浙江鼎力机械股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月二十日 浙江鼎力机械股份有限公司 2024 年年度股东大会议程 现场会议时间：2025 年 5 月 20 日(星期二)14：00。 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平 台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15- 15:00。 现场会议地点：浙江省湖州市德清县启航路188号。 会议主持人：董事长许树根先生。 会议议程: 五、宣读议案： 一、与会人员签到（13:30—14:00）； 二、大会开始，主持人介绍本次股东大会现场会议的出席情况； 三、宣读浙江鼎力 2024 年年度股东大会会议须知； 四、推选计票人和监票人，宣读议案审议及表决办法； 1.《公司 2024 年度董事会工作报告》 2.《公司 2024 年度监事会工作报告》 3.《公司 2024 年年度报告及其摘要》 4.《公司 2024 年度财务决算报告》 5.《公司 2024 年年度利润分配预案》 6.《关于确认 2024 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3] Core Views - The company reported strong performance in Q1 2025, with total revenue of 1.898 billion yuan, up 30.72% year-on-year, and a net profit of 429 million yuan, up 41.83% year-on-year [1] - Despite market demand pressures, the company significantly outperformed the industry, driven by the consolidation of CMEC's Q1 performance, pre-stockpiling in the North American market, and ongoing expansion in emerging markets [1][2] - The company's gross margin and net margin improved to 40.56% and 22.58%, respectively, reflecting better cost control and a shift towards higher value-added products [2] Financial Projections - Revenue projections for 2025-2027 are 9.07 billion, 10.25 billion, and 11.59 billion yuan, with growth rates of 16.3%, 13%, and 13.1% respectively [3] - Net profit projections for the same period are 1.86 billion, 2.23 billion, and 2.67 billion yuan, with growth rates of 14.4%, 19.9%, and 19.5% respectively [3] - The report sets a 6-month target price of 51.52 yuan, corresponding to a dynamic P/E ratio of 14X for 2025 [3] Market Context - The report highlights that the overall market for aerial work platforms saw a total sales volume of 38,000 units in Q1 2025, down 20.16% year-on-year, indicating a challenging industry environment [1] - The domestic sales volume decreased by 34.9%, while exports saw a smaller decline of 5.98%, underscoring the pressures on domestic demand [1]

Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by overseas market expansion and the consolidation of CMEC as a subsidiary, resulting in a significant increase in both revenue and net profit compared to the previous year [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.898 billion yuan, a year-on-year increase of 30.72% [1]. - The net profit attributable to shareholders was 429 million yuan, reflecting a year-on-year growth of 41.83% [1]. - The adjusted net profit was 431 million yuan, with a year-on-year increase of 14.21% [1]. Revenue Breakdown - The domestic market experienced weaker growth due to seasonal factors, with a reported 35% decline in domestic sales of aerial work platforms from January to March 2025 [2]. - The overseas market, particularly in Europe and non-European regions, was a major driver of revenue growth in Q1 2025 [2]. Profitability - The company's gross margin was 40.56%, with a year-on-year increase of 1.03 percentage points, attributed to a higher proportion of overseas sales and changes in product mix [2]. - The net profit margin stood at 22.58%, reflecting a year-on-year increase of 1.77 percentage points [2]. Expense Analysis - Sales expense ratio and management expense ratio increased by 3.04 percentage points and 3.24 percentage points, respectively, mainly due to the consolidation of CMEC and increased costs related to U.S. tariffs [3]. - Financial expense ratio decreased by 3.71 percentage points, benefiting from increased foreign exchange gains [3]. Market Outlook - The company is expected to increase its market share in Europe and achieve significant growth in non-European markets, supported by its differentiated product advantages [4]. - The company received recognition for its innovative electric products at the 2025 Bauma exhibition in Germany, securing over 1,000 orders [3]. - The company has a competitive edge with a minimum tax rate of 20.6% in the EU's anti-dumping investigation, which is favorable compared to both foreign and domestic brands [3]. Future Projections - The company is projected to achieve net profits of 2.104 billion yuan and 2.068 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 10 times and 11 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company achieved a significant revenue growth of 30.72% year-on-year, primarily driven by the growth in overseas markets