Zhejiang Dingli (603338): New arm type accelerates promotion and continues to be optimistic about the company’s long-term value

Zhejiang Dingli (603338): New arm type accelerates promotion and continues to be optimistic about the company’s long-term value

The performance advantage of the new arm type is outstanding, and we expect to quickly achieve import substitution.

The highlights of the new arm style are mainly reflected in: 1) Family-style redesign.

95% of the main parts of the new arm series are common, 80% of the structural parts are common, and the traditional arm parts and structural parts are hardly common.

As long as 10 sizes of different heights can be repaired and repaired, all models can be used. The rental company’s equipment maintenance efficiency is improved, maintenance and labor costs are reduced; 10 sizes of different heights need only purchase 1 set of fragile accessories, Can respond to all sudden failures, equipment maintenance parts procurement costs of leasing companies, storage costs are reduced.

2) Sinking design.

The center of gravity of the new arm series is lowered, and the product stability is better; the components are located in the chassis section, and the leasing company is convenient for maintenance; the strength is higher, and the new arm type of the same thickness of the plate can bear higher weight, under the same loadIn this case, the overall weight is also relatively lighter.

3) Equipped with American Dana construction machinery professional axles.

The pressure loss of the diverter valve is eliminated, and the transmission efficiency is more than 20% higher than the traditional wheel-side deceleration drive. The power is more powerful; it comes with a 100% differential lock. When the three tires slip, the differential lock can be activated and it can still move forward.Competent for severe working conditions; the maximum climbing ability is 50%, and the off-road performance is stronger.

At present, the new arm type is accelerating to provide new momentum for high growth in future performance.

According to company news, on May 26, June 1, and June 8, the company welcomed a total of more than 100 leasers onsite to experience the new arm type in Zhejiang, Jiangsu, Anhui, Shanghai, and the Pearl River Delta.

In view of the current expected funding situation for the production of the new arm small plan, a large number of leasing company customers, after discovering the construction progress of the Dingli Phase IV large arm modern factory project, have asked about the new arm production scheduling arrangements, hoping to book or purchase as soon as possibleNew arm type products.

The company is accelerating the promotion of new arm-type products to the market, and the new arm-type production capacity is expected to be put into production in May 2020.

At present, the product structure of domestic leasing companies is mainly scissor-type, but through industry development and construction conditions have changed, the demand for arm-type products is gradually increasing, the company’s sales volume of arm-type products in 2018 increased by 98 compared with the previous year.

55%, we expect to exceed the scissor type in the next three years; we believe that the company ‘s high-end arm type launch time just caters to the market and is expected to achieve rapid global promotion, and the company ‘s revenue growth will reach a new level.

Profit forecast and estimation: Affected by the Sino-U.S. Trade dispute, the company 杭州桑拿网 may change, but we believe that the company’s long-term growth logic has not changed, and we insist on recommending it for a long time.

Considering the impact of the Sino-U.S. Trade dispute on the company’s short-term performance, the company’s net profit attributable to its mother in 2019-2021 is expected to be 6.

44/8.

78/12.

3.9 billion, an increase of 34 each year.

01% / 36.

32% / 41.

12%, earnings per share is 1.

86/2.

53/3.

57 yuan.

We believe that the company’s 19-year reasonable PE estimation interval is 30-35 times and the reasonable value interval is 55.

8 yuan -65.

1 yuan, previous market rating.

Risk Warning: Low expectations at home and abroad; arm-type promotion exceeds expectations.