Zhejiang Dingli (603338) Quarterly Report Review: Actively Exploring the Eurasian Market and Opening a New Blue Ocean with Small Scissors

Zhejiang Dingli (603338) Quarterly Report Review: Actively Exploring the Eurasian Market and Opening a New Blue Ocean with Small Scissors

Revenue for the first three quarters of 14.

45 ppm / decade +9.

02%, net profit attributable to mother 4.

4.4 billion +12 per year.

02% of companies released three quarterly reports: the company’s revenue in the first three quarters of 201914.

45 ppm / decade +9.

02%, net profit attributable to mother 4.

44 ppm / decade +12.

02%.

The company’s revenue in Q3 2019 was 5.

97 ppm / decade +10.

44%, an increase of 28 from the Q2 of 2019.

54%, net profit attributable to mother is 1.

$ 8.3 billion / three years -3.

88%, an increase of 15 from the Q2 of 2019.

20%, better than market expectations.

The increase in the first three quarters of revenue and net profit attributable to mothers was due to the expansion of the company’s scale and market expansion efforts in Europe and Asia, the expansion of domestic leasing companies’ purchases, and the company’s continued optimization of its product structure.supplier.

The company’s EPS for 2019-2021 is expected to be 1.

74/2.

26/2.

72 yuan, giving an estimated PE of 38 in 2019?
40x, corresponding to a target price of 66.

12?

69.

60 yuan, maintaining the “overweight” level.

Actively explore the Eurasian market and fully integrate and cooperate with Nikken Leasing. In order to reduce the impact of the trade war on product sales, the company actively reduced the North American market’s sales share, actively explored the Eurasian market and deepened the domestic market.

2019H1 company’s revenue from domestic and overseas accounts for 51.

13% and 48.

87%, of which Europe, North 北京夜生活网 America, Asia and other markets accounted for 38% of the total export revenue.

79%, 32.

91% and 28.

30%, the three-year revenue change in the three regions in turn is: +47.

16%, -53.

64%, +21.

84%; Territory revenues have grown by 35 in ten years.

twenty two%.

The company has now fully cooperated with Nikken Leasing, Japan’s largest aerial platform leasing company.

Nikken Leasing is regarded as “the world’s most demanding leasing company”, and the company’s cooperation with it helps to enhance the brand image and expand the layout.
Nikken Leasing has purchased several aerial platforms of different models in July.

In October, pure lead batteries were officially launched, and a new blue ocean was opened with a small scissor platform. In order to save the operating costs of leasers, Zhejiang Dingli jointly developed a pure lead battery with a 2-year 杭州桑拿 warranty and a 4-year life.Officially entered the market.
Unlike lead-acid batteries, which are difficult to maintain, have a low life, high operating costs and high lithium battery prices, and are difficult to recycle after scrapping, pure lead batteries have excellent performance in the entire life cycle of efficiency, safety, economy, and convenience.
At present, the competition of mainstream scissor aerial work platforms is becoming increasingly fierce, and rents are getting lower and lower. The company actively explores a new blue ocean, and has launched a small scissor platform that focuses on indoor climbing operations and has a good rental price advantage.

The small shear fork has a high return on investment, low maintenance costs, and is widely used in the market. It is one of the best-selling shear fork platforms, and its penetration in the domestic market is expected to increase.

Leading companies in high-altitude operation platforms, maintaining the “overweight” level were affected by the friction between China and the United States. The company’s main business income from North America exceeded its share of its total overseas revenue and declined.

It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 6.

02 ppm / 7.

8.2 billion / 9.

45 ppm, a ten-year average of 25.

24%, 29.

99%, 20.

77%.

The corresponding EPS is 1.

74/2.

26/2.

72 yuan.

Considering that the company is located in the aerial platform industry and is a high-growth enterprise in the construction machinery sub-industry, reference to the comparable company Wind consistently predicts that the average PE average for 2019 will be 27.

01, May next year, large-scale new arm-type fund-raising projects will be put into production, strengthening business expansion in non-North American regions, giving a PE estimate of 38 in 2019?
40x, corresponding to a target price of 66.

12?69.

60 yuan, maintaining the “overweight” level.

Risk warning: there is pressure in overseas markets, industry competition is intensifying, and demand growth is slower than expected.