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].

浙江鼎力机械股份有限公司 关于公司会计政策变更的公告 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： 本次会计政策变更是公司根据财政部相关规定和要求进行的变更，符合相关 法律法规的规定，执行变更后的会计政策能够客观、公允地反映公司的财务 状况和经营成果。本次会计政策变更不会对公司当期的财务状况、经营成果 和现金流量产生重大影响，不存在损害公司及股东利益的情况 一、本次会计政策变更概述 2023 年 8 月 1 日，财政部发布了《关于印发<企业数据资源相关会计处理暂 行规定>的通知》（财会〔2023〕11 号）；2023 年 10 月 25 日，财政部发布了《企 业会计准则解释第 17 号》（财会〔2023〕21 号），规定了 "关于流动负债与非 流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易的会 计处理"等内容；2024年3月，财政部发布了《企业会计准则应用指南汇编2024》， 规定保证类质保费用应计入营业成本。公司自 2024 年 1 月 1 日起执行财政部颁 发的相关规定。 二、本次会计 ...

根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及 《上海证券交易所上市公司自律监管指南第 1 号——公告格式（2024 年 5 月 修订）》的相关规定，浙江鼎力机械股份有限公司（以下简称"浙江鼎力"、 "公司"）就 2024 年半年度募集资金存放与实际使用情况作如下专项报告： 一、募集资金基本情况 证券代码：603338 证券简称：浙江鼎力 公告编号：2024-038 浙江鼎力机械股份有限公司 关于公司2024年半年度募集资金存放与实际使用情况的专项报告 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）实际募集资金金额、资金到位情况 根据中国证券监督管理委员会证监许可[2021]3636 号《关于核准浙江鼎 力机械股份有限公司非公开发行股票的批复》核准，公司以非公开发行股票 方式发行人民币普通股（A 股）20,862,308 股，股票面值为人民币 1 元 ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2024-040 浙江鼎力机械股份有限公司关于对公司 合并报表范围内的下属企业提供担保的进展公告 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。 被担保人名称：上海鼎策融资租赁有限公司（以下简称"上海鼎策"），系 浙江鼎力机械股份有限公司（以下简称"公司"）全资子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为最高额不超 过人民币30,000万元，截至本公告披露日，公司已实际为其提供的担保余 额为98,558.01万元（不含本次）。 本次是否有反担保：无。 对外担保逾期的累计金额：无。 特别风险提示：被担保人资产负债率超过70%，敬请投资者注意投资风险。 号：2024-016）。 二、被担保人基本情况 公司名称：上海鼎策融资租赁有限公司 统一社会信用代码：91310115MA1K3DFH38 重要内容提示： 一、担保情况概述 （一）担保基本情况 为满足上海鼎策的生产经营需要，2024年8月27日，公司与招商银行股份有限 公司杭州分行（以下简称"招商银行"）签署 ...