ZHEJIANG DINGLI(SH:603338) Tianfeng Securities·2025-09-09 04:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company achieved a revenue of 4.336 billion yuan in the first half of 2025, representing a year-on-year growth of 12.35%, and a net profit of 1.052 billion yuan, up 27.63% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 35.75% and 24.27%, respectively, showing improvements compared to the previous year [1]. - The company has successfully navigated tariff challenges, particularly in the U.S. market, and has seen a 21% year-on-year growth in overseas business [2][3]. - New differentiated products, such as ship spray rust removal robots and tunnel drilling robots, have opened new market opportunities [2]. - The company has introduced a "fuel-to-electric" service to enhance customer asset utilization and reduce lifecycle costs [2]. Financial Data and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 2.168 billion, 2.556 billion, and 2.930 billion yuan, respectively, reflecting growth rates of 33%, 18%, and 15% [3]. - The financial forecast indicates a revenue growth rate of 20.29% for 2025, with an expected EBITDA of 2.600 billion yuan [3][9]. - The company’s price-to-earnings ratio (P/E) is projected to be 12.25 for 2025, decreasing to 9.06 by 2027 [3][9].