"油改电"服务助推电动化加速，无人化前瞻布局矩阵完善。公司率先于业内完成全系列产品电动化，并 推出3 年质保，其中采用大载重、模块化设计的全臂式系列更为业内首创。公司于2025H1 向全球推出 了"油改电"技术服务，得益于模块化设计，鼎力柴动臂式整机只需将柴动模块全套更换为电动模块，无 需更换箱体，即可原地实现硬件更替升级，"秒换"电动款，有效助力租赁商机队电动化改革进程；无人 化方向上，公司已推出如船舶喷涂除锈机器人、隧道打孔机器人、玻璃吸盘车、模板举升车等，能够有 效满足不同客户、不同应用领域的新需求。 事件：公司发布2025H1 财报，2025H1 公司实现收入43.36 亿元/同比+12.35%，归母净利润10.52 亿元/ 同比+27.63%。其中2025Q2 公司实现营收24.38 亿元/同比+1.27%，归母净利润6.23 亿元/同比+19.40%。 毛利率及费用率：2025H1 公司毛利率为35.75%/+0.45pct，公司销售/管理/研发/财务费用率分别为 3.97%/3.48%/3.32%/-6.69%，较去年同期分别+1.89/+1.20/+0.24/-5.96pct，财务费用中的汇兑 ...

Q&A 请简要介绍浙江鼎力在 2025 年上半年的经营情况及主要业绩指标。 浙江鼎力 20250829.docx AceCamp AI 2025-08-30 摘要 浙江鼎力上半年营收 24.38 亿元，同比增长 1.27%，净利润 6.23 亿元， 同比增长 19.4%。海外市场是主要增长引擎，主营业务收入同比增长 21.25%，而国内市场因大客户采购减少略有下滑，但中小客户采购量 增加，销售额同比增长约 20%。 面对美国高关税，浙江鼎力通过在美国设立仓库、收购 CMAC 公司并推 出新产品等措施积极应对，尽管短期内存在订单延迟，但整体销售保持 稳定，并对未来美国市场充满信心。目前公司承担了新增关税成本，暂 未转嫁给客户。 欧洲市场需求偏向高端产品，与公司新能源产品契合。获得欧盟最低双 反税率 20.6%，增强了竞争力。非欧美市场如中东、巴西、印度和非洲 等发展中国家增速显著，城市化和基础设施建设带动高空作业平台需求。 国内市场方面，浙江鼎力推出油改电技术服务，将柴油设备转换为电动 设备，解决租赁难题并降低换车成本。同时，公司不断推出新品，如除 锈机器人、隧道打孔机器人等，并探索无人化作业趋势，提高运营效率 ...

Summary of the Conference Call for Zhejiang Dingli Company Overview - **Company**: Zhejiang Dingli - **Industry**: Aerial Work Platforms and Equipment Manufacturing Key Financial Metrics - **Net Profit**: 623 million CNY in H1 2025, up 19.4% YoY [2][3] - **Revenue**: 4.336 billion CNY in H1 2025, up 12.35% YoY; Q2 revenue was 2.438 billion CNY, up 1.27% YoY [3] - **Gross Margin**: 35.75%, up 0.44 percentage points YoY; main business gross margin at 35.14%, up 1.62 percentage points YoY [2][3] - **Net Margin**: 24.26%, up 2.9 percentage points YoY [2][3] Market Performance Domestic Market - **Trend**: Overall decline, but small and medium-sized customer purchases increased by approximately 20% [3][7] - **New Customers**: New customer ratio increased by over 25% [3][7] - **Product Development**: Focus on oil-to-electric technology services and backend applications like rust removal robots and tunnel drilling robots [3][7] International Markets - **Overseas Revenue**: 3.374 billion CNY in H1 2025, up 21.25% YoY [2][3] - **U.S. Market**: Sales remained flat YoY; impacted by tariffs and production halts in April and May [3][10][11] - **European Market**: Demand is relatively weak but expected to show slight growth; focus on high-value products aligns with customer preferences [2][6][15] - **Non-EU/US Markets**: Fastest growth observed in regions like the Middle East, Brazil, India, and Africa, driven by urbanization and infrastructure development [2][6][14][16] Strategic Responses - **Tariff Management**: Adjusted production and shipping schedules, utilized overseas warehouses to manage U.S. tariffs; currently, U.S. market inventory is sufficient [2][5] - **Product Development**: New products tailored for the U.S. market to enhance competitiveness [2][5] - **Cost Management**: Plans to reduce non-essential capital expenditures and control costs to ensure cash flow and asset safety amid global economic instability [3][8] Future Outlook - **Sales Projections**: U.S. market sales expected to remain flat for the year; new product promotions are ongoing [11][12] - **Market Expansion**: Continued focus on overseas market profitability and product enhancement [8] - **Factory Development**: The sixth-phase factory is expected to be operational by the second half of 2026 [28] Additional Insights - **Customer Base**: High coverage among U.S. rental customers, particularly those familiar with the company's products [13] - **Market Dynamics**: Emerging markets show diverse sales structures compared to the concentrated preferences in the U.S. and Europe [21] - **Profitability Challenges**: U.S. market profitability under pressure due to high tariffs, while European market remains relatively stable [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, strategic responses, and future outlook.

