研报掘金丨广发证券：维持浙江鼎力“买入”评级，海外需求可以更加乐观

Core Viewpoint - Zhejiang Dingli is identified as one of the most resilient stocks in the recovery of industrial products in Europe and the United States, with a high proportion of overseas revenue [1] Group 1: Revenue and Market Position - The company has a high overseas revenue proportion, with 71% of its revenue expected to come from international markets in 2024 [1] - There is significant potential for market share growth, as the company's excess growth during the current downturn has been offset by weak beta, indicating greater elasticity during the recovery phase [1] Group 2: Valuation and Performance - The company's valuation is relatively low, with a PE-TTM percentile of only 37% since 2021, despite outperforming overseas competitors in terms of performance [1] - The valuation recovery since 2025 has been significantly lower than comparable companies in the US stock market, suggesting room for improvement [1] Group 3: Future Outlook - The company's performance is expected to remain resilient, with a more optimistic outlook for overseas demand as the economic cycle in Europe and the US turns upward [1] - Based on comparable company valuations, a target price of 72.15 yuan per share is set for 2026, with a maintained "buy" rating at a 16x PE [1]