ZHEJIANG DINGLI(603338) 光大证券·2025-04-21 07:12Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year growth of 23.56%, while the net profit attributable to shareholders decreased by 12.76% to 1.629 billion yuan [1][4] - The overseas business showed significant growth, with revenue from international markets increasing by 43.83%, while domestic revenue fell by 22.23% [2][4] - The arm-type products have become a major growth driver, with sales increasing by 20.84% and accounting for 41.21% of the main business [3][4] Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 77.99 billion yuan, up 23.56% year-on-year, and a net profit of 16.29 billion yuan, down 12.76% [1] - The gross profit margin for the main business was 33.68%, slightly down by 1.06 percentage points year-on-year [2] Product Performance - Revenue from arm-type, scissor-type, and column-type aerial work platforms was 29.56 billion yuan, 34.44 billion yuan, and 7.72 billion yuan, with year-on-year growth rates of 20.84%, 14.41%, and 53.14% respectively [2] - The arm-type products saw a 46.99% increase in overseas sales [3] Market Expansion - The company has actively expanded its overseas markets, particularly through the acquisition of CMEC and the development of non-European and American markets [2][3] - The company has completed a project to produce 4,000 large intelligent aerial platforms, which is expected to enhance production capacity [3] Financial Forecast - The net profit forecasts for 2025 and 2026 have been cautiously adjusted downwards by 18% each, with new estimates for 2027 set at 27.53 billion yuan [4] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.08 yuan, 4.75 yuan, and 5.44 yuan respectively [4][5]