ZHEJIANG DINGLI(603338) 东吴证券·2025-04-30 02:20Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 1.9 billion yuan in Q1 2025, representing a year-on-year growth of 31%. The net profit attributable to the parent company was 430 million yuan, up 42% year-on-year [2] - The company's gross profit margin improved to 40.6%, an increase of 1.0 percentage points year-on-year, indicating a recovery in profitability [3] - The company is expected to see profit growth recovery in 2025, driven by factors such as reduced tariffs in the U.S. and Europe, new product promotions, and expansion into emerging markets [4] Financial Forecasts - Total revenue projections for 2023A to 2027E are as follows: 6,312 million yuan (2023A), 7,799 million yuan (2024A), 9,322 million yuan (2025E), 10,432 million yuan (2026E), and 11,705 million yuan (2027E) [1] - Net profit attributable to the parent company is forecasted to be 1,867 million yuan (2023A), 1,629 million yuan (2024A), 2,135 million yuan (2025E), 2,438 million yuan (2026E), and 2,780 million yuan (2027E) [1] - The report predicts a P/E ratio of 10.27 for 2025E, indicating a favorable valuation compared to historical levels [1]