ZHEJIANG DINGLI(SH:603338) 光大证券研究·2025-04-21 09:09Core Viewpoint - The company reported a revenue growth of 23.56% year-on-year for 2024, reaching 7.799 billion yuan, but faced a decline in net profit by 12.76% to 1.629 billion yuan, indicating challenges in profitability despite strong revenue growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 7.799 billion yuan, a year-on-year increase of 23.56% [2]. - The net profit attributable to shareholders was 1.629 billion yuan, down 12.76% year-on-year [2]. - The net profit after deducting non-recurring items was 1.638 billion yuan, a decrease of 9.36% year-on-year [2]. Group 2: Revenue Breakdown - Revenue from aerial work platforms, including arm-type, scissor-type, and mast-type, was 2.956 billion yuan, 3.444 billion yuan, and 772 million yuan, with year-on-year growth rates of 20.84%, 14.41%, and 53.14% respectively [3]. - Domestic revenue was 1.649 billion yuan, down 22.23%, while overseas revenue reached 5.523 billion yuan, up 43.83% [3]. Group 3: Profitability Analysis - The company's gross margin for main business slightly decreased to 33.68%, down 1.06 percentage points year-on-year [3]. - Gross margins for arm-type, scissor-type, and mast-type aerial work platforms were 30.2%, 35.52%, and 38.81%, with changes of +1.48, -2.96, and -2.85 percentage points respectively [3]. - The gross margin for domestic and overseas operations was 26.39% and 35.86%, with changes of +0.89 and -3.99 percentage points respectively [3]. Group 4: Product and Market Development - The arm-type product series has become a key growth driver, with sales revenue increasing by 20.84% year-on-year, accounting for 41.21% of main business revenue [4]. - The overseas sales of arm-type products grew by 46.99% year-on-year, indicating successful market expansion [4]. - The company completed its fundraising project for an annual production capacity of 4,000 large intelligent high-altitude platforms, with production ramping up smoothly [4]. Group 5: Strategic Initiatives - The company has completed the electrification of its entire product line, leading the industry with its fully electric, oil-free scissor series [5]. - A new project for producing 20,000 new energy aerial work platforms is underway, with a total investment of 1.7 billion yuan [5]. - The company is expected to benefit significantly from the industry's shift towards electrification and green technology [5].