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 | --- | --- | --- | |-----------------------------|---------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli (603338) with a target price of 62.52, compared to the last closing price of 48.43 [1][5]. Core Insights - The company's revenue for the first half of 2024 reached 3.859 billion yuan, a year-on-year increase of 24.56%, while the net profit attributable to shareholders was 824 million yuan, a slight decline of 0.88% [5]. - In Q2 2024, the company achieved a revenue of 2.408 billion yuan, reflecting a year-on-year growth of 34.00%, and a net profit of 522 million yuan, which is a 1.95% increase year-on-year [5]. - The arm-type products have seen significant growth, with revenue increasing by 57.67% year-on-year, accounting for 48.57% of the main business revenue [5]. - The acquisition of CMEC, which has been consolidated into the company, is expected to accelerate the expansion into the North American market, with CMEC generating revenue of 1.911 billion yuan and a net profit of 185 million yuan in the first half of 2024 [5]. Financial Performance - The gross margin for the first half of 2024 was 35.30%, an increase of 0.9 percentage points year-on-year, while the net margin decreased by 5.47 percentage points to 21.37% [5]. - The company forecasts revenues of 7.686 billion yuan, 9.190 billion yuan, and 10.909 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.110 billion yuan, 2.520 billion yuan, and 3.063 billion yuan for the same years [6][5]. - The report indicates a projected PE ratio of 15 times for 2024, supporting the "Buy" rating [5].

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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 ...