and the consolidation of CMEC [2][6]. - The gross profit margin for Q1 was 40.56%, an increase of 1.03 percentage points year-on-year, benefiting from a higher proportion of overseas sales and changes in product structure [2][6]. - The net profit margin reached 22.58%, up by 1.77% year-on-year, supported by increased exchange gains and reduced fair value losses [2][6]. - The company is expected to steadily increase its market share in Europe and achieve good growth in non-European and American markets, while also expanding into new application areas domestically [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit attributable to shareholders of 429 million yuan, up 41.83% year-on-year [6]. - The company’s operating income for Q1 was significantly boosted by the consolidation of CMEC, which began contributing to the financials from May 1, 2024 [14]. Market Outlook - The company is recognized as a leading manufacturer in the high-altitude work platform industry in China, with a strong focus on innovation and differentiation [14]. - The company received a minimum tax rate of 20.6% in the EU's anti-dumping investigation, providing a competitive advantage over both foreign and domestic brands [14]. - The company is actively exploring emerging markets outside of traditional Europe and the US, with positive feedback from customers leading to new orders [14]. Future Projections - The company is projected to achieve net profits of 2.104 billion yuan and 2.068 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 10 times and 11 times [14].

Group 1 - The European Commission's final results of the anti-dumping and anti-subsidy investigation against Chinese mobile elevating work platforms show that Zhejiang Dingli has achieved the lowest comprehensive tax rate of 20.6%, validating the effectiveness of its globalization strategy and strengthening its position in the European market [1] - The additional tariff range for Chinese mobile elevating equipment (MAE) is between 20.6% and 66.7%, with Zhejiang Dingli's anti-dumping tax rate set at 6.4% and anti-subsidy tax at 14.2%, resulting in a competitive advantage over foreign brands with rates between 22.5% and 35% [1][2] - Zhejiang Dingli has a strong compliance foundation, having built a unique risk prevention system through overseas R&D centers and localized service networks, which has helped it achieve the lowest double anti-dumping and anti-subsidy tax rates in previous investigations [2] Group 2 - The company's R&D investment reached 256 million yuan in 2024, with a total of 280 patents, including 101 overseas patents, showcasing its technological strength [2] - The "Future Factory" has achieved industry-leading efficiency with assembly times of 30 minutes per arm product and 7 minutes per scissor product, while also focusing on green manufacturing practices [3] - The company has adopted a differentiated competition strategy, focusing on high-value-added products, which has led to a significant increase in overseas revenue and a strong market position despite higher average product prices [3] Group 3 - Zhejiang Dingli, as the only domestic company with AEO advanced certification, is positioned to leverage its 20.6% tax rate advantage and localized service capabilities to accelerate its growth in the European market [4] - The company is expected to enter a new phase of globalization with the release of new production capacity by 2025 and continuous innovation in intelligent products [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 1.9 billion yuan in Q1 2025, representing a year-on-year growth of 31%. The net profit attributable to the parent company was 430 million yuan, up 42% year-on-year [2] - The company's gross profit margin improved to 40.6%, an increase of 1.0 percentage points year-on-year, indicating a recovery in profitability [3] - The company is expected to see profit growth recovery in 2025, driven by factors such as reduced tariffs in the U.S. and Europe, new product promotions, and expansion into emerging markets [4] Financial Forecasts - Total revenue projections for 2023A to 2027E are as follows: 6,312 million yuan (2023A), 7,799 million yuan (2024A), 9,322 million yuan (2025E), 10,432 million yuan (2026E), and 11,705 million yuan (2027E) [1] - Net profit attributable to the parent company is forecasted to be 1,867 million yuan (2023A), 1,629 million yuan (2024A), 2,135 million yuan (2025E), 2,438 million yuan (2026E), and 2,780 million yuan (2027E) [1] - The report predicts a P/E ratio of 10.27 for 2025E, indicating a favorable valuation compared to historical levels [1]

