Investment Rating - The report gives a "Buy" rating for the company, Zhejiang Dingli (603338.SH), with a target price of 61.88 CNY [3]. Core Insights - Zhejiang Dingli is a leading manufacturer of aerial work platforms with strong global competitiveness, having achieved significant revenue and profit growth in recent years. The company reported a revenue of 6.312 billion CNY in 2023, a year-on-year increase of 15.92%, and a net profit of 1.867 billion CNY, up 48.51% [1][34]. - The company has a comprehensive product line and has successfully expanded its production capacity, particularly in the arm-type and electric scissor lift segments. The company is also actively pursuing overseas market opportunities, especially in North America and the Asia-Pacific region [2][34]. Summary by Sections Company Overview - Zhejiang Dingli, established in 2005, specializes in the research, production, and sales of various intelligent aerial work platforms, including over 200 models across three main series: arm-type, scissor-type, and mast-type. The company has been recognized as one of the top 20 global manufacturers in the aerial work platform industry [1][25]. Market Demand and Growth Potential - The North American and Asia-Pacific regions are identified as key markets for aerial work platforms, with significant growth potential for domestic companies. The global market for aerial work platforms is expected to continue expanding, with a notable increase in demand driven by infrastructure projects and safety regulations [2][57]. Financial Performance - The company has demonstrated strong financial performance, with a consistent increase in revenue and net profit since 2014. The projected net profits for 2024-2026 are estimated at 2.092 billion CNY, 2.507 billion CNY, and 3.028 billion CNY, respectively, indicating a robust growth trajectory [1][34]. Competitive Advantages - Zhejiang Dingli's competitive edge lies in its technological innovation and modular design, which reduces costs and enhances product versatility. The company has also successfully navigated tariff challenges, maintaining a lower tax rate compared to domestic competitors, which supports its expansion into European and American markets [2][34][78]. Future Outlook - The report anticipates continued growth in the company's net profit and revenue, supported by its strategic investments in production capacity and global market expansion. The company is well-positioned to capitalize on the increasing demand for aerial work platforms, particularly in the context of global infrastructure development [2][34].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli (603338 SH) with a target PE of 14x and 12x for 2024 and 2025 respectively [9][138] Core Views - Despite facing heavy tariff pressures from the US (301 tariffs and anti-dumping/subsidy duties), the company achieved significant growth in revenue and profit margins due to its strong brand presence, differentiated product positioning, and continuous efficiency improvements [2][5] - The US market remains a key growth driver, with strong demand from manufacturing reshoring and potential for the company's boom lifts to gain market share [2][7] - In Europe, aging equipment and the company's competitive electric boom lifts position it well for growth, with potentially favorable anti-dumping rates compared to peers [2][7] - Emerging markets in Southeast Asia, the Middle East, Latin America, and Africa present significant growth opportunities as urbanization and industrialization continue [2][7] US Market Analysis - The company faced US 301 tariffs starting July 2018, but obtained exemptions in July 2019, leading to a recovery in US revenue [5][43] - In 2021, the US imposed anti-dumping and countervailing duties, with combined rates of 43 51% for the company, significantly lower than domestic peers [5][55] - A 2024 administrative review reduced the anti-dumping rate to 12 39%, a 19 15pct decrease from the original rate, potentially improving profitability [5][55] - The company's US revenue and profit margins grew significantly from 2021 onwards, driven by strong demand from manufacturing reshoring and inflation-driven price increases [5][61] Competitive Advantages - The company benefits from its partnership with CMEC, a US-based OEM with strong brand recognition, allowing it to command higher margins [6][79] - Its differentiated product strategy, including innovative designs like small-sized heavy-duty boom lifts and electric rough-terrain scissor lifts, provides a competitive edge [6][82] - Advanced manufacturing capabilities, including a "Future Factory" with 50% higher assembly efficiency, contribute to cost reduction and profitability [6][87] - Modular design across product lines, with 85% component commonality, further enhances cost efficiency and reduces customer maintenance costs [6][89] Growth Prospects - The US rental market for aerial work platforms is expected to grow, with equipment fleet size projected to reach 898 400 units by 2024, up 5% YoY [96][100] - In Europe, the average equipment age of 9 5 years creates a strong replacement demand, with the market expected to grow to 366 300 units by 2024 [110][113] - Emerging markets show significant potential, with Southeast Asia, Latin America, and Africa having much lower equipment penetration compared to developed markets [126][127] - The company's boom lift sales grew 57 67% YoY in H1 2024, accounting for 48 57% of total revenue, indicating strong product momentum [108][109] Financial Projections - Revenue is forecasted to grow 26% and 20% in 2024 and 2025, reaching 7 927 billion and 9 485 billion yuan respectively [138][145] - Net profit is expected to increase to 2 173 billion and 2 585 billion yuan in 2024 and 2025, with PE ratios of 14x and 12x [138][145]

