External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul>
<li>We believe the listing of Horizon Construction (9930 HK, BUY), the major customer of Dingli in China market, will enhance the visibility of Dingli’s AWP orders over the coming 1-2 years.</li>
<li>Besides, we expect Dingli to deliver accelerating sales volume growth in 2024E upon the commencement of smart factory with annual capacity of 4,000 units of AWP.</li>
<li>On the margin side, we expect Dingli to deliver meaningful gross margin expansion given the decline in freight rate and steel cost, as well as the appreciation of foreign currency against RMB.</li>
</ul>
<p><em>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.</em></p>


We believe the listing of Horizon Construction (9930 HK, BUY), the major customer of Dingli in China market, will enhance the visibility of Dingli’s AWP orders over the coming 1-2 years.
Besides, we expect Dingli to deliver accelerating sales volume growth in 2024E upon the commencement of smart factory with annual capacity of 4,000 units of AWP.
On the margin side, we expect Dingli to deliver meaningful gross margin expansion given the decline in freight rate and steel cost, as well as the appreciation of foreign currency against RMB.

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) – Margin expansion in 23E; Volume growth in 24E