浙江鼎力机械股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | □公 ...

证券研究报告 2024 年 08 月 28 日 湘财证券研究所 公司研究 浙江鼎力（603338）事件点评 收入保持快速增长，臂式产品占比持续提升 相关研究： 1.《20240322湘财证券-603338.SH 浙江鼎力：五期工厂陆续投产， 收购CMEC强化海外优势》 公司评级：增持（维持） 近十二个月公司表现 | --- | --- | |-------------|-------------| | | 沪深300 | | 60% | | | 40% | | | 20% | | | 0% | | | -20% | | | 23/08 23/10 | 24/06 24/08 | | % | 12 个月 | | 相对收益 | | | 绝对收益 | | 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 公司发布 2024 年半年报，收入保持快速增长 近日，公司发布 2024 年半年度报告。上半年公司实现营业收入约 38.6 亿元，同比增长 24 ...

华福证券 投资要点： 24H1 汇兑收益同比减少约 2 亿，财务费用率同比增加 高空作业平台 7 月出口增长 46.6%，1-7 月累计出口增长 26.16% 据中国工程机械工业协会对升降工作平台主要制造企业统计： 2024 年 7 月当月销售各类升降工作平台 17264 台，同比增长 6.75%； 其中国内 7024 台，同比下降 23.6%；出口 10240 台，同比增长 46.6%。 2024年1-7月累计销售各类升降工作平台118713台，同比下降12.57%； 其中国内 60238 台，同比下降 32.65%；出口 58475 台，同比增长 26.16% 华福证券 盈利预测与投资建议 我们预计公司 2023-2026 年收入 CAGR 为 20%，归母净利润 CAGR 为 18%，2024-2026 年归母净利润分别为 21.34、25.35、30.35 亿元（前 值为 22.51、25.73、30.38 亿元，中报汇兑收益低于预期，因此调高了 全年财务费用），EPS 分别为 4.2 元、5.0 元、6.0 元，对应 PE 11、9、 8 倍，浙江鼎力经过多年发展，已经成为全球高空作业平台领先制造商 ...

业绩简评 8 月 27 日，公司发布 24 年中报，24H1 公司预计实现收入 38.59 亿元，同比+24.56%；归母净利润 8.24 亿元，同比-0.88%，扣非 后归母净利润 8.63 亿元，同比+5.90%；单 Q2 来看，公司 24Q2 实 现收入 24.08 亿元，同比+34%，实现归母净利润 5.22 亿元，同比 +1.95%，实现扣非后归母净利润 4.85 亿元，同比-4.13%。 经营分析 受全年同期高汇兑收益基数影响，单季度利润增速有所下滑。根 据公告，受到人民币汇率波动影响，公司 24H1 产生汇兑收益 0.4 亿元，去年同期汇兑收益达到 1.56 亿元；剔除汇兑损益影响，24H1 公司归母净利润为 9.4 亿元，同比+13.2%。考虑到下半年公司汇 兑基数相对较低，看好公司下半年利润重回增长。 盈利能力保持较高水平，24H1 毛利率同比提升。24H1 公司毛利率 为 35.3%，同比+0.9pcts，主要得益于 1）出海：23 年公司海外收 入占比超 65%，长期深耕海外多年，有望受益海外需求高景气；2） 电动化：近几年公司产品电动化比例持续提升，其中臂式产品电 动化率从 21 年的 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 63.2 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][2][11]. Core Insights - The company reported a revenue of 3.859 billion CNY for the first half of 2024, representing a year-on-year growth of 24.56%. The net profit attributable to shareholders was 824 million CNY, a slight decline of 0.88% year-on-year, while the net profit excluding non-recurring items increased by 5.90% to 863 million CNY [1]. - The sales of boom products surged by 57.67% year-on-year, accounting for 48.57% of the main business revenue, driven by the expansion in the North American market and the launch of high-end products [1]. - The completion of the CMEC acquisition allows for a change in revenue recognition, which may temporarily affect the income recognition pace but is expected to enhance market penetration in North America [1]. - The company is focusing on electric product innovation, which has led to a 38.87% increase in sales of electric boom products, aligning with the green energy transition in the European aerial work platform rental market [1]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 35.30% and a net margin of 21.37%, with a slight increase in gross margin but a decrease in net margin due to high foreign exchange gains in the previous year [1]. - The projected revenues for 2024, 2025, and 2026 are 7.643 billion CNY, 8.614 billion CNY, and 9.486 billion CNY, respectively, with year-on-year growth rates of 21.09%, 12.71%, and 10.12% [3][5]. - The expected net profits for the same years are 2.133 billion CNY, 2.495 billion CNY, and 2.806 billion CNY, with growth rates of 14.25%, 16.97%, and 12.46% [3][5].

证券研究报告·公司点评报告·工程机械 浙江鼎力（603338） 2024 年中报点评：Q2 业绩受汇率基数与 CMEC 并表影响，继续看好臂式出海北美 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 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 ...

[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] | 2024/08/27 | | 收盘价 | 46.50 | | 总股本(万股) | 50,635 | | 流通A股/B股(万股) | 50,635/0 | | 资产负债率(%) 市净率(倍) | 36.67%2.57 | | 净资产收益率(加权) | 3.33 | | | 74.45/42.94 | 商。2024上半年公司研发投入1.19亿元，同比增长6.98%。目前，公司获有专利280项， 其中发明专利131项，海外专利86项，计算机软件著作权5项，参与制定国家标准16项，行 业标准9项，是国家知识产权优势企业，并且非常重视知识产权保护维护研发成果。 [Table_QuotePic] -27% -15% - ...

