ZHEJIANG DINGLI(603338) 光大证券·2024-11-03 09:12Investment Rating - Maintains "Overweight" rating [4] Core Views - Revenue and profit of the company grew significantly in Q3 2024, with revenue reaching 6.134 billion yuan, a year-on-year increase of 29.35%, and net profit attributable to the parent company reaching 1.460 billion yuan, a year-on-year increase of 12.91% [1] - The company's performance acceleration is mainly driven by the continuous growth of boom lift products, especially in overseas markets, where sales of boom lift products increased by 57.67% in H1 2024, accounting for 48.57% of the main business revenue [2] - The company has taken a leading position in the electrification of high-altitude work platforms, with the sixth-phase new energy high-altitude work platform project starting construction on September 30, 2024, with a total investment of 1.7 billion yuan and an annual production capacity of 20,000 units [3] Financial Performance - In Q3 2024, the company achieved revenue of 2.274 billion yuan, a year-on-year increase of 38.37%, and net profit attributable to the parent company of 636 million yuan, a year-on-year increase of 37.72% [1] - The gross profit margin in Q3 2024 was 37.60%, a year-on-year decrease of 6.23 percentage points, but a quarter-on-quarter increase of 5.79 percentage points [1] - The net profit margin in Q3 2024 was 28.01%, a year-on-year decrease of 0.09 percentage points, but a year-on-year increase of 6.30 percentage points [1] Market and Industry Outlook - The company is expected to benefit deeply from the rapid growth trend of China's high-altitude work platform exports, with export volume increasing by 21.3% year-on-year in the first nine months of 2024 [2] - The acquisition of CMEC, which has a well-known brand and experienced sales team in the North American market, is expected to enhance the company's market expansion in North America [2] - The company's early-mover advantage in the electrification of high-altitude work platforms is expected to bring significant benefits as the electrification process of construction machinery advances [3] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 2.150 billion yuan, 2.529 billion yuan, and 2.942 billion yuan, respectively, with corresponding EPS of 4.25 yuan, 4.99 yuan, and 5.81 yuan [4] - The company's P/E ratio is expected to be 21, 14, 12, 11, and 9 for the years 2022-2026, respectively [4] - The company's P/B ratio is expected to be 3.8, 3.0, 2.5, 2.1, and 1.8 for the years 2022-2026, respectively [4]