Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company reported Q3 revenue of 2.339 billion RMB, a year-on-year increase of 2.83% but a quarter-on-quarter decrease of 4.08%. The net profit attributable to shareholders was 542 million RMB, down 14.72% year-on-year and down 13.00% quarter-on-quarter. For the first three quarters of 2025, the company achieved a revenue of 6.675 billion RMB, up 8.82% year-on-year, and a net profit of 1.595 billion RMB, up 9.18% year-on-year [1]. - The company is expected to continue leveraging its differentiated product advantages and expand its sales network in the U.S. to increase market share [1]. - The gross margin for Q3 was 36.12%, slightly down year-on-year by 1.48 percentage points but up 4.12 percentage points quarter-on-quarter, indicating strong profitability despite external challenges [2]. - The overall expense ratio increased to 10.34%, primarily due to a significant rise in financial expenses attributed to exchange losses [3]. Summary by Sections Financial Performance - Q3 revenue was 2.339 billion RMB, with a year-on-year growth of 2.83% and a quarter-on-quarter decline of 4.08%. The net profit attributable to shareholders was 542 million RMB, reflecting a year-on-year decrease of 14.72% [1]. - For the first three quarters of 2025, total revenue reached 6.675 billion RMB, up 8.82% year-on-year, and net profit was 1.595 billion RMB, up 9.18% year-on-year [1]. Gross Margin and Expenses - The gross margin for Q3 was 36.12%, with a year-on-year decrease of 1.48 percentage points but an increase of 4.12 percentage points from the previous quarter [2]. - The overall expense ratio rose to 10.34%, with financial expenses increasing significantly due to exchange losses [3]. Product Innovation and Market Strategy - The company has introduced innovative robotic solutions to address key pain points in shipbuilding, enhancing operational efficiency and quality [4]. - The company is focusing on expanding its presence in the U.S. market, which is expected to contribute positively to its market share and revenue growth [1]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 2.168 billion RMB, 2.475 billion RMB, and 2.944 billion RMB, respectively, with corresponding EPS of 4.28 RMB, 4.89 RMB, and 5.81 RMB [5]. - The target price is set at 68.46 RMB, based on a 14x PE valuation for 2026, reflecting the company's growth potential in both domestic and international markets [5].

Core Insights - The engineering machinery sector experienced a slight decline of 0.11% on October 30, with Zhongli Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance Summary - Zhongji United (605305) saw a significant increase of 9.99% in its closing price at 44.25, with a trading volume of 138,100 shares and a transaction value of 608 million yuan [1] - Other notable gainers included Jindao Technology (301279) with a 4.95% increase, closing at 24.58, and San重工 (600031) with a 1.76% increase, closing at 22.51 [1] - Conversely, Zhongli Co., Ltd. (603194) led the declines with a drop of 5.86%, closing at 40.13, followed by Tietuo Machinery (920706) down 5.17% [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 41.72 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [2] - The capital flow data indicates that major stocks like Yichong Heavy Industry (600031) had a net inflow of 22.6 million yuan from institutional investors, while Zhongji United (605305) experienced a net outflow of 58.06 million yuan from retail investors [3]

Core Points - The Shanghai Composite Index closed at 4009.81 points, slightly down by 0.16%, with a total trading volume of 202.97 billion yuan [1] - A total of 29 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from their annual moving average include: - Huaihe Energy (5.10%) - Longban Media (3.78%) - China Oilfield Services (3.49%) [1] - Other stocks that have just crossed the annual moving average with smaller deviation rates include: - Fulete - China Railway - China National Heavy Duty Truck [1] Trading Data - The trading data for stocks that broke through the annual moving average on October 30 includes: - Huaihe Energy: +5.95% with a turnover rate of 5.94% - Longban Media: +3.99% with a turnover rate of 3.15% - China Oilfield Services: +4.58% with a turnover rate of 1.43% [1] - Additional stocks with notable performance include: - Guangha Tongxin: +7.41% - Runze Technology: +7.35% - BlueFocus Communication: +9.49% [1]

