通过天眼查大数据分析，浙江鼎力机械股份有限公司共对外投资了9家企业，参与招投标项目68次，知 识产权方面有商标信息76条，专利信息468条，此外企业还拥有行政许可36个。 金融界消息 截至2025年8月15日收盘，浙江鼎力（603338）报收于54.92元，上涨4.09%，换手率 2.33%，成交量11.79万手，成交金额6.42亿元。 来源：金融界 天眼查商业履历信息显示，浙江鼎力机械股份有限公司，成立于2005年，位于湖州市，是一家以从事专 用设备制造业为主的企业。企业注册资本50634.7879万人民币，实缴资本50634.7879万人民币。公司法 定代表人为许树根。 资金流向方面，今日主力资金净流出1784.45万元，占比成交额2.78%。其中，超大单净流出631.32万 元、占成交额0.98%，大单净流出1153.13万元、占成交额1.8%，中单净流出流出6077.64万元、占成交 额9.47%，小单净流入7862.10万元、占成交额12.26%。 浙江鼎力最新一期业绩显示，截至2025一季报，公司营业总收入18.98亿元、同比增长30.72%，归属净 利润4.29亿元，同比增长41.83%，扣非净 ...

证券时报·数据宝统计，截至今日上午收盘，上证综指3686.34点，收于年线之上，涨跌幅为0.56%，A股 总成交额为13282.77亿元。到目前为止，今日有29只A股价格突破了年线，其中乖离率较大的个股有华 峰铝业、沪硅产业、浙江鼎力等，乖离率分别为3.18%、2.23%、2.21%；中青旅、佛燃能源、中科软等 个股乖离率较小，刚刚站上年线。 | 001323 | 慕思股 | 0.37 | 0.50 | 32.07 | 32.17 | 0.30 | | --- | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | | 002456 | 欧菲光 | 0.77 | 1.83 | 11.80 | 11.83 | 0.29 | | 603960 | 克来机 电 | 0.30 | 1.35 | 19.76 | 19.81 | 0.26 | | 002423 | 中粮资 本 | 0.80 | 0.82 | 12.52 | 12.55 | 0.20 | | 601098 | 中南传 媒 | 0.39 | 0.20 | 12.98 | 13.00 | 0.17 | | ...

Summary of Zhejiang Dingli Co Ltd. Conference Call Company Overview - **Company**: Zhejiang Dingli Co Ltd. (603338.SS) - **Industry**: Aerial Working Platforms (AWP) - **Market Cap**: Rmb25.1 billion / $3.5 billion - **Enterprise Value**: Rmb20.2 billion / $2.8 billion Key Points Industry and Market Outlook - The cyclical outlook for AWPs is improving, with signs indicating a bottoming out of the AWP cycle in the US and Europe, which is crucial as these regions account for over 50% of Dingli's revenue [17][25] - Positive supply-demand dynamics in the US construction machinery market are noted, with significant growth in AWP order bookings from competitors [17] - European market recovery is also observed, with increasing orders for construction equipment from companies like Volvo [17][23] Financial Performance and Projections - Dingli's earnings grew approximately 20% year-over-year in Q2 2025 despite volatile US tariffs [1] - Revised 2026-27 EPS estimates increased by 8-9%, with a new 12-month target price raised to Rmb64.0 from Rmb60.0 [1] - Revenue projections for 2026 are set at Rmb10,622 million, with a total revenue growth forecast of 17.3% for that year [12] US Anti-Dumping Duty Updates - The preliminary determination of the US anti-dumping duty for Dingli is set at 9.75% for the review period from April 1, 2023, to March 31, 2024 [2] - If the final determination aligns with the preliminary results, Dingli could see a reduction in duty rates by approximately 22 percentage points [14] - Potential reimbursement of excess duties estimated at around Rmb200 million for the periods 2022-23 and 2023-24 could further enhance earnings in 2026-27 [14] Investment Thesis - Dingli is positioned well in the Chinese AWP market, which is under-penetrated compared to global standards, driven by rising labor costs and increasing safety awareness [25] - The company is focusing on upgrading its product mix towards higher-ASP boom lifts, where it has established a technological advantage [25] - Competitive advantages in overseas markets are attributed to product differentiation, particularly in electrification [25][28] Risks and Challenges - Key risks include weaker-than-expected global construction activities, intensifying competition in the AWP market, and potential escalations in US-China trade tensions that could lead to unfavorable tariffs [30] Financial Metrics - Projected EPS for 2026 is Rmb4.47, with a P/E ratio of 11.6x [12] - Free cash flow is expected to grow significantly, reaching Rmb2,141.5 million by 2026 [13] Conclusion - The overall sentiment towards Dingli remains positive, with a "Buy" rating supported by improving market conditions, strong financial performance, and strategic positioning in the AWP industry [1][25]

