Investment Rating - The report maintains a "Buy" rating for the company [2][3][7] Core Views - The domestic aerial work platform industry in 2024 is expected to be less favorable than anticipated, while overseas market demand remains relatively strong. The company is projected to achieve revenues of 77.32 billion, 92.80 billion, and 108.46 billion yuan from 2024 to 2026, with net profits of 21.31 billion, 25.42 billion, and 31.08 billion yuan respectively, resulting in a CAGR of 18.52%. EPS is expected to be 4.21, 5.02, and 6.14 yuan per share for the same period. The company is focusing on promoting overseas business and enhancing cooperation with large overseas leasing companies, which is expected to generate new demand for its diversified products [2][5][7]. Financial Performance - In Q3 2024, the company achieved a revenue of 61.34 billion yuan, a year-on-year increase of 29.35%, and a net profit of 14.60 billion yuan, up 12.91% year-on-year. For Q3 2024, revenue reached 22.74 billion yuan, a 38.37% increase year-on-year, with a net profit of 6.36 billion yuan, up 37.72% year-on-year [5][7]. - The company's gross margin for the first three quarters of 2024 was 36.16%, down 1.51 percentage points year-on-year, while the net margin was 23.83%, down 3.45 percentage points year-on-year. In Q3 2024, the gross margin was 37.6%, down 6.23 percentage points year-on-year, and the net margin was 28.01%, down 0.09 percentage points year-on-year [7][8]. Market Dynamics - The company’s boom in arm-type aerial work platforms continues, with sales revenue for its boom products increasing by 57.67% year-on-year, accounting for 48.57% of its main business revenue, surpassing scissor lift revenue. The company is also seeing an upward trend in overseas markets due to a comprehensive product range and a solid pipeline of new products [5][7].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli (603338) [1] Core Views - Zhejiang Dingli's Q3 2024 net profit attributable to parent company increased by 38% YoY, exceeding expectations [1] - The company's performance growth is driven by successful overseas market expansion, particularly in North America, and the contribution from CMEC acquisition [2] - CMEC's consolidation impact is gradually diminishing, with gross margin recovering QoQ in Q3 2024 [3] - The company plans to invest 1.7 billion yuan in a new production base, which is expected to further expand its new energy aerial work platform capacity [4] Financial Performance - Q1-Q3 2024 revenue reached 6.13 billion yuan, up 30% YoY, with net profit attributable to parent company at 1.46 billion yuan, up 13% YoY [2] - Q3 2024 revenue was 2.3 billion yuan, up 38% YoY, with net profit attributable to parent company at 640 million yuan, up 38% YoY [2] - Q3 2024 gross margin was 37.6%, down 4.8 ppts YoY but up 5.8 ppts QoQ [3] - Q3 2024 net margin was 28.0%, down 0.1 ppt YoY but up 6.3 ppts QoQ [3] Future Projections - Revenue is expected to grow from 8.299 billion yuan in 2024E to 11.607 billion yuan in 2026E [1] - Net profit attributable to parent company is projected to increase from 2.158 billion yuan in 2024E to 2.984 billion yuan in 2026E [1] - EPS is forecasted to rise from 4.26 yuan in 2024E to 5.89 yuan in 2026E [1] Expansion Plans - The company is constructing its fifth-phase factory with planned output value of 3.8 billion yuan, focusing on high-rise boom lifts and scissor lifts [4] - A new 1.7 billion yuan investment project for 20,000 new energy aerial work platforms is planned, with expected output value of 2.5 billion yuan upon completion [4] Valuation Metrics - Current P/E ratio is 11.38x for 2024E, expected to decrease to 8.23x by 2026E [1] - Current P/B ratio is 2.49x [6] - Market capitalization stands at 24.56 billion yuan [6]

证券研究报告 · 公司点评报告 · 工程机械 浙江鼎力（603338） 2024 年三季报点评:归母净利润+38%超预 期,北美市场拓展顺利 买入(维持) | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5445 | 6312 | 8299 | 9977 | 11607 | | 同比 (%) | 10.24 | 15.92 | 31.47 | 20.23 | 16.34 | | 归母净利润（百万元） | 1257 | 1867 | 2158 | 2609 | 2984 | | 同比 (%) | 42.15 | 48.51 | 15.60 | 20.87 | 14.39 | | EPS-最新摊薄(元/股) | 2.48 | 3.69 | 4.26 | 5.15 | 5.89 | | P/E（现价&最新摊薄） | 19.53 ...

