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>Dingli reported strong net profit growth of 36% YoY in 3Q22, driven by a surprising recovery of gross margin (+5.8ppt YoY) and FX gains that offset the decline of revenue (-14% YoY due to delay of sales recognition) and increased R&amp;D expense.</li><li> We see this as a set of high quality results. Going forward, we are confident that on-track construction of distribution channel, wide range of product offerings and reliable supply chain will enable Dingli to capture the strong demand for AWP in the overseas. </li><li>We revise up our earnings forecast in 2022E/23E/24E by 7%/5%/4%, mainly due to higher margin assumptions and fx gains. </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.

Dingli reported strong net profit growth of 36% YoY in 3Q22, driven by a surprising recovery of gross margin (+5.8ppt YoY) and FX gains that offset the decline of revenue (-14% YoY due to delay of sales recognition) and increased R&amp;D expense. We see this as a set of high quality results. Going forward, we are confident that on-track construction of distribution channel, wide range of product offerings and reliable supply chain will enable Dingli to capture the strong demand for AWP in the overseas. We revise up our earnings forecast in 2022E/23E/24E by 7%/5%/4%, mainly due to higher margin assumptions and fx gains. 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 - A (603338 CH) – 3Q22 Earnings +36% YoY Better than Expectation