工程机械Ⅱ 分析师：刘智 臂式产品放量推动增长，出海市场空间广 登记编码：S0730520110001 阔 l iuzhi@ccnew.com 021-50586775 ——浙江鼎力(603338)2023 年报&2024 一季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-05-13) 发布日期：2024年05月14日 收盘价(元) 72.98 投资要点： 一年内最高/最低(元) 72.98/43.58 浙江鼎力（603338）披露2023年年报。2023年公司实现营业总收入63.12 沪深300指数 3,664.69 亿元，同比增长15.92%；归母净利润18.67亿元，同比增长48.51%。 市净率(倍) 4.03 流通市值(亿元) 369.53 同时披露2024年一季报。2024年第一季度，公司实现营业总收入14.52 亿元，同比增长11.53%；归母净利润3.02亿元，同比下降5.40%。 基础数据(2024-03-31) 每股净资产(元) 18.12 ⚫ 臂式产品放量带动业绩增长，持续扩产保障未来增长 每股经营现金流(元) 0.23 2023 年公司实现营业收入 63.12 亿元 ...

投资逻辑： 国内高空作业平台头部企业，营收、净利长期稳定增长。公司产品 体系健全，包括臂式、剪叉式、桅柱式高空工作平台，并在21-22 年《Access International》发布的全球高空作业平台的榜单前 五。凭借产品强势出海，18-23 年公司营收、归母净利润分别从 17.08、4.80 亿元提升至 63.12、18.67 亿元，期间 CAGR 分别达 29.9%、31.2%。 全球高空作业平台需求主要在海外，海外市场高景气度有望延续。 人民币(元) 成交金额(百万元) 根据 IPAF 数据，全球高空作业平台保有量中北美、EAME 地区需求 74.00 1,000 900 占比超60%。2024Q1 全球高空作业平台头部厂商Terex、Oshkosh 68.00 800 在手订单分别为24.3/42.3亿美元，处于历史高位；此外，北美大 62.00 700 600 56.00 500 型租赁商联合租赁对24 年收入、利润仍然保持乐观指引，我们认 400 50.00 300 为海外高空作业平台的高景气度有望持续。 44.00 200 100 多因素共振，23 业绩高增长表现有望持续。公司 23 年毛利 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 77.58 CNY for the next six months [3]. Core Views - The company's performance in 2023 was impressive, with revenue of 6.312 billion CNY, a year-on-year increase of 15.92%, and a net profit of 1.867 billion CNY, up 48.51% year-on-year. The first quarter of 2024 showed revenue of 1.452 billion CNY, a year-on-year increase of 11.53%, but a net profit decrease of 5.40% [1][6]. - The growth in 2023 was attributed to cost reductions, structural optimization, and economies of scale, while the Q1 2024 performance was impacted by non-recurring losses related to investments [1][6]. - The company is focusing on expanding its overseas market presence and has initiated a new round of capacity expansion, indicating significant growth potential [1][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.312 billion CNY, with a net profit of 1.867 billion CNY. The Q1 2024 revenue was 1.452 billion CNY, with a net profit of 302 million CNY [1][6]. - The gross margin for 2023 was 38.49%, increasing to 41.11% in Q1 2024, while the net margin was 29.58% in 2023 and decreased to 20.82% in Q1 2024 [2][6]. Market Dynamics - The high-altitude working platform industry showed a total sales volume of approximately 206,500 units in 2023, with a year-on-year increase of 5.29%. However, Q1 2024 saw a decline of 18.35% [1][6]. - The company outperformed the industry in revenue growth, particularly in the boom lift segment, which saw a revenue increase of 68.24% in 2023 [1][6]. Strategic Initiatives - The company plans to fully acquire CMEC, which is expected to enhance its competitiveness in the North American market and improve financial performance [6]. - New production capacity projects are underway, including a plan to produce 20,000 units of new energy high-altitude platforms, projected to generate an annual output value of 2.5 billion CNY [6]. Future Projections - Revenue projections for 2024-2026 are 7.47 billion CNY, 8.78 billion CNY, and 10.30 billion CNY, with corresponding net profits of 2.18 billion CNY, 2.60 billion CNY, and 3.08 billion CNY [6].