证 券 研 究 报 告 浙江鼎力（603338）2024 年三季报点评 强推（维持） Q3 业绩超预期，北美市场高景气延续 目标价：67.7 元 当前价：48.50 元 | --- | --- | --- | --- | |--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli (603338.SH) [1] Core Views - The company reported a revenue of 6.134 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 29.35%, and a net profit attributable to shareholders of 1.460 billion RMB, up 12.91% year-on-year [1] - The third quarter of 2024 saw a revenue of 2.274 billion RMB, a year-on-year increase of 38.37%, although it experienced a quarter-on-quarter decline of 5.54% [1] - The net profit for Q3 2024 was 636 million RMB, reflecting a year-on-year growth of 37.72% and a quarter-on-quarter increase of 21.81%, indicating better-than-expected performance [1] Revenue and Profit Analysis - The company has successfully expanded its overseas market, achieving over 30% revenue growth for two consecutive quarters [1] - Quarterly revenues for 2024 Q1-Q3 were 1.452 billion, 2.408 billion, and 2.274 billion RMB, with year-on-year growth rates of 11.53%, 34.00%, and 38.37% respectively, showing an accelerating growth trend [1] - The integration of subsidiary CMEC has opened long-term growth opportunities in the U.S. market, enhancing the company's brand presence in North America [1] Profitability Improvement - In Q3 2024, the company achieved a gross margin of 37.6%, an increase of 5.79 percentage points quarter-on-quarter, and a net margin of 28.01%, also showing improvement [1] - The increase in profitability is attributed to several factors: 1. Over 65% of the company's revenue came from overseas markets in 2023, with expectations for further growth in 2024 2. The electrification of products has increased, with the electrification rate of boom products rising from 58% in 2021 to 73% in 2023 3. The consolidation of CMEC has significantly enhanced profitability in the North American market, with CMEC achieving a net margin of 9.7% in H1 2024 [1] Forecast and Valuation - The company is expected to generate revenues of 7.781 billion, 9.752 billion, and 11.565 billion RMB for 2024-2026, with net profits of 2.260 billion, 2.729 billion, and 3.258 billion RMB respectively [1] - Corresponding price-to-earnings (PE) ratios are projected to be 11, 9, and 8 times for the same period [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [5][14]. Core Insights - The company reported a 38% year-on-year increase in net profit for Q3 2024, amounting to 636 million yuan, with total revenue for the first three quarters reaching 6.134 billion yuan, a 29.35% increase year-on-year [1]. - The gross margin for Q3 2024 decreased by 6.23 percentage points year-on-year but improved by 5.79 percentage points quarter-on-quarter [2]. - The company is projected to achieve a revenue CAGR of 17% and a net profit CAGR of 20% from 2024 to 2026, with revised revenue estimates of 8.023 billion yuan for 2024, 9.704 billion yuan for 2025, and 11.023 billion yuan for 2026 [4]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross margin of 36.2% and a net margin of 23.8%, with Q3 margins at 37.6% and 28.0% respectively [2]. - The company’s total revenue for 2023 is estimated at 6.312 billion yuan, with a projected net profit of 2.083 billion yuan, reflecting a 12% growth rate [4][11]. - The earnings per share (EPS) for 2024 is projected at 4.11 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 8 for the years 2024, 2025, and 2026 respectively [4][11]. Market Trends - The export of aerial work platforms increased by 19.0% in Q3 2024 and 21.3% year-to-date, indicating strong demand in overseas markets [3]. - The company is recognized as a leading manufacturer of aerial work platforms globally, benefiting from high overseas market demand and increasing brand recognition [4].

