks led to positive developments, including the modification of tariffs on Chinese goods, with a 24% tariff suspended for the initial 90 days and a remaining 10% tariff retained [2]. Commentary - The company experienced rapid revenue growth in Q1 2025, with a revenue of 1.898 billion yuan, up 30.72% year-on-year. The domestic market was in a seasonal downturn, while exports surged, driven by CMEC's consolidation and the company's active expansion into overseas markets, particularly in Europe and North America. The net profit attributable to the parent company was 429 million yuan, reflecting a year-on-year increase of 41.83%. The gross margin and net margin were 40.56% and 22.58%, respectively, with the gross margin remaining stable and the net margin improving due to reduced one-time expenses from CMEC consolidation [3]. Long-term Development Outlook - The company achieved a minimum tariff rate in the EU anti-dumping investigation, providing a competitive advantage for exports to Europe. The company effectively utilized its response strategy and detailed evidence to secure a 20.6% minimum tariff, while other Chinese brands faced tariffs ranging from 41.7% to 66.7%. Additionally, the US-China tariff negotiations yielded favorable outcomes for the company's US business, with current tariffs on exports to the US at approximately 30%. The company maintains strong product capabilities and is actively expanding its arm-type products, introducing various new products such as tunnel drilling robots and ship rust removal robots, contributing to new revenue streams [4]. Investment Projections - The company is projected to achieve revenues of 8.988 billion yuan, 10.126 billion yuan, and 11.429 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 15.25%, 12.66%, and 12.87%, respectively. The net profits attributable to the parent company are expected to be 2.002 billion yuan, 2.474 billion yuan, and 2.944 billion yuan, with year-on-year growth rates of 22.92%, 23.59%, and 18.98%. The corresponding price-to-earnings ratios are projected to be 12.21x, 9.88x, and 8.31x, maintaining a "buy" rating [5].

Group 1 - The report highlights that Meta's capital expenditure (CapEx) for Q1 2025 has doubled to $13.7 billion, reflecting a year-on-year increase of 103.90% and an upward revision of the 2025 full-year CapEx forecast to between $64 billion and $72 billion, driven by increased investments in AI and data centers [2] - Several national-level computing center projects in China are expected to be launched, with companies like Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this sector by a private company in China [2] - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, with strong demand from data centers and consumer electronics, leading to increased orders for major companies like Nvidia and Qualcomm [3][4] Group 2 - The report indicates that Henggong Precision has achieved a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023, although a significant decline in performance is expected in 2024 due to asset impairment [4][6] - The company is leveraging its technical advantages in ductile iron materials and continuous casting processes to improve product quality and yield, positioning itself for growth in the machinery sector [4][6] - Zhejiang Dingli has reported a significant improvement in its Q1 2025 performance, with revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, reflecting a 41.83% increase [18][30] Group 3 - The report notes that the gold industry achieved total revenue of 291.588 billion yuan in 2024, with a year-on-year increase of 2.83%, and a significant rise in net profit by 51.56% to 12.305 billion yuan [9] - Copper supply and demand remain tight, with high production levels maintained by smelters, and the report suggests monitoring companies like Zijin Mining and China Nonferrous Mining for potential investment opportunities [9] - The report emphasizes the importance of the semiconductor sector, particularly in AI and data center applications, as a key area for growth and investment in the upcoming quarters [3][11]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year increase of 23.56%, while the net profit attributable to the parent company was 1.629 billion yuan, a decrease of 12.77% year-on-year [1][2]. - The company is actively expanding its overseas market presence, having sold products to over 100 countries and regions globally, and has established local teams through equity cooperation and subsidiary formation [4]. - The company has received the lowest tax rate in the industry from the EU's anti-dumping investigation, with a rate of 20.6%, compared to 41.7%-66.7% for other Chinese brands [4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72% and a quarter-on-quarter increase of 13.98%. The net profit attributable to the parent company was 429 million yuan, up 41.83% year-on-year and 154.59% quarter-on-quarter [3]. - The gross margin for 2024 was 35.04%, and the net margin was 20.89%, reflecting a decrease of 3.45 and 8.69 percentage points year-on-year, respectively [2]. - The company forecasts net profits of 2.134 billion yuan, 2.531 billion yuan, and 2.875 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 31%, 19%, and 14% [4]. Revenue Breakdown - For the year, the company generated revenue from various products: 3.444 billion yuan from scissor lifts, 2.956 billion yuan from boom lifts, and 772 million yuan from mast lifts, with year-on-year growth rates of 14.41%, 20.84%, and 53.14%, respectively [3]. - Revenue from domestic and international markets was 1.649 billion yuan and 5.523 billion yuan, respectively, with year-on-year changes of -22.23% and +43.83% [3]. Cost and Expense Analysis - The company's expense ratios for sales, management, R&D, and financial costs were 3.26%, 2.88%, 3.28%, and -1.18%, respectively, with year-on-year changes of -0.42%, +0.64%, -0.21%, and +2.7 percentage points [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The recent 90-day window for U.S.-China trade provides a clearer path for performance realization, enhancing the company's earnings certainty [3] - The company has the lowest anti-dumping tax rate in the industry at 20.6%, which is expected to have a limited impact on its order volume and profitability in the European market [4] - The company is anticipated to experience sustained growth due to various factors, including successful product trials overseas and the extension of inventory preparation windows in North America [5] Financial Forecasts - Total revenue is projected to grow from 6,312 million RMB in 2023 to 11,705 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.20% [1] - Net profit attributable to shareholders is expected to increase from 1,867 million RMB in 2023 to 2,780 million RMB in 2027, reflecting a significant growth trajectory [1] - The earnings per share (EPS) is forecasted to rise from 3.69 RMB in 2023 to 5.49 RMB in 2027, indicating a strong upward trend [1] Market Position and Strategy - The company is well-positioned to leverage its competitive advantages in high-value products and compliance with European regulations, which may enhance its market share in Europe [4] - The expansion into new markets and the introduction of innovative products are expected to contribute positively to the company's long-term growth [5] - The company plans to explore local manufacturing options in the U.S. to further strengthen its market presence [5]

Group 1 - The US-China trade negotiations have resulted in a 90-day window where tariffs on Chinese exports to the US will be 30%, with a potential increase to 54% after this period, enhancing the certainty of performance for companies involved [1] - The adjustment in tariffs is expected to provide a short-term shipping and stocking window, while in the long term, domestic production capacity for exports to the US is likely to maintain good profitability [1] Group 2 - The European Union has imposed anti-dumping duties on Chinese mobile elevating work platforms, with the lowest duty at 20.6% for Dingli, which is lower than foreign brands, indicating recognition of compliance and market operations [2] - The impact of these duties on the company's export orders and profitability is considered limited, as price increases are expected to be a trend, allowing for cost transfer to end customers [2] - The company is expected to enhance its market share in Europe as new production capacity is released in 2025, despite high tariffs acting as a barrier [2] Group 3 - The company is anticipated to see sustained performance growth due to successful trials with overseas clients, extended stocking windows, and the introduction of high-value products in Europe [3] - The company is also expanding into emerging markets and new business segments, which will contribute to steady growth [3] - Profit forecasts for the company indicate a net profit of 21 billion (31% YoY growth), 24 billion (14% YoY growth), and 28 billion (14% YoY growth) from 2025 to 2027, with corresponding PE ratios of 12, 10, and 9 [3]