Core Viewpoint - The company reported a revenue growth of 23.56% year-on-year for 2024, reaching 7.799 billion yuan, but faced a decline in net profit by 12.76% to 1.629 billion yuan, indicating challenges in profitability despite strong revenue growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 7.799 billion yuan, a year-on-year increase of 23.56% [2]. - The net profit attributable to shareholders was 1.629 billion yuan, down 12.76% year-on-year [2]. - The net profit after deducting non-recurring items was 1.638 billion yuan, a decrease of 9.36% year-on-year [2]. Group 2: Revenue Breakdown - Revenue from aerial work platforms, including arm-type, scissor-type, and mast-type, was 2.956 billion yuan, 3.444 billion yuan, and 772 million yuan, with year-on-year growth rates of 20.84%, 14.41%, and 53.14% respectively [3]. - Domestic revenue was 1.649 billion yuan, down 22.23%, while overseas revenue reached 5.523 billion yuan, up 43.83% [3]. Group 3: Profitability Analysis - The company's gross margin for main business slightly decreased to 33.68%, down 1.06 percentage points year-on-year [3]. - Gross margins for arm-type, scissor-type, and mast-type aerial work platforms were 30.2%, 35.52%, and 38.81%, with changes of +1.48, -2.96, and -2.85 percentage points respectively [3]. - The gross margin for domestic and overseas operations was 26.39% and 35.86%, with changes of +0.89 and -3.99 percentage points respectively [3]. Group 4: Product and Market Development - The arm-type product series has become a key growth driver, with sales revenue increasing by 20.84% year-on-year, accounting for 41.21% of main business revenue [4]. - The overseas sales of arm-type products grew by 46.99% year-on-year, indicating successful market expansion [4]. - The company completed its fundraising project for an annual production capacity of 4,000 large intelligent high-altitude platforms, with production ramping up smoothly [4]. Group 5: Strategic Initiatives - The company has completed the electrification of its entire product line, leading the industry with its fully electric, oil-free scissor series [5]. - A new project for producing 20,000 new energy aerial work platforms is underway, with a total investment of 1.7 billion yuan [5]. - The company is expected to benefit significantly from the industry's shift towards electrification and green technology [5].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 公司发布24年年报。24年公司实现营收77.99亿元，同比+23.56%；实现归母净利润16.29亿元，同 比-12.76%；实现扣非归母净利润16.38亿元，同比-9.36%。 海外业务收入高增，CMEC收购、汇兑因素致盈利能力短期承压 24年，公司营收实现快速增长，分产品来看，臂式、剪叉式、桅柱式高空作业平台营收分别为29.56亿元、 34.44亿元、7.72亿元，分别同比+20.84%、+14.41%、+53.14%，桅柱式产品收入高速增长主要原因是境 外销售增长。分地区来看，中国境内、中国境外营收分别为16.49、55.23亿元，同比-22.23%、+43.83%。 境外收入实现较快增长，主要由于公司收购CMEC及积极开拓其他 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year growth of 23.56%, while the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [1][4] - The overseas business showed significant growth, with revenue from international markets increasing by 43.83%, while domestic revenue fell by 22.23% [2][4] - The arm-type products have become a major growth driver, with sales increasing by 20.84% and accounting for 41.21% of the main business [3][4] Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 77.99 billion yuan, up 23.56% year-on-year, and a net profit of 16.29 billion yuan, down 12.76% [1] - The gross profit margin for the main business was 33.68%, slightly down by 1.06 percentage points year-on-year [2] Product Performance - Revenue from arm-type, scissor-type, and column-type aerial work platforms was 29.56 billion yuan, 34.44 billion yuan, and 7.72 billion yuan, with year-on-year growth rates of 20.84%, 14.41%, and 53.14% respectively [2] - The arm-type products saw a 46.99% increase in overseas sales [3] Market Expansion - The company has actively expanded its overseas markets, particularly through the acquisition of CMEC and the development of non-European and American markets [2][3] - The company has completed a project to produce 4,000 large intelligent aerial platforms, which is expected to enhance production capacity [3] Financial Forecast - The net profit forecasts for 2025 and 2026 have been cautiously adjusted downwards by 18% each, with new estimates for 2027 set at 27.53 billion yuan [4] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.08 yuan, 4.75 yuan, and 5.44 yuan respectively [4][5]

