Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli, with a target price of 62.54, compared to the last closing price of 51.99 [1][4]. Core Views - The company achieved a record high quarterly performance in Q3, driven by strong demand in the North American market and the continuous growth of boom products. The integration of CMEC is expected to accelerate market expansion in North America [1][4][3]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 6.134 billion, a year-on-year increase of 29.35%, and a net profit attributable to shareholders of 1.460 billion, up 12.91%. In Q3 alone, revenue reached 2.274 billion, growing 38.37% year-on-year, with a net profit of 636 million, an increase of 37.72% [2][4]. - The gross margin and net margin for Q3 were 37.60% and 28.01%, respectively, showing a significant improvement compared to the previous quarter, despite a year-on-year decline [4]. Market Expansion - The acquisition of a 50.2% stake in CMEC for 46.8542 million USD is expected to enhance the company's ability to penetrate the North American market. Following the acquisition, CMEC became a consolidated subsidiary, contributing positively to revenue and profit [3][4]. Earnings Forecast - The company forecasts revenues of 7.686 billion, 9.190 billion, and 10.909 billion for 2024, 2025, and 2026, respectively. Net profits are expected to be 2.110 billion, 2.520 billion, and 3.063 billion for the same years [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 6.134 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.35%, with a net profit attributable to shareholders of 1.460 billion yuan, up 12.91% year-on-year [6] - The company has successfully reduced its expense ratio, with sales, management, R&D, and financial expenses at 2.24%, 2.32%, 2.94%, and -1.04% respectively [6] - The company continues to deepen its global development, with overseas sales accounting for 60.8% of total revenue in 2023, and a 21.3% year-on-year increase in high-altitude operation platform exports [7] - The promotion of boom products has been successful, contributing significantly to revenue growth, with boom product revenue increasing by 57.67% year-on-year in the first half of 2024 [7] - The company emphasizes research and technological innovation, with R&D investment of 180 million yuan in the first three quarters of 2024, a 21.03% increase year-on-year [8] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 2.106 billion, 2.554 billion, and 2.939 billion yuan respectively, with corresponding EPS of 4.16, 5.04, and 5.81 yuan [8] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 2.274 billion yuan, a year-on-year increase of 38.37%, and a net profit of 636 million yuan, up 37.72% year-on-year [6] - The gross margin and net margin for the first three quarters of 2024 were 36.16% and 23.83% respectively [6] Expense Management - The company has effectively reduced its expense ratios, with notable decreases in sales and R&D expenses compared to the end of the previous year [6] Global Expansion - The company has established a global sales network covering over 80 countries, with significant growth in the North American market facilitated by its subsidiary CMEC [7] Product Development - The boom product series has become a major driver of revenue growth, with a significant increase in its revenue contribution compared to the previous year [7] Research and Development - The company maintains a leading position in R&D innovation within the industry, holding 280 patents and focusing on high-end, differentiated products [8] Investment Outlook - The company is expected to see continued growth in high-value equipment sales and exports to Europe, the US, and emerging markets, supporting the "Buy" rating [8]

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 ...