ZHEJIANG DINGLI(603338) 长江证券·2025-04-23 13:44Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company continues to advance its globalization strategy, achieving significant growth in overseas market revenue, with a total of 5.523 billion yuan in foreign main business income, representing a year-on-year increase of 43.83% [2][12] - The arm-type product series has shown continuous breakthroughs, with overseas sales revenue for arm-type products increasing by 46.99% year-on-year [2][12] - The company has launched differentiated high-end products, such as ship spray rust removal robots and tunnel drilling robots, which are expected to contribute to new demand and revenue growth [2][12] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 7.799 billion yuan, a year-on-year increase of 23.56%, and a net profit attributable to shareholders of 1.629 billion yuan, a decrease of 12.76% year-on-year [6][12] - In Q4 2024, the company reported a revenue of 1.665 billion yuan, a year-on-year increase of 6.07%, but a significant decline in net profit attributable to shareholders by 70.65% year-on-year [6][12] Product Development - The company has successfully introduced differentiated products, with revenue from arm-type, scissor-type, and mast-type products increasing by 21%, 14%, and 53% year-on-year, respectively [12] - The arm-type products account for 41% of main business revenue, while scissor-type and mast-type products account for 48% and 11%, respectively [12] Market Strategy - The company actively participates in global industry exhibitions and has enhanced its overseas channel construction and subsidiary operations, leading to a broader market coverage [12] - The company is expected to see growth in both domestic and international markets, particularly in Europe and non-European markets [12]