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]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金一一零组合，，持股减 少占比达0.21%。本期新披露持有浙江鼎力的社保基金共计2个，包括全国社保基金五零二组合、全国 社保基金一零八组合。。本期较上一季未再披露的社保基金共计1个，即全国社保基金五零四组合。 2025年4月18日，浙江鼎力(603338.SH)发布2024年年度报告。截至2025年4月17日，共有582个机构投资 者披露持有浙江鼎力A股股份，合计持股量达1.69亿股，占浙江鼎力总股本的33.41%。其中，前十大机 构投资者包括德清中鼎股权投资管理有限公司、香港中央结算有限公司、中国农业银行股份有限公司- 中证500交易型开放式指数证券投资基金、富国基金-中国人寿保险股份有限公司-分红险-富国基金国寿 股份均衡股票型组合单一资产管理计划(可供出售)、交通银行股份有限公司-华安策略优选混合型证券投 资基金、全国社保基金五零二组合、招商银行股份有限公司-泓德瑞兴三年持有期混合型证券投资基 金、全国社保基金一零八组合、全国社保基金一一零组合、景顺长城能源基建混合A，前十大机构投资 者合计持股比例达17.97%。相较于上一季度，前十大 ...

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 ...

国泰海通证券股份有限公司 关于浙江鼎力机械股份有限公司 2024年度募集资金存放与使用情况的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为浙 江鼎力机械股份有限公司（以下简称"浙江鼎力"、"公司"）持续督导的保荐机 构。根据《证券发行上市保荐业务管理办法》《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》《上海证券交易所上市公司自律监管指引第 11号——持续督导》《上海证券交易所上市公司自律监管指引第1号——规范运作 》《上海证券交易所股票上市规则》等相关规定履行持续督导职责，对浙江鼎力2024 年度募集资金的存放与使用情况进行核查，核查情况如下： 一、募集资金基本情况 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，发行价为人民币71.90元/股 ，募集资金总额为人民币 1,499,999,945.20 元，扣除各项发行费用人民币 19,207,822.25 元（不含增值税进项税额），实际募集资 ...

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 ...

浙江鼎力机械股份有限公司 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进入"注册会计师行业线—世管观台（ t and the state of the states of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the 浙江鼎力机械股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-107 | 立信会计师事务所(特殊普通合伙) o China Shu Lun Pan Certified Public Accountants 审 ...

浙江鼎力机械股份有限公司 （一）工作履历、专业背景以及兼职情况 本人瞿丹鸣，1972 年出生，中国国籍，本科学历，曾获"浙江省服务中小 企业优秀律师"、"湖州市优秀青年律师"、"湖州市优秀女律师"称号。现任 浙江常益律师事务所主任，2020 年 5 月至今任本公司独立董事。 （二）独立性情况 本人作为公司的独立董事，符合《上市公司独立董事管理办法》规定的独立 性要求和任职条件，没有在公司担任除独立董事以外的其他任何职务，没有从公 司及其主要股东或有利害关系的机构和人员处取得额外的、未予披露的其他利 益，不存在影响上市公司独立性和独立董事独立性的情况。 二、独立董事年度履职概况 （一）参加董事会及股东会的情况 2024 年度独立董事述职报告 （瞿丹鸣） 作为浙江鼎力机械股份有限公司（以下简称"公司"）的独立董事，本人严 格按照《公司法》《上市公司独立董事管理办法》《上市公司治理准则》《公司 章程》等相关法律法规和规章制度的规定和要求，诚信、勤勉、独立地履行独立 董事职责，积极出席相关会议，认真审议各项议案，促进公司规范运作，切实维 护全体股东尤其是中小股东的合法权益。现将2024年度履职情况报告如下： 一、独立 ...