Summary of Conference Call on Dingli and Aerial Work Platform Industry Company and Industry Overview - The conference focused on Dingli, a key player in the aerial work platform industry, and the overall market dynamics of this sector [1][19]. - The global market size for aerial work platforms is estimated at approximately 1000 billion RMB [4][13]. Key Changes and Developments - In April, Dingli acquired nearly all shares of CMAC, a U.S. company, which has positively impacted Dingli's financials by consolidating CMAC's revenue into Dingli's financial statements [1]. - In November, the U.S. anti-dumping tax rate was reduced from 31.5% to 12.4%, a decrease of 19 percentage points, which is expected to enhance Dingli's profitability [1][19]. - The European Union's anti-dumping tax rate for Dingli is set at 24%, which is lower than that of its competitors, providing a competitive edge [2][16]. Market Dynamics and Competitive Landscape - The aerial work platform industry is characterized by a fragmented market with a significant reliance on rental companies, which account for nearly 90% of the customer base [6][12]. - The U.S. market is dominated by two major players, JLG and Genie, which together hold about 45% market share, while Dingli's share is around 10% [12]. - In Europe, local manufacturers hold a market share of 30-40%, with Dingli's share being approximately 10% [2][12]. Financial Projections and Valuation - Dingli's projected profits for 2025 are estimated to be between 2.1 billion and 2.7 billion RMB, with corresponding valuations of 13x and 10x earnings [3]. - If the U.S. 301 tariff increases to 60%, Dingli's profits could still reach 2.5 billion RMB, suggesting a potential upside of 30-40% in valuation [3]. Long-term Growth Potential - Dingli's market share in North America is currently below 3%, indicating significant growth potential as the company continues to enhance product recognition and quality [4][19]. - The company is expected to benefit from ongoing R&D investments and product localization, particularly in electric products for the European market [5][19]. Risks and Challenges - The domestic aerial work platform market in China is experiencing pressure due to aggressive pricing strategies from leading rental companies, leading to a decline in rental prices and longer payback periods for equipment [10]. - The overall growth rate in the domestic market is slowing, with a reported 15% decline in sales in the first half of the year [10]. Conclusion - Dingli is well-positioned to capitalize on the recent changes in tariff structures and its acquisition of CMAC, which enhances its competitive position in both the U.S. and European markets [19]. - The company’s focus on quality and efficiency, along with its strategic market positioning, suggests a positive outlook for future growth and profitability [19].

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company reported strong Q3 2024 performance with revenue of RMB 6.134 billion, up 29.35% YoY, and net profit attributable to shareholders of RMB 1.460 billion, up 12.91% YoY [3] - Q3 net profit margin reached 27.97%, up 6.61 percentage points from the first half of 2024, driven by increased gross margin and reduced financial expenses [3] - The company's Phase V factory is ramping up production, which is expected to further reduce costs for boom lift products and drive volume growth [3] - The company continues to innovate and develop differentiated products, such as rail aerial work platforms and glass suction trucks, to meet diverse customer needs [3] - EU anti-dumping duties on the company's products were reduced from 31.3% to 23.6%, and US duties were cut from 31.54% to 12.39%, enhancing its competitive advantage in these markets [3] Financial Performance Summary Revenue and Profit - 2024 Q1-3 revenue: RMB 6.134 billion, up 29.35% YoY [3] - 2024 Q1-3 net profit attributable to shareholders: RMB 1.460 billion, up 12.91% YoY [3] - 2024 Q3 net profit margin: 27.97%, up 6.61 percentage points from H1 2024 [3] - 2024-2026 revenue forecast: RMB 8.076 billion, RMB 9.796 billion, RMB 11.024 billion, with YoY growth rates of 27.95%, 21.30%, and 12.53% respectively [4] - 2024-2026 net profit forecast: RMB 2.102 billion, RMB 2.511 billion, RMB 2.959 billion, with YoY growth rates of 12.56%, 19.47%, and 17.84% respectively [4] Profitability and Valuation - 2024-2026 PE ratios: 12.80x, 10.71x, 9.09x [4] - 2024-2026 PB ratios: 2.67x, 2.28x, 1.94x [6] - 2024-2026 ROE: 20.9%, 21.3%, 21.3% [8] Operational Metrics - 2024-2026 gross margin: 36.2%, 35.2%, 36.2% [8] - 2024-2026 net margin: 26.0%, 25.6%, 26.8% [8] - 2024-2026 asset turnover: 0.54x, 0.57x, 0.56x [8] Balance Sheet and Cash Flow - 2024-2026 total assets: RMB 15.810 billion, RMB 18.504 billion, RMB 21.050 billion [8] - 2024-2026 operating cash flow: RMB 1.880 billion, RMB 2.606 billion, RMB 3.097 billion [8] - 2024-2026 capital expenditures: RMB -451 million, RMB -401 million, RMB -351 million [8] Industry and Product Development - The company's Phase V factory is expected to enhance production capacity and reduce costs for boom lift products, which are characterized by higher reach and greater load capacity [3] - The company is focusing on innovation, with plans to launch more high-value, differentiated, electric, and intelligent products to optimize its product structure and explore new growth engines [3] - The reduction in EU and US anti-dumping duties is expected to strengthen the company's competitive position in these key markets [3]