Summary of the Conference Call on Zhejiang Dingli Industry Overview - The aerial work platform industry has a high concentration, with the top 50 rental companies having a CR5 close to 60% and a CR10 close to 80%, influencing equipment procurement decisions [2][3] - The domestic aerial work platform industry faces challenges, with leading rental companies like Hongxin Jianda reducing capital expenditures, stable equipment rental rates, but declining rental prices [2][5] - The U.S. aerial work platform market is experiencing slowed growth, with major companies like JLG and Genie reporting revenue declines due to reduced non-residential construction activity, rising interest rates, and tariffs [2][7] - The European aerial work platform market is generally healthy but growing at a slower pace due to construction uncertainties and trade investigations, with cautious procurement expected to improve in the second half of 2025 [2][10] - Emerging markets are seeing rapid growth in the aerial work platform sector, with high rental prices and a strong acceptance of Chinese brands, providing expansion opportunities for Chinese companies in regions like Saudi Arabia and India [2][11][12] Company Performance - Dingli Company reported a 12% revenue growth and a 27% increase in net profit attributable to shareholders in the first half of 2025, with expectations for higher growth in the second half [2][23] - The company anticipates a full-year profit of between 2 billion to 2.1 billion yuan, with a projected profit growth of 30% for 2025 [2][27] - In the second quarter of 2025, Dingli's revenue growth was only 1%, attributed to a low base from the previous year, but the company expects stronger performance in the second half [2][24][25] - The company’s sales in the U.S. market are strong, with estimates indicating that selling 1,000 units could increase revenue by approximately 1 billion yuan [2][26] Market Dynamics - The Dodge Momentum Index serves as a leading indicator for non-residential construction spending, providing insights into future trends in the U.S. aerial work platform market [2][8] - The U.S. non-residential construction investment is closely linked to the aerial work platform market, with expectations for increased activity starting in the third quarter of 2025 [2][9] - The European market is expected to gradually recover from 2025 onwards, with rental income growing by 3% and rental prices slightly increasing by 1% [2][10][15] Challenges and Risks - The domestic aerial work platform industry is under pressure, with rental prices declining by approximately 19% and leading rental companies facing challenges due to excess inventory and reduced capital expenditures [2][22] - The U.S. has imposed tariffs on Chinese aerial work platform companies, with total tariffs fluctuating around 79% after negotiations, impacting Dingli's operations [2][17][21] - The EU has initiated anti-dumping investigations against Chinese companies, with preliminary results showing varying anti-dumping rates, which could affect Dingli's market share [2][18][19] Future Outlook - Dingli's future performance is expected to improve, with a projected profit of 2.4 billion yuan in 2026, reflecting a 14% growth [2][27] - The company is focusing on core products while exploring new opportunities in related fields, such as ship rust removal robots and tunnel drilling robots [2][25] - The overall market sentiment is optimistic, with potential for exceeding performance expectations in the coming quarters [2][28]

Investment Rating - The report rates the engineering machinery and rail transit equipment industry as "Overweight" [3][12]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company is expected to benefit the engineering machinery and rail transit equipment sectors, with a registered capital of 95 billion RMB [3]. - The construction of the Xinjiang-Tibet Railway will require various specialized high-altitude equipment, including excavators, cranes, concrete pump trucks, and more, with a significant demand for larger and electric equipment [3]. - The investment scale for the Xinjiang-Tibet Railway is anticipated to exceed 300 billion RMB, similar to the Sichuan-Tibet Railway, which has a total investment of over 360 billion RMB [6]. Summary by Sections Industry Overview - The Xinjiang-Tibet Railway is projected to start construction within the year, following the acceleration of preliminary work [6]. - The railway will span approximately 2000 kilometers, traversing challenging terrains such as mountains and permafrost, with a bridge-tunnel ratio exceeding 60% [6]. Key Companies and Valuations - Major companies benefiting from this project include: - Engineering Machinery: XCMG, SANY Heavy Industry, Zoomlion, and others [3]. - Tunnel Boring Machinery: China Railway Construction Heavy Industry, China Railway Industry, and others [3]. - Rail Construction Materials: China Railway Signal & Communication Corp, High-speed Rail Electric, and others [3]. - Transportation Vehicles: CRRC Corporation, Times Electric, and others [3]. - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2024 to 2027 [7].

