证券代码：603338 证券简称：浙江鼎力 公告编号：2025-034 浙江鼎力机械股份有限公司 第五届董事会第二十次会议决议公告 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"）第五届董事会第二十次会议的通 知于 2025 年 12 月 4 日以书面、邮件和电话方式发出，于 2025 年 12 月 9 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，公司高管列席了会议， 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。 二、董事会会议审议情况 （一）审议通过了《关于变更经营范围暨修订<公司章程>的议案》 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关于变更经营范围暨修 订<公司章程>的公告》（公告编号：2025-035）。 表决结果：同意：9 票；反对：0 票；弃权：0 票。 本议案尚需提交公司股东会审议通过。 （二）审议通过了《关于制定<董事、高级管理人员薪酬管理制度>的议案》 表决结果 ...

Core Insights - The 2025 China International Maritime Exhibition showcased over 2,200 exhibitors from more than 40 countries, highlighting the industry's shift towards "green" and "smart" transformation [1] - Zhejiang Dingli presented its "Intelligent Platform + Robot" series, focusing on revolutionary solutions for ship rust removal and spraying, which became a focal point of the exhibition [1][2] Company Innovations - Zhejiang Dingli's integrated intelligent operating system addresses long-standing issues in shipbuilding, such as low efficiency, high costs, and safety risks associated with manual rust removal and spraying [2] - The company's robots offer superior quality, efficiency, cost-effectiveness, safety, and environmental impact compared to traditional manual operations, achieving a spraying rate of at least 450 square meters per hour, which is approximately ten times more efficient [3] Market Applications - The series of ship rust removal and spraying robots has been successfully implemented in various shipyards, including Wanbang Heavy Industry and Changhong International, indicating potential for new revenue growth for Zhejiang Dingli [4] R&D and Future Strategy - Innovation is central to Zhejiang Dingli's strategy, focusing on differentiated products in niche markets, with a commitment to exploring electric, green, digital, and unmanned technologies [5] - The company plans to continue developing modular and differentiated high-altitude work platforms, expanding into new application scenarios and fields [5] Global Market Position - Zhejiang Dingli maintains a robust production and operational performance, with a steady production rhythm and increasing capacity utilization, reflecting strong market demand [6] - The company has developed a comprehensive risk management system to navigate complex overseas market conditions, enhancing its resilience and global market expansion efforts [6] Industry Trends - The shift towards "green" and "smart" solutions in the shipbuilding industry presents significant growth opportunities for Zhejiang Dingli, as it aligns with global demands for sustainable practices [7] - The company aims to drive innovation and provide intelligent solutions to enhance safety, efficiency, and environmental sustainability across various industries [7]

Core Viewpoint - Zhejiang Dingli is identified as one of the most resilient stocks in the recovery of industrial products in Europe and the United States, with a high proportion of overseas revenue [1] Group 1: Revenue and Market Position - The company has a high overseas revenue proportion, with 71% of its revenue expected to come from international markets in 2024 [1] - There is significant potential for market share growth, as the company's excess growth during the current downturn has been offset by weak beta, indicating greater elasticity during the recovery phase [1] Group 2: Valuation and Performance - The company's valuation is relatively low, with a PE-TTM percentile of only 37% since 2021, despite outperforming overseas competitors in terms of performance [1] - The valuation recovery since 2025 has been significantly lower than comparable companies in the US stock market, suggesting room for improvement [1] Group 3: Future Outlook - The company's performance is expected to remain resilient, with a more optimistic outlook for overseas demand as the economic cycle in Europe and the US turns upward [1] - Based on comparable company valuations, a target price of 72.15 yuan per share is set for 2026, with a maintained "buy" rating at a 16x PE [1]

