ZHEJIANG DINGLI(SH:603338) 光大证券研究·2025-11-20 23:03Core Viewpoint - The company has demonstrated steady growth in performance for the first three quarters of 2025, with a notable recovery in gross margin in Q3, despite facing challenges in the domestic high machine export market due to trade frictions and investigations [4][5]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 6.67 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.59 billion yuan, up 9.2% year-on-year [4]. - In Q3 2025, the company reported revenue of 2.34 billion yuan, a year-on-year growth of 2.8%, while the net profit attributable to shareholders was 540 million yuan, a decline of 14.7% year-on-year [4]. - The gross margin for Q1-Q3 2025 was 35.9%, a decrease of 0.3 percentage points year-on-year, while the net margin was 23.9%, an increase of 0.1 percentage points year-on-year [4]. Group 2: Overseas Market Performance - The company experienced a 13.7% year-on-year decline in high machine export volume, totaling 81,000 units, primarily due to trade frictions and EU anti-dumping investigations [5]. - Despite these challenges, the company achieved overseas revenue of 3.37 billion yuan in H1 2025, reflecting a year-on-year increase of 21.3% [5]. - Recent developments in US-China trade negotiations, including the suspension of certain tariffs, are expected to positively impact the company's overseas sales and revenue growth [5]. Group 3: Product Development and Market Expansion - The company has launched a series of differentiated products, including unmanned aerial work platforms and various specialized robots, to meet diverse customer needs across different applications [6]. - These new products are designed for use in industries such as shipbuilding and rail transportation, helping the company mitigate risks associated with fluctuations in specific industry demand [6]. - The expansion into new application scenarios is anticipated to open up a second growth curve for the company [6].