证券代码：603338 证券简称：浙江鼎力 公告编号：2024-023 浙江鼎力机械股份有限公司股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，德清中鼎股权投资管理有限公司（以下简称"中鼎投资"） 持有浙江鼎力机械股份有限公司（以下简称"公司"或"浙江鼎力"）股份 58,589,180 股，占公司总股本的 11.57%。上述股份来源于首次公开发行前取得 的股份以及发行上市后以资本公积转增股本取得的股份，该股份均已解除限售并 上市流通。 减持计划的主要内容 中鼎投资因自身资金安排需要，拟通过竞价交易或大宗交易方式减持其所持 公司股份不超过 4,000,000 股，即不超过公司总股本的 0.79%，减持价格视市场 情况确定。其中通过证券交易所集中竞价方式减持的，将于本减持计划公告披露 之日起 15 个交易日后的 3 个月内进行；通过大宗交易方式进行减持的，将于本 减持计划公告披露之日起的 3 个月内进行。 以上所减持股份，在本减持计划公告之日起 ...

[Table_Page] 季报点评|机械设备 证券研究报告 [浙Table_江Title] 鼎力（603338.SH） [公Tab司le_I评nves级t] 买入 当前价格 63.60元 业绩符合预期，海外臂式高增 合理价值 77.22元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26  24Q1 业绩符合预期。公司发布 23 年年报及 24 年一季报，业绩符合 相[Ta对ble市_Pi场cQu表ote现] 预期。公司23Q4实现收入15.7亿元，同比增长23%；实现归母净利 润 5.7 亿元，同比增长 51%。24Q1 实现收入 14.5 亿元，同比增长 37% 11.5%；实现归母净利润3.0亿元，同比下降5.4%。24Q1收入端符合 26% 预期，在产能增长不明显情况下，海外发货保持较高景气度；利润端同 14% 比下行，核心投资端带来的非经常损益 1 亿元，还原后利润在 4 亿元 3% 左右，同比增长25%以上，实现了较为可观的增长。 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -8%  臂式产品海外高增、利 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved significant growth in 2023, with operating revenue of 6.31 billion yuan, a year-on-year increase of 15.9%, and a net profit of 1.87 billion yuan, up 48.5% year-on-year [2]. - The gross margin improved to 38.5%, an increase of 7.5 percentage points, driven by cost control, product structure optimization, and a decrease in raw material costs [2]. - The company reported a strong performance in its arm-type products, with revenue from aerial work platforms reaching 2.45 billion yuan, a remarkable growth of 68.2% [2]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 63.1 billion yuan and a net profit of 18.7 billion yuan, with an EPS of 3.69 yuan [2]. - The operating cash flow was 22.3 billion yuan, reflecting a 137.8% increase year-on-year [2]. - For Q1 2024, the company achieved operating revenue of 14.5 billion yuan, a year-on-year increase of 11.5%, and a net profit of 300 million yuan, down 5.4% year-on-year [2]. Market Expansion - The company generated 3.84 billion yuan from overseas markets, a 13.4% increase, while domestic revenue reached 2.12 billion yuan, up 15.2% [2]. - The strong performance in arm-type products was attributed to increased sales efforts, particularly in overseas markets, where revenue grew by 141.3% [2]. Innovation and R&D - The company has achieved full electrification of its product line and is a leader in the digital and intelligent development of the industry [3]. - The "Future Factory" project, which utilizes big data, IoT, and AI technologies, is currently in trial production [3]. - R&D expenses in 2023 amounted to 220 million yuan, reflecting an 8.7% increase [3]. Profitability and Valuation - The report projects net profit for 2024 and 2025 to be 2.15 billion yuan and 2.53 billion yuan, respectively, with corresponding EPS of 4.25 yuan and 4.99 yuan [4]. - The company’s P/E ratio is projected to decrease from 17 in 2023 to 11 in 2026, indicating an attractive valuation [5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][11]. Core Insights - The company achieved a revenue of 6.312 billion yuan in 2023, a year-on-year increase of 15.92%, and a net profit attributable to shareholders of 1.867 billion yuan, up 48.51% year-on-year. For Q1 2024, revenue was 1.452 billion yuan, a growth of 11.53%, while net profit decreased by 5.4% to 302 million yuan [2][4]. - The company is benefiting from the expansion of its high-end arm-type products in overseas markets, with overseas revenue reaching 3.84 billion yuan, a growth of 13.35%, accounting for 64.4% of total revenue. The sales revenue of arm-type products increased to 41.0%, up 13.2 percentage points year-on-year [2][4]. - The company is focused on automation and has increased its R&D investment, with R&D expenses rising to 220 million yuan in 2023, a growth of 8.74%. The electric version of arm-type products has seen an increase in sales ratio to 73.36%, up 11.07 percentage points [2][4]. Financial Summary - The company forecasts revenues of 7.643 billion yuan, 8.614 billion yuan, and 9.486 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.09%, 12.71%, and 10.12% [4][5]. - The net profit attributable to shareholders is projected to be 2.133 billion yuan, 2.495 billion yuan, and 2.806 billion yuan for the same years, with growth rates of 14.25%, 16.97%, and 12.46% [4][5]. - The earnings per share (EPS) are expected to be 4.21 yuan, 4.93 yuan, and 5.54 yuan for 2024, 2025, and 2026, respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with significant growth driven by the expansion of boom products and overseas market penetration [3] - The company plans to invest 1.7 billion yuan in a new production base, which is expected to further enhance its capacity in the new energy high-altitude machinery sector [3] - The company has completed the acquisition of CMEC, a local brand in the US, which is anticipated to provide more operational autonomy in the North American market [3] Financial Performance Summary - In 2023, the company achieved total revenue of 6.3 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 1.87 billion yuan, up 49% year-on-year [2][3] - For Q1 2024, the company reported revenue of 1.45 billion yuan, a 12% increase year-on-year, while net profit decreased by 5% to 302 million yuan [2][3] - The gross profit margin for 2023 was 38.5%, an increase of 7.4 percentage points year-on-year, driven by lower raw material costs and improved cost control [3] Product and Market Insights - The company's boom products saw a revenue increase of 68% year-on-year, significantly contributing to overall growth [3] - Domestic revenue reached 2.1 billion yuan, a 15% increase, while overseas revenue was 3.8 billion yuan, up 13% [3] - The company’s gross margin for boom products was 30.5%, reflecting a substantial year-on-year increase [3] Future Projections - The company forecasts net profits of 2.2 billion yuan for 2024 and 2.6 billion yuan for 2025, with an expected net profit of 3 billion yuan in 2026 [3] - The projected P/E ratios for the next three years are 15, 12, and 11 times, respectively [3]