Core Viewpoint - In Q1 2025, the company achieved a revenue growth of 31%, primarily driven by overseas markets, with CMEC's consolidation contributing to overseas revenue growth. The net profit attributable to the parent company increased by 42% year-on-year, with stable gross margins and improved net margins due to reduced one-time expenses from CMEC consolidation. The company made positive progress in overseas tax rates, securing a minimum tariff of 20.6% in the EU anti-dumping investigation, which enhances its export competitiveness. Additionally, the US-China Geneva trade talks exceeded expectations, leading to adjustments in tariffs on Chinese exports to the US, currently around 30%, benefiting the company's exports to the US [1]. Events - Event 1: In Q1 2025, the company reported a revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, a year-on-year increase of 41.83% [2]. - Event 2: The EU's final ruling on the anti-dumping and countervailing investigation against mobile elevating work platforms from China resulted in the company obtaining a minimum tariff of 20.6% [2]. - Event 3: The US-China Geneva trade talks led to positive developments, including the modification of tariffs on Chinese goods, with a 24% tariff suspended for the initial 90 days and a remaining 10% tariff retained [2]. Commentary - The company experienced rapid revenue growth in Q1 2025, with a revenue of 1.898 billion yuan, up 30.72% year-on-year. The domestic market was in a seasonal downturn, while exports surged, driven by CMEC's consolidation and the company's active expansion into overseas markets, particularly in Europe and North America. The net profit attributable to the parent company was 429 million yuan, reflecting a year-on-year increase of 41.83%. The gross margin and net margin were 40.56% and 22.58%, respectively, with the gross margin remaining stable and the net margin improving due to reduced one-time expenses from CMEC consolidation [3]. Long-term Development Outlook - The company achieved a minimum tariff rate in the EU anti-dumping investigation, providing a competitive advantage for exports to Europe. The company effectively utilized its response strategy and detailed evidence to secure a 20.6% minimum tariff, while other Chinese brands faced tariffs ranging from 41.7% to 66.7%. Additionally, the US-China tariff negotiations yielded favorable outcomes for the company's US business, with current tariffs on exports to the US at approximately 30%. The company maintains strong product capabilities and is actively expanding its arm-type products, introducing various new products such as tunnel drilling robots and ship rust removal robots, contributing to new revenue streams [4]. Investment Projections - The company is projected to achieve revenues of 8.988 billion yuan, 10.126 billion yuan, and 11.429 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 15.25%, 12.66%, and 12.87%, respectively. The net profits attributable to the parent company are expected to be 2.002 billion yuan, 2.474 billion yuan, and 2.944 billion yuan, with year-on-year growth rates of 22.92%, 23.59%, and 18.98%. The corresponding price-to-earnings ratios are projected to be 12.21x, 9.88x, and 8.31x, maintaining a "buy" rating [5].