Investment Rating - Maintain BUY with an unchanged target price of RMB75, representing an upside of 54.6% from the current price of RMB48.50 [3]. Core Insights - Zhejiang Dingli's EBIT in 3Q24 grew 20% YoY to RMB672 million, driven by a 38% revenue growth YoY, despite a 4.8 percentage point decrease in gross margin due to a high base in 3Q23 [1]. - The company reported a net profit growth of 38% YoY to RMB636 million, supported by an increase in net finance income [1]. - Management emphasized a focus on the US market, which is expected to remain the most promising in 2025E [1]. - The US sales target for 2024E is maintained at US$500 million (~RMB3.5 billion), indicating potential sales of ~RMB600 million in 4Q24E [1]. - Dingli aims to deliver a total of 6,000 units of boom lifts overseas, with 2,000 units targeted for the US [1]. Financial Summary - Revenue is projected to grow from RMB6,312 million in FY23A to RMB7,569 million in FY24E, reflecting a YoY growth of 19.9% [2]. - Net profit is expected to increase from RMB1,867.2 million in FY23A to RMB2,104.9 million in FY24E, a growth of 12.7% [2]. - The P/E ratio is forecasted to decrease from 13.2x in FY23A to 11.7x in FY24E, indicating a more attractive valuation [2]. Product and Market Strategy - Dingli plans to differentiate its products to mitigate the impact of anti-dumping duties in the EU, aiming for stable sales in Europe [1]. - The company expects overseas revenue from boom lifts to exceed that from scissors lifts for the full year [1]. - The anticipated reduction in anti-dumping duties in the US is expected to alleviate some market pressures [1].

证券代码：603338 证券简称：浙江鼎力 公告编号：2024-043 浙江鼎力机械股份有限公司 第五届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 浙江鼎力机械股份有限公司（以下简称"公司"）第五届董事会第十三次会 议的通知于 2024 年 10 月 17 日以书面、邮件和电话方式发出，于 2024 年 10 月 29 日在公司会议室以现场结合通讯形式召开。会议应到董事 9 人，实到董事 9 人，公司监事和高管人员列席了会议，会议由董事长许树根先生主持，符合《公 司法》和《公司章程》的有关规定，合法有效。 （一）审议通过了《公司 2024 年第三季度报告》 具体内容详见公司同日披露的《浙江鼎力机械股份有限公司 2024 年第三季 度报告》。 表决结果：同意：9 票；反对：0 票；弃权：0 票。 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 特此公告。 浙江鼎力机械股份有限公司董事会 2024 年 10 月 30 日 1 二、董事会会议审议情况 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,274,331,111.38, representing a year-on-year increase of 38.37%[2] - The net profit attributable to shareholders for the same period was ¥636,064,840.15, up 37.72% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥619,511,377.24, reflecting a 45.26% increase year-on-year[2] - Basic earnings per share for Q3 2024 were ¥1.25, an increase of 37.36% from the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥6,133,786,224.15, a 29.3% increase from ¥4,742,085,407.64 in the same period of 2023[13] - Net profit attributable to shareholders for the third quarter of 2024 was ¥1,460,441,797.19, compared to ¥1,293,500,933.93 in the third quarter of 2023, reflecting a growth of 12.9%[14] - The company's total comprehensive income for Q3 2024 was CNY 1,080,547,096.82, down from CNY 1,295,197,931.50 in Q3 2023, reflecting a decrease of about 16.6%[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥15,287,860,784.95, a 7.61% increase from the end of the previous year[3] - Total liabilities increased to ¥5,429,996,839.28 in Q3 2024, up from ¥5,242,067,251.24 in Q3 2023, indicating a rise of 3.6%[12] - As of September 30, 2024, current assets totaled CNY 11,577,137,257.30, an increase of 14.19% from CNY 10,140,072,333.10 at the end of 2023[9] - Total assets amounted to CNY 15,287,860,784.95, an