Investment Rating - The report maintains a "Buy" rating for the company Zhejiang Dingli [1] Core Views - The final anti-dumping tax rate imposed by the EU on Zhejiang Dingli has decreased to 23.6%, significantly lower than domestic competitors, which is expected to have a limited impact on the company's export orders and profitability [2] - The company is expected to see sustained performance growth due to the rapid increase in overseas demand for boom lifts and the acquisition of CMEC, which will enhance its market presence in North America [3] - A planned investment of 1.7 billion yuan to establish a new production base is anticipated to further expand the capacity for new energy high-altitude work platforms, supporting long-term growth [4] Financial Forecasts and Valuation - The projected total revenue for 2024 is 8.299 billion yuan, with a year-on-year growth of 31.47% [1] - The forecasted net profit attributable to the parent company for 2024 is 2.158 billion yuan, reflecting a year-on-year increase of 15.60% [1] - The current market valuation corresponds to a P/E ratio of 12.46 for 2024, which is expected to decrease to 9.02 by 2026 [1]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 6.134 billion CNY, a year-on-year increase of 29.35% [1] - Net profit attributable to shareholders was 1.460 billion CNY, up 12.91% year-on-year; net profit excluding non-recurring gains and losses was 1.482 billion CNY, a 19.42% increase [1] - In Q3 2024, operating revenue reached 2.274 billion CNY, reflecting a year-on-year growth of 38.37%; net profit attributable to shareholders was 636 million CNY, up 37.72% [1] Group 2: Profitability Metrics - The gross margin for Q3 was 37.6%, an increase of 2.3 percentage points from 35.3% in the first half of the year, attributed to a higher proportion of overseas market sales and increased sales of high-value new products [1] - The net profit margin for Q3 was 27.97%, up 6.61 percentage points from 21.36% in the first half, driven by the increase in gross margin and reduced fair value losses and financial expenses [1] Group 3: Market and Production Insights - The overseas market is showing an upward trend, supported by a comprehensive product range and new product reserves, while domestic market competition remains intense but has long-term potential [2] - The company’s new production lines are gradually ramping up capacity, while existing lines are operating at normal production rates [2] - Future plans for overseas factories will depend on external conditions and internal operational needs [2] Group 4: Strategic Initiatives - The company aims to enhance its competitiveness by expanding into non-trade friction overseas markets, optimizing the supply chain, and accelerating product innovation [2] - Emphasis on independent research and technological innovation as core drivers for sustainable development, focusing on product innovation to maintain long-term customer relationships [2] - Plans to launch more high-value, differentiated, electric, and intelligent new products with independent intellectual property rights to explore new growth engines [2]