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli, with a current price of 59.34 RMB and a fair value of 72.15 RMB [7]. Core Views - Zhejiang Dingli is considered one of the most elastic stocks in the recovery of industrial products in Europe and the United States. The company has a high overseas revenue proportion, with 71% of its revenue expected to come from overseas in 2024. The report anticipates a significant rebound in North American high machinery sales in 2026, similar to the high growth seen in excavators in 2025. The company has substantial room for market share growth, and its valuation remains low compared to peers, with a PE-TTM percentile of only 37% since 2021 [7][9][10]. Financial Forecast - The projected financials for Zhejiang Dingli are as follows: - Revenue is expected to grow from 6,312 million RMB in 2023 to 10,817 million RMB in 2027, with growth rates of 15.9%, 23.6%, 9.7%, 10.6%, and 14.2% respectively [2]. - EBITDA is forecasted to increase from 2,036 million RMB in 2023 to 3,336 million RMB in 2027 [2]. - Net profit attributable to shareholders is expected to rise from 1,867 million RMB in 2023 to 2,686 million RMB in 2027, with growth rates of 48.5%, -12.8%, 17.0%, 19.8%, and 17.7% [2]. - EPS is projected to grow from 3.69 RMB in 2023 to 5.31 RMB in 2027 [2]. - The report suggests a valuation of 16x PE for 2026, leading to a fair value of 72.15 RMB per share [7][45]. Long-term Perspective - The report indicates that the demand for high machinery in overseas markets has shown signs of recovery after two years of decline. Key indicators, such as North American excavator sales, have improved significantly, with a recovery from a year-on-year decline of 19% in April 2025 to a growth of 42% by September 2025. This suggests a synchronized recovery in the high machinery cycle [10][11]. Short-term Indicators - The report highlights a strong correlation between Zhejiang Dingli's revenue and the export data of electric forklifts and high machinery from Zhejiang Province to North America. The increase in export figures in 2025 compared to 2024 reflects a recovery in industry beta, indicating positive short-term trends for the company [35][36]. Market Performance - Despite the challenging market conditions, Zhejiang Dingli has outperformed its U.S. competitors, with a year-on-year revenue increase of 3% in Q3 2025, while competitors like Terex and Haulotte experienced declines of 30% and 12% respectively [22]. Valuation Comparison - The report notes that while U.S. peers have seen significant stock price recoveries in 2025, Zhejiang Dingli's valuation has remained relatively unchanged, indicating potential for upward valuation adjustments [43][44].

Core Viewpoint - The A-share market showed a decline with the Shanghai Composite Index closing at 3878.00 points, down 0.51% and below the five-day moving average, with a total trading volume of 168.36 billion yuan [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3878.00 points, reflecting a decrease of 0.51% [1]. - The total trading volume in the A-share market reached 168.36 billion yuan [1]. Group 2: Stocks Breaking the Five-Day Moving Average - A total of 233 A-shares broke above the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 12.01% and a daily increase of 15.37% [1]. - *ST Changyao (300391) with a deviation rate of 11.26% and a daily increase of 20.09% [1]. - Jindike (688670) with a deviation rate of 8.49% and a daily increase of 15.93% [1]. Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Jiuli Special Materials (300996) with a deviation rate of 8.38% and a daily increase of 11.38% [1]. - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1]. - Shuangqiang Technology (001211) with a deviation rate of 7.13% and a daily increase of 9.99% [1].

Group 1 - The Shanghai Composite Index closed at 3878.89 points, below the five-day moving average, with a decline of 0.48% [1] - The total trading volume of A-shares reached 1,352.517 billion yuan [1] - A total of 193 A-shares have surpassed the five-day moving average today, with notable stocks including Sifangda, Puliansoft, and Zhongheng Design showing significant deviation rates of 12.40%, 8.97%, and 8.14% respectively [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Sifangda (300179) with a price increase of 15.89% and a deviation rate of 12.40% - Puliansoft (300996) with a price increase of 12.16% and a deviation rate of 8.97% - Zhongheng Design (603017) with a price increase of 9.98% and a deviation rate of 8.14% [1] - Other notable stocks with smaller deviation rates include: - Jianmin Group, Klete, and Sanwei Equipment, which have just crossed the five-day moving average [1]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3894.22 points, just above the five-day moving average, indicating a mixed market sentiment [1] Group 1: Market Performance - The total trading volume of A-shares reached 10,755.55 billion yuan today [1] - The Shanghai Composite Index experienced a change of -0.09% [1] Group 2: Stocks Breaking the Five-Day Moving Average - A total of 281 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 11.67% and a daily increase of 14.92% [1] - Pulian Software (300996) with a deviation rate of 9.95% and a daily increase of 13.44% [1] - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1] Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the five-day moving average include: - Haotong Technology and Weisi Medical, which have just reached the five-day moving average [1]

