ZHEJIANG DINGLI(SH:603338) Xin Lang Cai Jing·2025-11-01 00:38Group 1: Financial Performance - In Q3 2025, the company reported revenue of 2.34 billion yuan, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 540 million yuan, a year-on-year decrease of 14.7% [1] - The gross profit margin for Q3 2025 was 36.1%, down approximately 1.5 percentage points year-on-year, but showed significant improvement compared to Q2 2025 [1] - Sales expenses in Q3 2025 were 74 million yuan, up 28% year-on-year, while R&D expenses were 82 million yuan, up 33% year-on-year, indicating increased costs primarily due to personnel growth in the North American market [1] Group 2: Market Expansion and Strategy - In 2024, the company's overseas market revenue reached 5.52 billion yuan, a year-on-year increase of 43.8%, largely due to the acquisition of CMEC and active expansion into non-European and American markets [2] - The overseas revenue accounted for 70.8% of total revenue in 2024, an increase of 10 percentage points compared to 2023, reflecting the success of the company's internationalization strategy [2] - The company is recognized as a leader in aerial machinery and has made significant progress in the European and American markets, with a strong outlook for continued breakthroughs in emerging markets [2] Group 3: External Environment and Resilience - The company has demonstrated strong product, management, and manufacturing capabilities, maintaining a high gross profit margin despite uncertainties in the macroeconomic environment and potential pressures from tariffs on exports to the U.S. [3] - Following the consolidation of CMEC, the company has enhanced its capacity to increase production in the U.S. market, suggesting potential profit elasticity in the context of easing tariff pressures [3] Group 4: Investment Outlook - Based on the latest performance report, the company has adjusted its revenue forecasts for 2025-2027, with projected revenues of 8.62 billion, 9.69 billion, and 10.70 billion yuan, respectively [4] - The net profit forecasts for the same period have been adjusted to 2.09 billion, 2.28 billion, and 2.54 billion yuan, respectively, with corresponding EPS adjustments [4] - The closing stock price on October 31, 2025, was 53.14 yuan, with a projected PE ratio of 12.9, 11.8, and 10.6 for 2025-2027, maintaining a "buy" rating [4]