Summary of Zhejiang Dingli's Q1 2025 Earnings Call Company Overview - **Company**: Zhejiang Dingli - **Date**: Q1 2025 Earnings Call Key Points Industry Performance - **Strong Overseas Demand**: In Q1 2025, Zhejiang Dingli experienced robust overseas demand, particularly in North America and Europe, with overseas sales expected to exceed 80% of total sales [2][4][5] - **European Market Advantage**: The company benefited from anti-dumping and countervailing arbitration results, securing a 20.6% lower tax rate compared to competitors facing rates as high as 66.7% [2][6][20] - **North American Market Stability**: Despite uncertainties, sales in North America remained stable, with adjustments in shipping strategies to mitigate tariff impacts [2][8][21] - **Non-European and American Markets**: Non-European and American markets continued to show good growth trends, maintaining a positive trajectory from the previous year [2][9] Financial Performance - **Q1 2025 Gross Margin**: The gross margin for Q1 2025 was reported at 40.56%, consistent with the previous year, influenced by a higher proportion of exports and testing products [2][12] - **Revenue Growth**: The company reported a revenue increase of 30.7% and a net profit growth of 41.83% in Q1 2025, driven by strong overseas demand [4] Market Challenges - **High Tariffs in the U.S.**: The U.S. market faces tariffs as high as 145%, complicating price negotiations and leading the company to focus on local inventory management to meet sales targets [2][15][17] - **Impact of Tariffs on Pricing**: The company is currently not planning to adjust end-product prices due to high tariffs, instead focusing on managing local inventory [16][18] Strategic Responses - **Cost-Sharing with Clients**: To cope with high tariffs, the company is implementing measures such as cost-sharing with clients, optimizing the supply chain, and adjusting product structures [3][31] - **Potential Southeast Asia Manufacturing**: The feasibility of establishing manufacturing in Southeast Asia is being considered, but concerns about supply chain completeness and secondary tariff risks remain [3][28][29] Future Outlook - **Long-term Growth Prospects**: The company is optimistic about its long-term growth, supported by lean production systems and product innovation, despite current external uncertainties [39] - **Market Adaptation**: The company is adapting to changing market conditions and tariff environments, with a focus on maintaining competitive pricing and product quality [37][39] Additional Insights - **Inventory Management**: Current inventory levels in the U.S. are sufficient to meet demand until late summer, with approximately 10,000 units available [19] - **Impact of Currency Fluctuations**: The company noted positive impacts from favorable currency conditions in its earnings, particularly with the Euro and Pound [24] This summary encapsulates the key insights from Zhejiang Dingli's Q1 2025 earnings call, highlighting the company's performance, market dynamics, and strategic responses to challenges.

Core Viewpoint - Zhejiang Dingli reported a revenue of 7.8 billion yuan for 2024, representing a year-on-year increase of 23.6%, while the net profit attributable to shareholders decreased by 12.8% to 1.63 billion yuan, primarily due to increased unconventional costs [1] Financial Performance - The company achieved a gross margin of 33.7% for its main business, down by 1.1 percentage points year-on-year [1] - The increase in costs was attributed to a rise in sales expenses by 130 million yuan (approximately +103% year-on-year), management expenses by 84 million yuan (approximately +60% year-on-year), and financial expenses by 150 million yuan, alongside a decrease in investment income by 110 million yuan [1] Product Performance - The company raised prices across various types of high machines: - Scissor lifts generated revenue of 3.44 billion yuan, up 14.4%, with sales of 37,023 units, down 13.5%, and an average price of approximately 93,000 yuan per unit, up 2,300 yuan [2] - Boom lifts achieved revenue of 2.96 billion yuan, up 20.8%, with sales