ZHEJIANG DINGLI(603338) 新浪财经·2025-04-29 02:40Core Viewpoint - Zhejiang Dingli reported a revenue of 7.8 billion yuan for 2024, representing a year-on-year increase of 23.6%, while the net profit attributable to shareholders decreased by 12.8% to 1.63 billion yuan, primarily due to increased unconventional costs [1] Financial Performance - The company achieved a gross margin of 33.7% for its main business, down by 1.1 percentage points year-on-year [1] - The increase in costs was attributed to a rise in sales expenses by 130 million yuan (approximately +103% year-on-year), management expenses by 84 million yuan (approximately +60% year-on-year), and financial expenses by 150 million yuan, alongside a decrease in investment income by 110 million yuan [1] Product Performance - The company raised prices across various types of high machines: - Scissor lifts generated revenue of 3.44 billion yuan, up 14.4%, with sales of 37,023 units, down 13.5%, and an average price of approximately 93,000 yuan per unit, up 2,300 yuan [2] - Boom lifts achieved revenue of 2.96 billion yuan, up 20.8%, with sales of 6,516 units, up 18.7%, and an average price of approximately 454,000 yuan per unit, up 800 yuan [2] - Telescopic lifts generated revenue of 770 million yuan, up 53.1%, with sales of 9,709 units, up 28.9%, and an average price of approximately 79,000 yuan per unit, up 13,000 yuan [2] International Expansion - The company reported overseas business revenue of 5.5 billion yuan, a year-on-year increase of 43.8%, with overseas revenue accounting for 77% of total business [2] - The gross margin for overseas markets was 35.9%, which is 9.5 percentage points higher than the domestic market [2] - The company is enhancing its overseas channel construction, optimizing subsidiary operations, and actively participating in global industry exhibitions to attract new customers [2] Future Outlook - Revenue projections for 2025-2027 are estimated at 9.1 billion yuan, 10.4 billion yuan, and 12 billion yuan, with net profits of 2.09 billion yuan, 2.52 billion yuan, and 3.01 billion yuan respectively, corresponding to P/E ratios of 10, 9, and 7 [3] - The company's globalization strategy is expected to help it explore emerging markets and maintain high gross margins overseas, despite short-term pressures from domestic competition and U.S. tariffs [3]