Investment Rating - The investment rating for Zhejiang Dingli (603338) is "Buy" [7][11]. Core Views - The report indicates that the domestic aerial work platform industry is experiencing lower-than-expected demand, while overseas sales are impacted by exchange rates, tariffs, and international political relations. The projected revenue for the company from 2024 to 2026 is estimated at 77.32 billion, 92.80 billion, and 108.46 billion yuan, respectively, with net profit attributable to shareholders at 21.31 billion, 25.42 billion, and 31.08 billion yuan, reflecting a CAGR of 18.52%. The EPS is projected to be 4.21, 5.02, and 6.14 yuan per share for the same period. The company is focusing on expanding its overseas business and enhancing cooperation with large leasing companies, which is expected to generate new demand for its diversified products [3][11]. Financial Performance - In the first half of 2024, the company achieved a revenue of 38.59 billion yuan, representing a year-on-year growth of 24.56%. The net profit attributable to shareholders was 8.24 billion yuan, showing a slight decline of 0.88% year-on-year. In Q2 2024, revenue reached 24.08 billion yuan, with a year-on-year increase of 34%, and net profit was 5.22 billion yuan, up by 1.95% [11][12]. - The sales revenue from the company's boom lift products grew by 57.67% year-on-year, accounting for 48.57% of the main business revenue. The electric versions of these products saw a sales increase of 38.87% year-on-year [11][12]. - The company's gross margin remained stable at 35.30%, while the net margin decreased significantly to 21.37%, down by 5.47 percentage points year-on-year. The increase in sales expenses by 74.26% and foreign exchange losses due to currency fluctuations were identified as key factors for the decline in net margin [11][12]. Financial Forecast - The financial forecast for Zhejiang Dingli includes projected revenues of 77.32 billion, 92.80 billion, and 108.46 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 21.31 billion, 25.42 billion, and 31.08 billion yuan for the same years, with an EPS of 4.21, 5.02, and 6.14 yuan per share [12][14]. - The company’s EBITDA is forecasted to grow from 2.63 billion yuan in 2024 to 3.74 billion yuan in 2026, with a corresponding increase in the EBITDA margin [12][14]. Market Position - Zhejiang Dingli is recognized as a leader in the aerial work platform industry, with stable operational capabilities. The report maintains a "Buy" rating based on the company's ongoing efforts to expand its overseas market and diversify its product offerings [11][12].

浙江鼎力 (603338 CH) 繁荣升降机和美国市场仍然是关键驱动因素 浙江鼎力（Dingli）在2024年第二季度的息税前利润（EBIT）增长了72%，达 到人民币612百万元，主要由收入增长34%和毛利率扩张2.6个百分点驱动。报 告净利润仅增长2%至522百万元，这主要是由于缺乏外汇收益导致的净财务收 入减少。在财报电话会议上，管理层重申了对美国市场的乐观展望，保持全年 提升式起重机销售目标为2000台不变。此外，管理层预计美国总统选举后可能 增加的关税影响是可以管理的，因为反倾销关税的减少可以减轻这一影响。我 们维持我们的盈利预测不变。保持当前评级。 BUY TP 不变 ， 为 75 元人民币(18 倍 2024E P / E ， 低于 31 倍的历史平均水平 1 SD) 。 . . 第二季度强劲的收入增长和利润率。 收入同比增长 34% ， 达到 2 元人民 币 40 亿。毛利率扩大 2 同比增6个百分点至31.8%。管理费用比率相对稳 定，保持在2.5%。净金融费用同比减少96%，降至1000万元人民币，原因 是未产生外汇收益。 景气提升仍然是增长动力。 在2024年上半年（1H24），直臂式提 ...

Investment Rating - Maintain BUY with an unchanged target price of RMB75, representing a 61.3% upside from the current price of RMB46.50 [4]. Core Insights - Zhejiang Dingli's EBIT in 2Q24 increased by 72% YoY to RMB612 million, driven by a revenue growth of 34% YoY and a gross margin expansion of 2.6 percentage points YoY [2]. - The company reported a net profit growth of only 2% YoY to RMB522 million, primarily due to a reduction in net finance income from the absence of foreign exchange gains [2]. - Management maintains a positive outlook for the US market, with a full-year sales target for boom lifts set at 2,000 units [2]. Financial Performance - Revenue for 2Q24 reached RMB2.4 billion, marking a 34% YoY increase, while gross margin expanded to 31.8% [2]. - In 1H24, revenue from boom lifts surged 58% YoY to RMB1.8 billion, accounting for 49% of total revenue from main operations [2]. - Overseas revenue grew by 50% YoY in 1H24, with North America showing the highest growth at 100% [2]. Earnings Forecast - The earnings forecast remains unchanged, with projected revenues of RMB7.569 billion for FY24, RMB8.810 billion for FY25, and RMB10.409 billion for FY26 [3]. - Net profit is expected to grow to RMB2.105 billion in FY24, RMB2.425 billion in FY25, and RMB2.870 billion in FY26 [3]. Valuation Metrics - The projected P/E ratio for FY24 is 11.2x, decreasing to 9.7x in FY25 and 8.2x in FY26 [3]. - The projected dividend yield is expected to increase from 2.5% in FY24 to 3.4% in FY26 [3]. Market Dynamics - The boom lift segment remains the key growth driver, with significant contributions from both domestic and overseas markets [2]. - Management anticipates that potential tariff increases post-US presidential election will be manageable due to the reduction of anti-dumping duties [2].