ZHEJIANG DINGLI(603338) 新浪财经·2025-05-06 10:47Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by overseas market expansion and the consolidation of CMEC as a subsidiary, resulting in a significant increase in both revenue and net profit compared to the previous year [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.898 billion yuan, a year-on-year increase of 30.72% [1]. - The net profit attributable to shareholders was 429 million yuan, reflecting a year-on-year growth of 41.83% [1]. - The adjusted net profit was 431 million yuan, with a year-on-year increase of 14.21% [1]. Revenue Breakdown - The domestic market experienced weaker growth due to seasonal factors, with a reported 35% decline in domestic sales of aerial work platforms from January to March 2025 [2]. - The overseas market, particularly in Europe and non-European regions, was a major driver of revenue growth in Q1 2025 [2]. Profitability - The company's gross margin was 40.56%, with a year-on-year increase of 1.03 percentage points, attributed to a higher proportion of overseas sales and changes in product mix [2]. - The net profit margin stood at 22.58%, reflecting a year-on-year increase of 1.77 percentage points [2]. Expense Analysis - Sales expense ratio and management expense ratio increased by 3.04 percentage points and 3.24 percentage points, respectively, mainly due to the consolidation of CMEC and increased costs related to U.S. tariffs [3]. - Financial expense ratio decreased by 3.71 percentage points, benefiting from increased foreign exchange gains [3]. Market Outlook - The company is expected to increase its market share in Europe and achieve significant growth in non-European markets, supported by its differentiated product advantages [4]. - The company received recognition for its innovative electric products at the 2025 Bauma exhibition in Germany, securing over 1,000 orders [3]. - The company has a competitive edge with a minimum tax rate of 20.6% in the EU's anti-dumping investigation, which is favorable compared to both foreign and domestic brands [3]. Future Projections - The company is projected to achieve net profits of 2.104 billion yuan and 2.068 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 10 times and 11 times [4].