Investment Rating - The report maintains a HOLD rating for Zhejiang Dingli with a new target price of RMB44, down from RMB51, reflecting a 11.4% upside potential [1][3]. Core Insights - Zhejiang Dingli's net profit for 2024 is projected at RMB1.63 billion, representing a 13% year-over-year decline, which is significantly below expectations by 20% and 21% compared to the report's and Bloomberg's consensus [1]. - The disappointing earnings are attributed to advanced shipments to the US to avoid tariff hikes and the consolidation of higher costs from the acquisition of CMEC [1]. - The company has sufficient AWP inventory to cover US sales until September 2025, but the unpredictable US tariff policy poses a risk to demand and operational capacity [1][8]. - Earnings forecasts for 2025 and 2026 have been revised down by 13% due to increased cost assumptions [1]. Financial Summary - Revenue for FY24 is expected to be RMB7.8 billion, with a year-over-year growth of 23.6% [2]. - Net profit for FY25 is estimated at RMB1.86 billion, showing a recovery with a 14.4% growth [2]. - The P/E ratio for FY24 is projected at 12.3x, while it is expected to decrease to 10.7x in FY25 [2][22]. Performance Metrics - In 4Q24, Dingli's gross profit fell by 28% to RMB515 million, with a gross margin contraction of 14.9 percentage points to 30.9% [1][9]. - The company’s administrative expenses increased significantly, contributing to a 71% year-over-year decline in net profit for 4Q24 [1][9]. - The current ratio is projected to improve from 2.3 in FY23 to 2.6 in FY25, indicating better liquidity [23]. Shareholding Structure - The largest shareholder, Xu Shugen, holds 45.5% of the company, followed by Deqing Zhongding Equity with 10.8% [4]. Market Performance - The stock has experienced a significant decline, with a 1-month drop of 32.9% and a 3-month decline of 42.6% [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 [3][15]. Core Insights - The company reported a total revenue of 7.8 billion yuan for 2024, a year-on-year increase of 23.56%, while the net profit attributable to shareholders decreased by 12.77% to 1.63 billion yuan [2][6]. - The company is facing challenges due to rising costs and trade frictions but is implementing multiple measures to address these issues [2][6]. - The company achieved significant growth in overseas markets, with a 43.83% increase in overseas revenue, reaching 5.52 billion yuan [2][6]. Financial Performance Summary - **2024 Financial Metrics**: - Total Revenue: 7,799 million yuan, with a growth rate of 23.6% [2][7]. - Net Profit: 1,629 million yuan, with a decline of 12.8% [2][7]. - Earnings Per Share (EPS): 3.22 yuan [2][7]. - Price-to-Earnings (P/E) Ratio: 12 [2][7]. - Price-to-Book (P/B) Ratio: 2.0 [2][7]. - **Future Projections**: - Revenue is projected to reach 9.17 billion yuan in 2025, 10.47 billion yuan in 2026, and 12.08 billion yuan in 2027, with respective growth rates of 17.6%, 14.2%, and 15.3% [2][7]. - Net profit is expected to increase to 2.10 billion yuan in 2025, 2.40 billion yuan in 2026, and 2.81 billion yuan in 2027, with growth rates of 28.8%, 14.5%, and 16.7% respectively [2][7]. Market Position and Strategy - The company is recognized as a leader in the high-altitude work platform industry, with a strong focus on differentiated products and significant R&D investments [2][6]. - The company has launched several innovative products, enhancing its competitive edge in both domestic and international markets [2][6]. - The company is strategically positioned to benefit from the robust demand in mature markets like North America and Europe, despite facing short-term pressures from tariffs [2][6].

