ZHEJIANG DINGLI(SH:603338) EBSCN·2025-11-19 04:05Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth, with a 2025Q1-Q3 revenue of 6.67 billion yuan, up 8.8% year-on-year, and a net profit of 1.59 billion yuan, up 9.2% year-on-year [1] - The company is actively expanding its product offerings with differentiated products, including unmanned aerial work platforms and various specialized robots, which helps to mitigate risks associated with reliance on a single industry [3] - The company has successfully increased its overseas revenue by 21.3% year-on-year in 2025H1, despite challenges in the domestic high machine export market [2] Summary by Sections Financial Performance - For 2025Q3, the company reported a revenue of 2.34 billion yuan, a 2.8% increase year-on-year, but a net profit decline of 14.7% [1] - The gross margin for 2025Q3 was 36.1%, down 1.5 percentage points year-on-year but up 4.1 percentage points quarter-on-quarter [1] Product Development - The company has launched a series of differentiated products aimed at new application scenarios, including robots for ship painting and rust removal, tunnel drilling, and glass suction vehicles [3] Market Expansion - The company is focusing on expanding into non-trade friction overseas markets, with a positive outlook for continued growth in overseas revenue due to increased efforts in market development [2] Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 2.068 billion yuan, 2.407 billion yuan, and 2.753 billion yuan, respectively, with corresponding EPS of 4.08 yuan, 4.75 yuan, and 5.44 yuan [4][5]