浙江鼎力：Q3业绩高增，臂式产品有望持续放量

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company reported strong Q3 2024 performance with revenue of RMB 6.134 billion, up 29.35% YoY, and net profit attributable to shareholders of RMB 1.460 billion, up 12.91% YoY [3] - Q3 net profit margin reached 27.97%, up 6.61 percentage points from the first half of 2024, driven by increased gross margin and reduced financial expenses [3] - The company's Phase V factory is ramping up production, which is expected to further reduce costs for boom lift products and drive volume growth [3] - The company continues to innovate and develop differentiated products, such as rail aerial work platforms and glass suction trucks, to meet diverse customer needs [3] - EU anti-dumping duties on the company's products were reduced from 31.3% to 23.6%, and US duties were cut from 31.54% to 12.39%, enhancing its competitive advantage in these markets [3] Financial Performance Summary Revenue and Profit - 2024 Q1-3 revenue: RMB 6.134 billion, up 29.35% YoY [3] - 2024 Q1-3 net profit attributable to shareholders: RMB 1.460 billion, up 12.91% YoY [3] - 2024 Q3 net profit margin: 27.97%, up 6.61 percentage points from H1 2024 [3] - 2024-2026 revenue forecast: RMB 8.076 billion, RMB 9.796 billion, RMB 11.024 billion, with YoY growth rates of 27.95%, 21.30%, and 12.53% respectively [4] - 2024-2026 net profit forecast: RMB 2.102 billion, RMB 2.511 billion, RMB 2.959 billion, with YoY growth rates of 12.56%, 19.47%, and 17.84% respectively [4] Profitability and Valuation - 2024-2026 PE ratios: 12.80x, 10.71x, 9.09x [4] - 2024-2026 PB ratios: 2.67x, 2.28x, 1.94x [6] - 2024-2026 ROE: 20.9%, 21.3%, 21.3% [8] Operational Metrics - 2024-2026 gross margin: 36.2%, 35.2%, 36.2% [8] - 2024-2026 net margin: 26.0%, 25.6%, 26.8% [8] - 2024-2026 asset turnover: 0.54x, 0.57x, 0.56x [8] Balance Sheet and Cash Flow - 2024-2026 total assets: RMB 15.810 billion, RMB 18.504 billion, RMB 21.050 billion [8] - 2024-2026 operating cash flow: RMB 1.880 billion, RMB 2.606 billion, RMB 3.097 billion [8] - 2024-2026 capital expenditures: RMB -451 million, RMB -401 million, RMB -351 million [8] Industry and Product Development - The company's Phase V factory is expected to enhance production capacity and reduce costs for boom lift products, which are characterized by higher reach and greater load capacity [3] - The company is focusing on innovation, with plans to launch more high-value, differentiated, electric, and intelligent products to optimize its product structure and explore new growth engines [3] - The reduction in EU and US anti-dumping duties is expected to strengthen the company's competitive position in these key markets [3]