ZHEJIANG DINGLI(603338) 华创证券·2025-04-21 01:45Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][15]. Core Insights - The company reported a total revenue of 7.8 billion yuan for 2024, a year-on-year increase of 23.56%, while the net profit attributable to shareholders decreased by 12.77% to 1.63 billion yuan [2][6]. - The company is facing challenges due to rising costs and trade frictions but is implementing multiple measures to address these issues [2][6]. - The company achieved significant growth in overseas markets, with a 43.83% increase in overseas revenue, reaching 5.52 billion yuan [2][6]. Financial Performance Summary - 2024 Financial Metrics: - Total Revenue: 7,799 million yuan, with a growth rate of 23.6% [2][7]. - Net Profit: 1,629 million yuan, with a decline of 12.8% [2][7]. - Earnings Per Share (EPS): 3.22 yuan [2][7]. - Price-to-Earnings (P/E) Ratio: 12 [2][7]. - Price-to-Book (P/B) Ratio: 2.0 [2][7]. - Future Projections: - Revenue is projected to reach 9.17 billion yuan in 2025, 10.47 billion yuan in 2026, and 12.08 billion yuan in 2027, with respective growth rates of 17.6%, 14.2%, and 15.3% [2][7]. - Net profit is expected to increase to 2.10 billion yuan in 2025, 2.40 billion yuan in 2026, and 2.81 billion yuan in 2027, with growth rates of 28.8%, 14.5%, and 16.7% respectively [2][7]. Market Position and Strategy - The company is recognized as a leader in the high-altitude work platform industry, with a strong focus on differentiated products and significant R&D investments [2][6]. - The company has launched several innovative products, enhancing its competitive edge in both domestic and international markets [2][6]. - The company is strategically positioned to benefit from the robust demand in mature markets like North America and Europe, despite facing short-term pressures from tariffs [2][6].