The company plans to invest 1.7 billion yuan to build a new energy aerial work platform project with an annual output of 20,000 units. The company plans to use self-financing to invest 1.7 billion yuan to build a new energy aerial work platform project with an annual output of 20,000 units. The construction period is expected to be 36 months. After completion and delivery, the project is expected to achieve annual sales revenue of 2.5 billion yuan. Furthermore, considering that the company's Phase 5 plant is expected to be officially put into operation in '24, which will continue to increase sales of high-meter, high-value-added, and electric arm products in overseas markets, and is expected to continue to improve the company's gross profit margin, we raised our 24-25 profit forecast. We expect EPS for 23-25 to be 3.67, 4.58, and 5.60 (previous values 3.67, 4.51, 5.17), respectively. Comparable to the 24-year Wind, the average PE value is 14 times. Considering that the company's main product is a differentiated high-end machine, there should be a premium. The company will be given 17 times PE in 24 years, with a target price of 77.86 yuan (previous value of 67.65 yuan) to maintain “increased holdings”.
The company launched the “Double Improvement of Quality Return” action plan. The increase in executive holdings highlights confidence. According to the company's “Double Improvement in Quality Return” announcement, the company has implemented cash dividends every year since its listing in 2015. The total annual cash dividends have continued to grow, and the company has distributed a total of 883 million yuan in cash dividends to investors. In 2024, the company will coordinate the dynamic balance between business development, performance growth and shareholder returns. While performance is growing, the cash dividend plan will be rationally optimized to enhance shareholder returns. On March 8, 2024, the company received a notice from Ms. Liang Jin, director and secretary of the board of directors, that it intends to increase the company's stock holdings by no less than RMB 4 million and not more than RMB 5 million. The increase in executive holdings shows confidence in the company's future development prospects and recognition of the long-term investment value of the company's shares.
It won the 2024 IAPA Scissor and Mast Award. According to the company's official website, the IPAF summit and IAPA award ceremony were held in Copenhagen, Denmark on March 13-14, 2024. In the 2024 IAPA Award shortlist, Zhejiang Dingli, as the only Chinese company shortlisted, was on the list of 4 awards. It was shortlisted for three major awards, including the Sustainability Award, the Innovative Technology Award, and the Arm and Spider Product of the Year, and finally won the 2024 IAPA Scissor and Mast Award. Truly achieve zero breakthroughs for Chinese companies in this award. The company's long-term strategy to create a “green and sustainable” corporate ecosystem, and receiving this award highlights the industry's recognition of the company.
Risk warning: Steel price fluctuations exceed expectations, exchange rate fluctuations exceed expectations, and market competition intensifies.