ZHEJIANG DINGLI(603338) 东海证券·2025-04-22 11:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 77.99 billion yuan in 2024, representing a year-on-year growth of 23.56%, while the net profit attributable to shareholders was 16.29 billion yuan, a decrease of 12.76% year-on-year [7] - The arm series products have become the main growth driver for the company, with sales revenue reaching 29.56 billion yuan, a year-on-year increase of 20.84%, accounting for 41.21% of the main business revenue [7] - The company has successfully expanded its overseas market, achieving overseas revenue of 55.23 billion yuan, a year-on-year growth of 43.83%, with overseas revenue accounting for 70.82% of total revenue [7] - The company has invested 2.56 billion yuan in R&D in 2024, a year-on-year increase of 16.32%, focusing on electric, modular, and intelligent technologies [7] - The company maintains a low "double-reverse" tax rate compared to peers, which supports its competitive advantage [7] Summary by Sections Financial Performance - Total revenue for 2024 was 77.99 billion yuan, with a gross margin of 35.04% and a net margin of 20.89% [7] - The company forecasts net profits of 20.68 billion yuan, 24.71 billion yuan, and 28.72 billion yuan for 2025, 2026, and 2027 respectively [7][8] Market Position - The company has established a strong presence in over 100 countries, focusing on expanding non-trade friction markets [7] - The arm series products are expected to continue driving growth, with significant sales increases in both domestic and international markets [7] R&D and Innovation - The company holds 280 patents, including 142 invention patents, leading the domestic industry in patent quantity [7] - Continuous investment in R&D is aimed at developing advanced intelligent aerial work platform products [7]