Summary of Zhejiang Dingli Co Ltd. Conference Call Company Overview - **Company**: Zhejiang Dingli Co Ltd. (603338.SS) - **Industry**: Aerial Working Platforms (AWP) Key Financial Results - **3Q25 Net Profit**: Rmb542 million, down 15% year-over-year (yoy) and 7% below Goldman Sachs estimates [1][5] - **3Q25 Revenue**: Rmb2.34 billion, up 3% yoy but 4% below estimates, attributed to slower sales recognition in North America [5][7] - **Gross Profit Margin (GPM)**: 36.1%, down 1.5 percentage points yoy and 0.9 percentage points below estimates [5][7] - **Operating Expenses**: Increased by 21% yoy, higher than expected due to impairment losses [5][7] - **EBIT**: Rmb623 million, down 7% yoy and 12% below estimates [5][7] - **Operating Cash Flow**: Rmb355 million, slightly up from Rmb338 million in 2Q25 but down from Rmb590 million in 3Q24 [5][7] Market Dynamics - **Sales Breakdown**: Discussion expected on regional sales performance and factors contributing to slower growth [2] - **US Pricing Negotiations**: Updates anticipated regarding pricing strategies in the US market [2] - **Global Trade Environment**: The company has successfully navigated trade restrictions, optimizing its competitive landscape [8] Investment Thesis - **Long-term Growth Potential**: The AWP market in China is under-penetrated, with rising labor costs and a construction worker shortage driving demand [7] - **Product Differentiation**: Focus on higher-ASP boom lifts and electrification technology positions Dingli favorably against domestic competitors [7] - **International Competitiveness**: Enhanced competitiveness in overseas markets due to product differentiation [8] Risks and Challenges - **Global Construction Activity**: Weaker-than-expected construction activities could impact performance [10] - **Competition**: Intensifying competition in the AWP market may pose risks [10] - **Trade Tensions**: Escalating US-China trade tensions could lead to unfavorable tariffs, affecting approximately 30% of Dingli's sales [10] Price Target and Valuation - **12-Month Price Target**: Rmb64.00, implying a 22% upside from the current price of Rmb52.47 [12] - **Valuation Metrics**: Target EV/DACF multiple of 10.0x reflects uncertainties in global trade [9] Conclusion Zhejiang Dingli Co Ltd. is positioned for long-term growth in the AWP market, supported by product differentiation and a favorable competitive landscape. However, it faces risks from global construction activity, competition, and trade tensions. The current financial results indicate challenges in revenue growth and profitability, necessitating close monitoring of market dynamics and operational performance.

Core Viewpoint - The company reported a revenue of 6.675 billion yuan for the first three quarters, representing a year-on-year growth of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, up 9.18% year-on-year [1] Group 1: Financial Performance - In Q3, the company achieved a revenue of 2.339 billion yuan, a year-on-year increase of 2.83%, while the net profit attributable to shareholders was 542 million yuan, a decrease of 14.72% year-on-year [1] - The gross margin for Q3 was 36.12%, down 1.48 percentage points year-on-year, and the net profit margin was 23.2%, down 4.81 percentage points year-on-year [1] - Financial expenses increased significantly in Q3, impacting the company's net profit margin [1] Group 2: Research and Development - The R&D expense ratio for Q3 was 3.4%, an increase of 0.81 percentage points year-on-year, indicating the company's commitment to enhancing R&D investment [1] - The company is continuously launching new products tailored to overseas market demands, thereby improving overall product competitiveness [1] Group 3: International Expansion - The company is accelerating its overseas expansion, with overseas revenue accounting for nearly 80% of total revenue [1] - The company has established a presence in over 100 countries and regions, enhancing its overseas channel construction through equity cooperation and local team formation [1] - Following the recent Federal Reserve interest rate cuts, there is an expectation for a rebound in demand for aerial work platforms in Europe and the U.S., which may further accelerate the company's international expansion [1] Group 4: Competitive Advantage - The company has established a clear competitive advantage by being the first in the industry to complete the electrification of its entire product line and offering a three-year warranty [2] - The company is the only global manufacturer capable of mass-producing oil-free electric scissor lifts, showcasing its innovation in product design [2] - The company continues to diversify its product offerings, including various high-quality new products that meet different customer needs across various application fields [2] Group 5: Investment Outlook - The company's product structure is continuously optimized, and its market competitiveness is gradually increasing, indicating potential for high-quality growth in the future [2] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 2.031 billion, 2.400 billion, and 2.754 billion yuan, with corresponding price-to-earnings ratios of 13.1, 11.1, and 9.6 times [2]