increase of 7.63% from CNY 14,207,301,141.89[10] - The company's total assets reached ¥15,287,860,784.95 as of Q3 2024, up from ¥14,207,301,141.89 in Q3 2023, representing a growth of 7.6%[12] Cash Flow - The company reported a cash flow from operating activities of ¥1,467,247,384.77 for the year-to-date, showing a decrease of 4.97% year-on-year[2] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 1,467,247,384.77, slightly down from CNY 1,544,052,434.01 in 2023[17] - The net cash flow from investing activities for the first three quarters of 2024 was CNY 52,167,847.66, a significant improvement from a net outflow of CNY -639,414,360.73 in the same period of 2023[17] - The cash inflow from investment activities for the first three quarters of 2024 was CNY 1,407,986,162.09, compared to CNY 1,056,023,991.88 in the same period of 2023, marking an increase of approximately 33.2%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,273[6] - The largest shareholder, Xu Shugen, holds 45.53% of the shares, totaling 230,564,600 shares[6] Government Support - The company received government subsidies amounting to ¥7,606,027.77 during the reporting period, contributing to its financial performance[4] Current Assets - Cash and cash equivalents reached CNY 5,021,938,215.37, up from CNY 4,396,602,661.50, reflecting a growth of 14.16%[9] - Accounts receivable increased to CNY 2,722,530,899.95, a rise of 14.85% compared to CNY 2,370,778,024.24 in the previous year[10] - Inventory rose to CNY 2,307,932,945.61, marking an increase of 20.19% from CNY 1,921,374,942.24[10] - Cash and cash equivalents at the end of Q3 2024 amounted to CNY 5,021,938,215.37, compared to CNY 4,586,700,630.74 at the end of Q3 2023, reflecting a year-over-year increase of 9.5%[18] Research and Development - Research and development expenses for the first three quarters of 2024 amounted to ¥180,455,797.31, compared to ¥149,097,001.46 in the same period of 2023, marking a 21.0% increase[13] Financial Expenses - The company's financial expenses showed a significant improvement, with a net financial income of ¥63,598,703.49 in Q3 2024, compared to a loss of ¥154,421,898.16 in Q3 2023[13] Tax and Other Income - The company's tax expenses for the third quarter of 2024 were ¥241,520,541.07, slightly down from ¥248,625,617.34 in the same quarter of 2023[14] - Other comprehensive income for the third quarter of 2024 was negative at -¥381,234,004.14, compared to a positive amount of ¥1,696,997.57 in Q3 2023[14] - The company received CNY 232,950,298.17 in tax refunds during Q3 2024, compared to CNY 207,025,337.98 in Q3 2023, showing an increase of 12.4%[17] Future Outlook - The report does not provide specific future guidance or performance outlook for the upcoming quarters[9] - The company has not disclosed any new product launches or technological advancements in this report[9] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[9]

证券代码：603338 证券简称：浙江鼎力 公告编号：2024-044 浙江鼎力机械股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监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。 浙江鼎力机械股份有限公司（以下简称"公司"）第五届监事会第八次会议 的通知于 2024 年 10 月 17 日以书面、邮件和电话方式发出，于 2024 年 10 月 29 日在公司会议室以现场形式召开。会议应到监事 3 人，实到监事 3 人，会议由监 事会主席向存云先生主持，符合《公司法》和《公司章程》的有关规定，合法有 效。 一、监事会会议召开情况 二、监事会会议审议情况 表决结果：同意：3 票；反对：0 票；弃权：0 票。 特此公告。 浙江鼎力机械股份有限公司监事会 2024 年 10 月 30 日 1 （一）审议通过了《公司 2024 年第三季度报告》 经审核，监事会认为：公司 2024 年第三季度报告的编制和审核程序符合法 律、法规的相关规定；公司 2024 年第三季度报告的内容和格式符合中国证监会 和上海证券交易所的规定，所包含的信息能从各方 ...