of 6,516 units, up 18.7%, and an average price of approximately 454,000 yuan per unit, up 800 yuan [2] - Telescopic lifts generated revenue of 770 million yuan, up 53.1%, with sales of 9,709 units, up 28.9%, and an average price of approximately 79,000 yuan per unit, up 13,000 yuan [2] International Expansion - The company reported overseas business revenue of 5.5 billion yuan, a year-on-year increase of 43.8%, with overseas revenue accounting for 77% of total business [2] - The gross margin for overseas markets was 35.9%, which is 9.5 percentage points higher than the domestic market [2] - The company is enhancing its overseas channel construction, optimizing subsidiary operations, and actively participating in global industry exhibitions to attract new customers [2] Future Outlook - Revenue projections for 2025-2027 are estimated at 9.1 billion yuan, 10.4 billion yuan, and 12 billion yuan, with net profits of 2.09 billion yuan, 2.52 billion yuan, and 3.01 billion yuan respectively, corresponding to P/E ratios of 10, 9, and 7 [3] - The company's globalization strategy is expected to help it explore emerging markets and maintain high gross margins overseas, despite short-term pressures from domestic competition and U.S. tariffs [3]

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-015 浙江鼎力机械股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 5 月 15 日（星期四）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 问题征集方式：投资者可于 2025 年 5 月 8 日（星期四）至 5 月 14 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过浙江鼎力机 械股份有限公司（以下简称"公司"）邮箱 dingli@cndingli.com 进行提问。公 司将于说明会上对投资者普遍关注的问题在信息披露允许的范围内进行解答。 公司已分别于 2025 年 4 月 18 日及 4 月 29 日披露公司《2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,897,923,216.27, representing a year-on-year increase of 30.72% compared to ¥1,451,856,439.94 in the same period last year[4] - Net profit attributable to shareholders was ¥428,633,168.66, up 41.83% from ¥302,213,574.31 in the previous year[4] - The basic earnings per share increased to ¥0.85, reflecting a growth of 41.67% compared to ¥0.60 in the same period last year[5] - Total operating revenue for Q1 2025 reached ¥1,897,923,216.27, a 30.7% increase from ¥1,451,856,439.94 in Q1 2024[16] - The net profit for Q1 2025 was CNY 428,603,799.92, representing a 42% increase compared to CNY 302,213,574.31 in Q1 2024[17] - The company reported a total comprehensive income of CNY 422,054,782.72 for Q1 2025, compared to CNY 238,287,027.99 in Q1 2024, reflecting a 77% increase[17] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline, amounting to -¥471,622,271.04, a decrease of 501.04% from ¥117,600,536.48 in the previous year[4] - Cash and cash equivalents decreased to ¥4,686,822,244.00 as of March 31, 2025, from ¥5,078,017,354.46 as of December 31, 2024, a decline of 7.7%[11] - Total assets at the end of the reporting period were ¥15,826,693,752.17, an increase of 3.08% from ¥15,353,846,792.64 at the end of the previous year[5] - Total assets amounted to ¥15,826,693,752.17 as of March 31, 2025, compared to ¥15,353,846,792.64 as of December 31, 2024, an increase of 3.1%[14] - The company’s total assets decreased by CNY 386,610,330.68 during Q1 2025, compared to a decrease of CNY 448,567,902.88 in Q1 2024[20] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥1,321,955,899.63, up 34.5% from ¥982,449,284.24 in Q1 2024[16] - Research and development expenses increased to ¥69,870,805.03 in Q1 2025, compared to ¥50,632,612.53 in Q1 2024, reflecting a 37.8% rise[16] - The company incurred a total operating cash outflow of CNY 1,973,209,765.98 in Q1 2025, compared to CNY 1,609,304,417.35 in Q1 2024, indicating increased operational expenses[19] Shareholder Information - The top shareholder, Xu Shugen, holds 45.53% of the shares, with a total of 230,564,600 shares[8] Market Presence and Strategy - The company actively expanded its market presence, contributing to the significant increase in revenue and net profit[4] - The company is focusing on expanding its market presence and enhancing its product offerings, as indicated by the increase in R&D expenses[16] - The company did not report any significant new product developments or mergers and acquisitions during this quarter[10] Liabilities - Total liabilities were ¥5,366,047,964.69 as of March 31, 2025, slightly up from ¥5,315,649,326.73 as of December 31, 2024, a rise of 0.9%[13]