Core Viewpoint - Zhejiang Dingli (603338.SH) reported a year-on-year increase in total operating revenue and net profit for the first three quarters of 2025, indicating positive financial performance [1] Financial Performance - Total operating revenue for the first three quarters reached 6.675 billion yuan, representing a year-on-year growth of 8.82% [1] - Net profit attributable to shareholders was 1.595 billion yuan, showing a year-on-year increase of 9.18% [1] - Basic earnings per share stood at 3.15 yuan [1]

Core Insights - Zhejiang Dingli reported a revenue of 6,674,782,115.88 yuan for the first three quarters of 2025, representing a year-on-year growth of 8.82% [1] - The net profit attributable to shareholders of the listed company reached 1,594,541,717.17 yuan, with a year-on-year increase of 9.18% [1]

Core Insights - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.82%, and a net profit of 1.595 billion yuan, up 9.18%, with a net profit margin of 23.89% [1] Group 1: Financial Performance - The company achieved a revenue of 6.675 billion yuan in the first three quarters of 2025, marking an 8.82% increase year-on-year [1] - The net profit attributable to shareholders reached 1.595 billion yuan, reflecting a 9.18% growth compared to the previous year [1] - The net profit margin improved to 23.89%, indicating enhanced profitability [1] Group 2: Product Innovation and R&D - Zhejiang Dingli focuses on product electrification, intelligence, and differentiation, maintaining high R&D investment, with R&D expenses reaching 227 million yuan, a 25.73% increase year-on-year [2] - The company achieved a breakthrough in the electrification of its entire product line, introducing a unique oil-free all-electric scissor lift series, which emphasizes low energy consumption and high safety [2][3] - The introduction of the "oil-to-electric" technology service allows customers to upgrade their equipment cost-effectively, enhancing operational efficiency [2] Group 3: Global Expansion and Market Strategy - In the first half of 2025, overseas market revenue reached 3.374 billion yuan, a 21.25% increase, accounting for over 70% of total revenue [4] - The company has successfully navigated trade frictions and investigations, establishing robust overseas trade barriers and enhancing risk resilience [4] - The company secured a minimum tax rate of 20.6% in the EU, significantly lower than competitors, positioning itself favorably in the European market [4] Group 4: Market Outlook - The U.S. aerial work platform market shows signs of recovery, with major players reporting positive order growth, indicating potential demand improvement in the second half of the year [5] Group 5: ESG and Sustainability - Zhejiang Dingli has made significant strides in ESG and sustainability, receiving high recognition from global authorities, including a score of 50 in the S&P Global Corporate Sustainability Assessment, surpassing 93% of peers [6][7] - The company has been acknowledged for its innovative green solutions and commitment to sustainable development, enhancing its industry ecosystem [6][7]

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating a positive outlook compared to the market [1]. Core Views - The machinery sector continues to show resilience, with a focus on high-growth areas such as construction machinery, shipbuilding, robotics, and AIDC [1][5]. - The report highlights a market uptrend, with traditional sectors like mining and metallurgy machinery gaining attention due to favorable market sentiment [5]. Summary by Sections 1. Machinery Sector Performance - In October, the CITIC machinery sector declined by 0.32%, underperforming the CSI 300 index by 1.94 percentage points, ranking 19th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as mining and metallurgy machinery, nuclear power equipment, and shipbuilding saw significant gains, with increases of 8.2%, 6.05%, and 4.92% respectively [4][10]. 2. Engineering Machinery - In September, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, while loader sales were 10,530 units, up 30.5% [22][31]. - The report suggests that the engineering machinery sector is in a recovery phase, with leading companies expected to see performance improvements [43]. 3. Robotics - Industrial robot production in September was 76,287 units, reflecting a year-on-year growth of 28.3% [44]. - The report emphasizes the upward cycle in the robotics industry, particularly in humanoid robots, which are gaining traction in the market [53]. 4. Shipbuilding - The shipbuilding sector is experiencing a period of adjustment, with new orders declining by 23.5% year-on-year, while the completion volume increased by 6% [54]. - Despite the decline in new orders, the profitability of shipbuilding companies is expected to continue recovering [54].

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-033 浙江鼎力机械股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 投资者可于 2025 年 11 月 10 日 （星期一） 至 11 月 14 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 dingli@cndingli.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 浙江鼎力机械股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司《2025 年第三季度报告》，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计 划于 2025 年 11 月 17 日 （星期一） 15:00-16:00 举行 2025 年第三 季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 三季度的经营成果及财 ...