ZHEJIANG DINGLI(SH:603338) Donghai Securities·2025-11-03 13:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a slowdown in revenue growth due to a decline in high-altitude machinery exports, with a year-on-year revenue increase of 8.82% for the first three quarters of 2025 [5][6] - The company is focusing on research and development to strengthen its core competitiveness, with R&D expenses increasing by 26.11% year-on-year [5] - Despite challenges from international trade and competition, the company has managed to maintain revenue growth by optimizing its global operations and expanding its overseas market presence [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 6.675 billion yuan, a year-on-year increase of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, up 9.18% year-on-year [5] - The gross profit margin and net profit margin for the first three quarters were 35.88% and 23.89%, respectively [5] - The company forecasts net profits of 2.068 billion yuan, 2.471 billion yuan, and 2.872 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 4.08, 4.88, and 5.67 yuan [2][5] Cost Management - The company has seen an increase in sales, management, and R&D expenses due to global expansion and rising operational costs, with sales expenses rising by 1.46 percentage points year-on-year [5] - The company is actively managing costs while expanding its product offerings and market reach [5] Market Strategy - The company is adapting to trade friction impacts and has seen a 13.7% decline in high-altitude platform exports, which accounted for 61.21% of total sales [5] - The company is committed to a global strategy, optimizing overseas subsidiary operations, and enhancing customer relationships while exploring new markets [5] Product Development - The company has introduced innovative products such as robotic solutions for ship painting and tunnel drilling, and is pioneering "oil-to-electric" technology to facilitate equipment upgrades [5] - The focus on electric, green, digital, and unmanned technologies aligns with market demands for differentiated and intelligent high-end products [5]