Core Insights - The engineering machinery sector experienced a 1.9% increase on November 26, with Liugong leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Engineering Machinery Sector Performance - Liugong (000528) closed at 12.04, up 6.74% with a trading volume of 1.2395 million shares [1] - Huadong Heavy Machinery (002685) closed at 8.29, up 6.15% with a trading volume of 1.2092 million shares [1] - Other notable performers include: - XD Hangcha (603298) at 25.62, up 3.22% - Shantui (000680) at 10.56, up 3.02% - Zoomlion (000157) at 8.15, up 2.52% [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 63.9794 million yuan from institutional investors, while retail investors experienced a net outflow of 5.171 million yuan [2] - Major stocks with significant capital inflows include: - Huadong Heavy Machinery with a net inflow of 209 million yuan [3] - Xugong Machinery with a net inflow of 40.2421 million yuan [3] - Hengli Hydraulic with a net inflow of 38.9485 million yuan [3]

Core Insights - Zhejiang Dingli's stock increased by 1.03% on November 20, with a trading volume of 301 million yuan, indicating positive market sentiment [1] - The company reported a net financing outflow of 14.45 million yuan on the same day, with a total financing and securities balance of 340 million yuan [1] - For the period from January to September 2025, Zhejiang Dingli achieved a revenue of 6.675 billion yuan, reflecting a year-on-year growth of 8.82%, and a net profit of 1.595 billion yuan, up 9.18% year-on-year [2] Financing and Margin Trading - On November 20, Zhejiang Dingli had a financing buy-in of 11.57 million yuan, with a current financing balance of 330 million yuan, representing 1.21% of its market capitalization [1] - The financing balance is below the 40th percentile of the past year, indicating a relatively low level of leverage [1] - The company experienced a high level of short selling, with a short selling balance of 9.384 million yuan, exceeding the 90th percentile of the past year [1] Shareholder Structure - As of October 31, the number of shareholders for Zhejiang Dingli decreased by 8.11% to 34,000, while the average number of circulating shares per shareholder increased by 8.82% to 14,892 shares [2] - The top ten circulating shareholders include significant reductions in holdings by major institutional investors, with Hong Kong Central Clearing Limited holding 23.3594 million shares, down by 10.9433 million shares [3] - New institutional investors have entered, such as Jianxin Zhenxuan Mixed Fund, which holds 1.719 million shares [3] Dividend Distribution - Since its A-share listing, Zhejiang Dingli has distributed a total of 1.886 billion yuan in dividends, with 1.266 billion yuan distributed over the past three years [3]

Core Viewpoint - The company has demonstrated steady growth in performance for the first three quarters of 2025, with a notable recovery in gross margin in Q3, despite facing challenges in the domestic high machine export market due to trade frictions and investigations [4][5]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 6.67 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.59 billion yuan, up 9.2% year-on-year [4]. - In Q3 2025, the company reported revenue of 2.34 billion yuan, a year-on-year growth of 2.8%, while the net profit attributable to shareholders was 540 million yuan, a decline of 14.7% year-on-year [4]. - The gross margin for Q1-Q3 2025 was 35.9%, a decrease of 0.3 percentage points year-on-year, while the net margin was 23.9%, an increase of 0.1 percentage points year-on-year [4]. Group 2: Overseas Market Performance - The company experienced a 13.7% year-on-year decline in high machine export volume, totaling 81,000 units, primarily due to trade frictions and EU anti-dumping investigations [5]. - Despite these challenges, the company achieved overseas revenue of 3.37 billion yuan in H1 2025, reflecting a year-on-year increase of 21.3% [5]. - Recent developments in US-China trade negotiations, including the suspension of certain tariffs, are expected to positively impact the company's overseas sales and revenue growth [5]. Group 3: Product Development and Market Expansion - The company has launched a series of differentiated products, including unmanned aerial work platforms and various specialized robots, to meet diverse customer needs across different applications [6]. - These new products are designed for use in industries such as shipbuilding and rail transportation, helping the company mitigate risks associated with fluctuations in specific industry demand [6]. - The expansion into new application scenarios is anticipated to open up a second growth curve for the company [6].