Group 1 - The board of directors of Zhejiang Dingli Machinery Co., Ltd. held its 17th meeting of the 5th session on August 8, 2025, with all 9 directors present, confirming the meeting's legality and effectiveness [1] - The board approved the election of Xu Shugen as the representative director to execute company affairs and legal representative, with a term lasting until the end of the current board session [1] - The voting results for the election of Xu Shugen were unanimous, with 9 votes in favor and no opposition or abstentions [1] Group 2 - The board also approved the election of members for the audit committee, including Wang Baoqing as the committee convener, all of whom are independent directors [2] - The audit committee members' term will last until the end of the current board session, and the voting results were also unanimous with 9 votes in favor [2] Group 3 - Xu Shugen directly holds 230,564,600 shares of the company and indirectly holds 21,666,445 shares through Deqing Zhongding Equity Investment Management Co., Ltd. [3] - Wang Baoqing, an independent director and audit committee convener, holds a master's degree in economics and has no shares in the company [3] - Qiu Baoyin, another independent director, holds a Ph.D. in accounting and has no shares in the company [4] - Qu Danming, the only female independent director, has a background in law and also holds no shares in the company [4]

Meeting Overview - The shareholders' meeting of Zhejiang Dingli Machinery Co., Ltd. was held on August 8, 2025, at a designated location in Huzhou, Zhejiang Province [1] - The meeting was attended by shareholders representing 63.1767% of the total shares [1] - The meeting was convened by the board of directors and chaired by Chairman Xu Shugen, with voting conducted through a combination of on-site and online methods [1] Voting Results - All proposed resolutions were passed during the meeting [2][3] - For the first resolution, 319,649,600 A-shares voted in favor, representing 99.9235% of the votes [1] - The second resolution received 298,798,177 votes in favor, accounting for 93.4053% [1] - The third resolution had 298,765,177 votes in favor, which is 93.3950% [1] - The fourth resolution garnered 302,153,582 votes in favor, equating to 94.4542% [1] - The fifth resolution received 298,777,577 votes in favor, representing 93.3989% [1] Legal Compliance - The meeting's procedures were confirmed to comply with relevant laws, regulations, and the company's articles of association by the attending lawyers [3] - The resolutions passed included special resolutions requiring more than two-thirds approval and ordinary resolutions needing a simple majority [3]

Core Viewpoint - The legal opinion letter confirms that the convening and voting procedures of Zhejiang Dingli Machinery Co., Ltd.'s 2025 first extraordinary general meeting of shareholders comply with relevant laws and regulations [1][6]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors and announced on July 19, 2025, through the Shanghai Stock Exchange [2][3]. - The meeting took place on August 8, 2025, using a combination of on-site and online voting methods, with specific time slots for online voting [3][4]. - The procedures for convening and holding the meeting were found to be in accordance with the Company Law, Securities Law, and the company's articles of association [3][4]. Group 2: Attendance and Voting - A total of 485 shareholders (or their proxies) attended the meeting, representing 319,894,032 shares, which is 63.1767% of the total voting shares [4]. - The qualifications of the attendees were verified and found to be valid under applicable laws and regulations [4][5]. - The voting results showed that all proposed resolutions were approved by a majority of the voting rights held by the attending shareholders [5][6].

Group 1 - The company Zhejiang Dingli announced the resignation of non-independent director Yu Yutang, who voluntarily stepped down from his position while remaining employed at the company [2] - The resignation is part of the company's efforts to comply with the latest legal and regulatory requirements and to optimize its governance structure [2] - The company plans to hold an employee representative assembly on August 8, 2025, to elect Yu Yutang as a representative director for the fifth board of directors [2]

Group 1 - The company Zhejiang Dingli announced the holding of its first extraordinary general meeting of shareholders in 2025 on August 8, 2025 [2] - The meeting will review multiple proposals, including the proposal for the reappointment of the accounting firm [2]