Investment Rating - Maintains "Overweight" rating [4] Core Views - Revenue and profit of the company grew significantly in Q3 2024, with revenue reaching 6.134 billion yuan, a year-on-year increase of 29.35%, and net profit attributable to the parent company reaching 1.460 billion yuan, a year-on-year increase of 12.91% [1] - The company's performance acceleration is mainly driven by the continuous growth of boom lift products, especially in overseas markets, where sales of boom lift products increased by 57.67% in H1 2024, accounting for 48.57% of the main business revenue [2] - The company has taken a leading position in the electrification of high-altitude work platforms, with the sixth-phase new energy high-altitude work platform project starting construction on September 30, 2024, with a total investment of 1.7 billion yuan and an annual production capacity of 20,000 units [3] Financial Performance - In Q3 2024, the company achieved revenue of 2.274 billion yuan, a year-on-year increase of 38.37%, and net profit attributable to the parent company of 636 million yuan, a year-on-year increase of 37.72% [1] - The gross profit margin in Q3 2024 was 37.60%, a year-on-year decrease of 6.23 percentage points, but a quarter-on-quarter increase of 5.79 percentage points [1] - The net profit margin in Q3 2024 was 28.01%, a year-on-year decrease of 0.09 percentage points, but a year-on-year increase of 6.30 percentage points [1] Market and Industry Outlook - The company is expected to benefit deeply from the rapid growth trend of China's high-altitude work platform exports, with export volume increasing by 21.3% year-on-year in the first nine months of 2024 [2] - The acquisition of CMEC, which has a well-known brand and experienced sales team in the North American market, is expected to enhance the company's market expansion in North America [2] - The company's early-mover advantage in the electrification of high-altitude work platforms is expected to bring significant benefits as the electrification process of construction machinery advances [3] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 2.150 billion yuan, 2.529 billion yuan, and 2.942 billion yuan, respectively, with corresponding EPS of 4.25 yuan, 4.99 yuan, and 5.81 yuan [4] - The company's P/E ratio is expected to be 21, 14, 12, 11, and 9 for the years 2022-2026, respectively [4] - The company's P/B ratio is expected to be 3.8, 3.0, 2.5, 2.1, and 1.8 for the years 2022-2026, respectively [4]

公 司 研 究 2024 年 10 月 31 日 公司点评 买入/维持 浙江鼎力(603338) 目标价: 62.54 昨收盘:51.99 Q3 单季度业绩创历史新高，看好 CMEC 并表加速北美市场开拓 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 23/10/3024/1/1124/3/2424/6/524/8/1724/10/29 浙江鼎力 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.06/5.06 总市值/流通(亿元) 263.25/263.25 12 个月内最高/最低价 (元) 74.45/44.71 相关研究报告 <<臂式产品持续放量，子公司并表有 望加速北美市场开拓>>--2024-09- 03 <<海外市场持续发力，Q2 盈利能力提 升显著>>--2022-08-14 <<公司大客户宏信建发扩产加速，中 报业绩超市场预期>>--2020-07-23 事件：公司发布 2024 年三季报，前三季度实现收入 61.34 亿元，同比 增长 29.35%，实现归母净利润 14.60 亿元，同比增长 12.91%。其中 Q3 单季度实现收入 22.74 亿元，同比增长 38.3 ...

公 司 研 究 [Table_Reportdate] 2024年11月01日 公 司 简 评 机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/10/31 | | 收盘价 | 50.70 | | 总股本 ( 万股 ) | 50,635 | | 流通 A 股 /B 股 ( 万股 ) | 50,635/0 | | 资产负债率 (%) | 35.52% | | 市净率 ( 倍 ) | 2.60 | | 净资产收益率 ( 加权 ) | 15.71 | | 12 个月内最高 / 最低价 | 74.45/44.71 | [Table_QuotePic] -23% -14% -4% 6% 16% 26% 36% 46% 23-11 ...

证券研究报告 非金融公司 | 公司点评 | 浙江鼎力 (603338) 公司经营向好，海外业务持续放量 请务必阅读报告末页的重要声明 2024年10月31日 证券研究报告 |报告要点 2024 年国内高空作业车行业景气度不及预期,海外市场需求仍相对旺盛,我们预计公司 2024- 2026 年营收分别为 77.32/92.80/108.46 亿元，归母净利润分别为 21. 31/25. 42/31. 08 亿元, CAGR 为 18.52%。EPS 分别为 4. 21/5. 02/6. 14 元/股,考虑到公司持续推广海外业务, 着力加大 非贸易摩擦海外市场开拓力度，加强与海外大型租赁公司的合作关系，多元化产品有望带来 公司海外业务新需求，维持"买入"评级。 | 分析师及联系人 田伊依 SAC: S0590524070001 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年10月31日 浙江鼎力(603338) 公司经营向好,海外业务持续放量 | --- | --- | |-------------------------|-------------------| | | | | ...