减值计提拖累整体利润率，费控能力优异 投资要点 单Q3 归母净利润同比-32.5%，塔机减值拖累短期业绩2025 年前三季度公司实现营收257.6 亿元，同比 +12.7%；实现归母净利润14.6 亿元，同比+10.4%，实现扣非归母净利润13.2 亿元，同比+9.0%。单Q3 公司实现营业收入75.8 亿元，同比+11.5%；归母净利润2.3 亿元，同比-32.5%，扣非归母净利润1.7 亿 元，同比-44.1%。Q3 业绩下滑不及预期，主要系公司受房地产市场持续低迷影响，对江汉建机塔机业 务计提大额减值所致。 分区域看，公司海外业务表现强劲，前三季度已超额完成全年盈利目标；国内业务方面，土方机械等核 心业务保持稳健增长。展望Q4，减值影响将大幅减小，历史包袱逐步出清；俄罗斯市场拖累减小，欧 洲等区域表现亮眼，电动产品出口增长强劲，公司业绩有望加速。 风险提示：国内行业需求不及预期，政策不及预期，出海不及预期等 ①土方机械核心业务；②矿山机械、工业车辆和预应力等成长业务；③农机、新技术和产业金融等新兴 业务。公司将通过深化全球区域能力建设、产品力及海外运营能力提升、开发行业大客户等业务举措， 以及组织流程变 ...

Core Viewpoint - Zhejiang Dingli achieved a revenue of 7.799 billion yuan in 2024, representing a year-on-year growth of 23.56%, with overseas revenue reaching 5.523 billion yuan, up 43.83% [1][2] Group 1: Overseas Expansion - Zhejiang Dingli has accelerated its overseas layout, expanding into emerging markets in Latin America, Africa, and Eastern Europe while consolidating its presence in mature markets like Europe and Asia-Pacific [2] - The company showcases its high-value, intelligent electric products at international industry exhibitions, enhancing global brand recognition and influence [2] - Zhejiang Dingli is one of the earliest domestic companies to achieve "high machine going abroad," establishing a solid foundation for future breakthroughs in overseas markets [2] Group 2: Resilience and Strategic Positioning - Despite facing short-term profit pressure due to macroeconomic challenges and increased expenses from acquisitions, the long-term growth logic of Zhejiang Dingli remains intact [3] - Analysts from Huachuang, Huaxi, and Dongwu maintain "buy" or "strong buy" ratings for the company, projecting a net profit range of 2.1 billion to 2.2 billion yuan by 2025, reflecting a year-on-year growth of approximately 30% [3] - The company demonstrates strong resilience against global trade tensions, utilizing strategies such as pre-stocking and local layout to mitigate tariff impacts [3] Group 3: Strategic Strengths - Zhejiang Dingli has built a core competitive advantage through a "diversified market + differentiated products + intelligent manufacturing" strategy [3] - The company’s strategic determination and forward-looking layout are expected to inject strong momentum into its globalization process amid a landscape of risks and opportunities [3]