证券研究报告 公 2024年04月25日 司 报 告 浙江鼎力(603338) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（维持） 司 当前价格： 65.28元 年 公司盈利能力持续提升 目标价格： 77.76元 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报，公司 2023 年实现营收 63.12 亿 总股本/流通股本(百万股) 506.35/506.35 元，同比增长15.92%；实现归母净利润18.67亿元，同比增长48.51%。公 流通A股市值(百万元) 33,054.39 司 2024Q1实现营收14.52亿元，同比增长11.53%；实现归母净利润 3.02 每股净资产(元) 18.12 亿元，同比下降5.40%。 资产负债率(%) 36.67 ➢ 23年公司臂式高空作业车推广顺利，国内外市场均实现增长 一年内最高/最低(元) 71.99/42.94 分产品看，公司剪叉式/臂式/桅柱式高空作业平台/其他业务分别收入 30.1/24.5/5.0/3.5亿元，分别同比-8.6%/+68.2%/+5.2%/+62.0%。分地区 股价相对走势 看，公司国内/海外分 ...

25 Apr 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Zhejiang Dingli (603338 CH) 4Q23 & 1Q24 earnings in line; Staying positive on overseas growth Zhejiang Dingli (Dingli)'s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan. In 1Q24, the adjusted net profit (excluding fair value loss of RMB101mn) grew 27% YoY to RMB404mn, which is in line with our expectation. During the post results call, management revealed t ...