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>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

Thematic (Sector/Industry)

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Sep.</li><li>For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.</li><li>In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Sep.For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. 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.

Capital Goods - Decent Export Growth; Weak Demand in China

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.</li><li>For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).</li><li>In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. 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.

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

<ul><li>The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).</li><li>Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.</li><li>Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. </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.

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. 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.

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

<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

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) - 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

Capital Goods - Decent Export Growth; Weak Demand in China

We still see some downside risks for our BUY-rated Zoomlion (1157 HK / 000157 CH) due to the deterioration of China’s crane demand that could...

CMB International

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).

CMB International

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction...

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

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