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.

Thematic (Sector/Industry)

<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

Equity Bottom-Up

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<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>The European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.</li><li>Sinoboom (not listed), Dingli (603338 CH, BUY), Genie (brand owned by Terex [TEX US, NR]) and JLG (brand owned by Oshkosh [OSK US, NR]) are subject to 56.1%, 31.3%, 25.6% and 23.6% AD duties, respectively.</li><li>Besides, other major AWP manufacturers that cooperated with the investigation are subject to 32% of AD duties, including Zoomlion (1157 HK / 000157 CH, BUY), XCMG (000425 CH, NR), Liugong (000528 CH, NR), Hangcha (603298 CH, NR), Lingong (not listed), Haulotte (PIG FP) etc. </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 European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.Sinoboom (not listed), Dingli (603338 CH, BUY), Genie (brand owned by Terex [TEX US, NR]) and JLG (brand owned by Oshkosh [OSK US, NR]) are subject to 56.1%, 31.3%, 25.6% and 23.6% AD duties, respectively.Besides, other major AWP manufacturers that cooperated with the investigation are subject to 32% of AD duties, including Zoomlion (1157 HK / 000157 CH, BUY), XCMG (000425 CH, NR), Liugong (000528 CH, NR), Hangcha (603298 CH, NR), Lingong (not listed), Haulotte (PIG FP) etc. 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 - Overhang largely removed following EU’s preliminary results of AD duties on AWP

<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>We expect the rally of the construction machinery sector to continue, given more policy details released earlier by the Ministry of Housing and Urban-Rural Development to support the replacement and upgrade of machinery.</li><li>Besides, the NDRC mentioned in a press conference yesterday (17 Apr) that the authority has completed the preliminary screening for the local government special bond projects.</li><li>We believe all these will gradually help improve the domestic machinery demand. Our short-term pecking order in the construction machinery space is Zhejiang Dingli (603338 CH, BUY), Zoomlion (1157 HK/000157 CH, HOLD), Jiangsu Hengli (601100 CH, BUY) and SANY Heavy (600031 CH, HOLD).</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 expect the rally of the construction machinery sector to continue, given more policy details released earlier by the Ministry of Housing and Urban-Rural Development to support the replacement and upgrade of machinery.Besides, the NDRC mentioned in a press conference yesterday (17 Apr) that the authority has completed the preliminary screening for the local government special bond projects.We believe all these will gradually help improve the domestic machinery demand. Our short-term pecking order in the construction machinery space is Zhejiang Dingli (603338 CH, BUY), Zoomlion (1157 HK/000157 CH, HOLD), Jiangsu Hengli (601100 CH, BUY) and SANY Heavy (600031 CH, HOLD).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 - More Policies to Support Domestic Machinery Demand

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zhejiang Dingli Machinery L (603338 CH)

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

Capital Goods - Overhang largely removed following EU’s preliminary results of AD duties on AWP

The European Union (EU) announced this week the proposed anti-dumping (AD) duties on aerial work platforms (AWP) made in China.

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

China Construction Machinery - More Policies to Support Domestic Machinery Demand

We expect the rally of the construction machinery sector to continue, given more policy details released earlier by the Ministry of Housing and...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)