ZHEJIANG DINGLI(603338) 东吴证券·2025-05-13 10:45Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The recent 90-day window for U.S.-China trade provides a clearer path for performance realization, enhancing the company's earnings certainty [3] - The company has the lowest anti-dumping tax rate in the industry at 20.6%, which is expected to have a limited impact on its order volume and profitability in the European market [4] - The company is anticipated to experience sustained growth due to various factors, including successful product trials overseas and the extension of inventory preparation windows in North America [5] Financial Forecasts - Total revenue is projected to grow from 6,312 million RMB in 2023 to 11,705 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.20% [1] - Net profit attributable to shareholders is expected to increase from 1,867 million RMB in 2023 to 2,780 million RMB in 2027, reflecting a significant growth trajectory [1] - The earnings per share (EPS) is forecasted to rise from 3.69 RMB in 2023 to 5.49 RMB in 2027, indicating a strong upward trend [1] Market Position and Strategy - The company is well-positioned to leverage its competitive advantages in high-value products and compliance with European regulations, which may enhance its market share in Europe [4] - The expansion into new markets and the introduction of innovative products are expected to contribute positively to the company's long-term growth [5] - The company plans to explore local manufacturing options in the U.S. to further strengthen its market presence [5]