External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.</li><li>This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.</li><li>This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

<ul><li>Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY decrease in gross margin due mainly to an exceptional high base in 3Q23.</li><li>Reported net profit grew 38% YoY to RMB636mn, helped by an increase in net finance income (FX gains).</li><li>The results suggest Dingli’s strong execution in expanding overseas. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY decrease in gross margin due mainly to an exceptional high base in 3Q23.Reported net profit grew 38% YoY to RMB636mn, helped by an increase in net finance income (FX gains).The results suggest Dingli’s strong execution in expanding overseas. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (603338 CH) - 3Q24 Net Profit +38% YoY, Beat Expectations

<ul><li>Zhejiang Dingli’s (Dingli) EBIT in 2Q24 grew 72% YoY to RMB612mn, driven by revenue growth of 34% YoY and gross margin expansion of 2.6ppt YoY.</li><li>Reported net profit grew only 2% YoY to RMB522mn, but largely a result of the reduction of net finance income due to the lack of FX gains.</li><li>During the post results call, management reiterated the positive outlook for the US market, with an unchanged full-year boom lifts sales target of 2k units. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli’s (Dingli) EBIT in 2Q24 grew 72% YoY to RMB612mn, driven by revenue growth of 34% YoY and gross margin expansion of 2.6ppt YoY.Reported net profit grew only 2% YoY to RMB522mn, but largely a result of the reduction of net finance income due to the lack of FX gains.During the post results call, management reiterated the positive outlook for the US market, with an unchanged full-year boom lifts sales target of 2k units. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (603338 CH) - Boom Lifts & US Market Remain the Key Drivers

<ul><li>Zhejiang Dingli (Dingli)’s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan.</li><li>In 1Q24, the adjusted net profit (excluding fair value loss of RMB101mn) grew 27% YoY to RMB404mn, which is in line with our expectation.</li><li>During the post results call, management revealed that sales in the US has accelerated since early Apr, with a full year sales target of 2k units of boom lifts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (Dingli)’s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan.In 1Q24, the adjusted net profit (excluding fair value loss of RMB101mn) grew 27% YoY to RMB404mn, which is in line with our expectation.During the post results call, management revealed that sales in the US has accelerated since early Apr, with a full year sales target of 2k units of boom lifts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (603338 CH) - 4Q23 & 1Q24 Earnings in Line

<ul><li>Zhejiang Dingli (Dingli) announced over the weekend that it plans to spend RMB1.7bn to build a new production base for 20k units of new energy aerial work platform (AWP).</li><li>We understand that the entire capacity will be for scissors lifts, given the rising demand for electric and advanced models in the overseas.</li><li>We estimate the new capacity will add 30% capacity in 2026-27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (Dingli) announced over the weekend that it plans to spend RMB1.7bn to build a new production base for 20k units of new energy aerial work platform (AWP).We understand that the entire capacity will be for scissors lifts, given the rising demand for electric and advanced models in the overseas.We estimate the new capacity will add 30% capacity in 2026-27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhejiang Dingli (603338 CH) - New AWP Capacity Expansion Plan

China

Zhejiang Dingli Machinery Co Ltd designs and manufactures industrial lifts. The Company's main products include scissor lifts and boom lifts. Zhejiang Dingli distributes their products worldwide.

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Zhejiang Dingli Machinery L (603338 CH)

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from...

CMB International

Zhejiang Dingli (603338 CH) - 3Q24 Net Profit +38% YoY, Beat Expectations

Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY

CMB International

Zhejiang Dingli (603338 CH) - Boom Lifts & US Market Remain the Key Drivers

Zhejiang Dingli’s (Dingli) EBIT in 2Q24 grew 72% YoY to RMB612mn, driven by revenue growth of 34% YoY and gross margin expansion of 2.6ppt YoY.

CMB International

Zhejiang Dingli (603338 CH) - 4Q23 & 1Q24 Earnings in Line

Zhejiang Dingli (Dingli)’s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan.

CMB International

Zhejiang Dingli (603338 CH) - New AWP Capacity Expansion Plan

Zhejiang Dingli (Dingli) announced over the weekend that it plans to spend RMB1.7bn to build a new production base for 20k units of new energy...

CMB International

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