Profit Distribution Plan - The company plans to distribute a cash dividend of 1.00 RMB per share (including tax), with no capital reserve conversion or bonus shares [2][3] - As of December 31, 2024, the company's undistributed profits amount to approximately 6.92 billion RMB, and the total number of shares is 506,347,879, leading to a total cash dividend distribution of approximately 506 million RMB, which accounts for 31.09% of the net profit attributable to shareholders [3][4] - The profit distribution plan requires approval from the company's shareholders' meeting [4] Decision-Making Process - The company's board of directors approved the profit distribution plan with a unanimous vote of 9 in favor, 0 against, and 0 abstentions during the meeting held on April 16, 2025 [6] - The supervisory board supports the profit distribution plan, stating it aligns with the company's profit distribution policy and considers the company's operational needs and cash flow [7] Fundraising and Usage Report - The company raised approximately 1.5 billion RMB through a private placement of 20,862,308 shares at a price of 71.90 RMB per share, with a net amount of approximately 1.48 billion RMB after deducting issuance costs [10][11] - The company has established a management system for the use of raised funds, ensuring compliance with regulatory requirements [12] Foreign Exchange Derivative Business - The company plans to engage in foreign exchange derivative transactions, including forward foreign exchange sales and options, to mitigate risks associated with currency fluctuations, with a maximum transaction amount of up to 600 million USD [23][25] - The board approved this plan on April 16, 2025, without requiring shareholder meeting approval [30] Guarantee for Subsidiaries - The company intends to provide a total guarantee amount not exceeding 2.26 billion RMB for its subsidiaries, with an existing guarantee balance of approximately 735 million RMB [36][42] - The board approved this guarantee plan, which will be submitted for shareholder approval [39][41] Change of Registered Address - The company plans to change its registered address to Deqing County, Huzhou City, Zhejiang Province, and will revise its articles of association accordingly [44][45] - This change also requires approval from the shareholders' meeting [45]

Group 1 - Zhejiang Dingli (603338.SH) reported its 2024 annual results on April 18, 2025, with 582 institutional investors holding a total of 169 million A-shares, representing 33.41% of the total share capital [1] - The top ten institutional investors collectively hold 17.97% of the shares, with a decrease of 3.48 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 9 funds increased their holdings, accounting for 0.14% of the total, while 35 funds decreased their holdings, representing a reduction of 1.03% [2] - A total of 528 new public funds disclosed their holdings, while 30 funds were no longer disclosed compared to the previous quarter [2] - For social security funds, one fund decreased its holdings by 0.21%, while two new funds disclosed their holdings in Zhejiang Dingli [2] Group 3 - One new foreign institutional investor, Hong Kong Central Clearing Limited, disclosed its holdings in the current period [3]

浙江鼎力 2025041720250416 摘要 • 2025 年浙江鼎力 B 市产品收入近 30 亿元，增速 21%，海外市场占比 57%，增速达 46.99%，但国内市场略降 2%。产品均价提升，B 市均价 超 45 万元/台，高空作业平台超 9 万元/台，桅柱式产品近 8 万元/台。 • 2025 年利润同比下降，主要因毛利率下降 1.06 个百分点，以及汇兑、公 允价值变动和四季度美国费用增加。四季度销售费用率近 7%，全年 3.26%；管理费用率单季度 4.95%，全年 2.88%。 • 四季度费用增加源于并表后美国人员费用较高，为扩大美国市场新增销售 网点和仓储，以及美国员工交接奖励政策和为应对反倾销税率降低及关税 上涨预期，公司在生产端优先供给美国市场，因此提前备货和清关也导致 额外开支。 • 为应对关税，公司提前备货至 9 月，确保美国市场销售。2025 年美国市 场销售额预计达 6 亿美元。公司通过与客户协商，将部分库存产品放置在 美国保税仓库，等待关税可能下降后再进行清关，否则会将这些货物运至 加拿大仓库以避开高关税。 Q&A 请介绍一下浙江鼎力 2024 年的财务业绩情况。 2024 年 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

浙江鼎力机械股份有限公司 内部控制审计报告 2024 年度 2024年度 目有故 11年 您可使用手机"扫一扫"或进入"注册有 信会师报字[2025]第 ZA10999 号 浙江鼎力机械股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了浙江鼎力机械股份有限公司(以下简称浙江鼎力) 2024年12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是浙江鼎力董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 内部控制审计报告 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制政策 和程序遵循的 ...