招银国际：浙江鼎力（603338）-Sustainabilityofgrowthremainstobeseen

浙江鼎力(603338) Dingli’ssharepricesurged10%yesterday(28Apr)followingbetter-thanexpected1Q26results(strongrevenuegrowth+QoQgrossmarginimprovement+lowerexpense).Takeacloserlookattheresults,however,couldfinditdifficulttoconcludethatthehighgrowthissustainable.First,webelievetherevenuegrowthin1Q26(30%YoY)includedpartoftheUStariffpassthrough.Second,thedeclineinSG&Aexpenseratio(throughefficiencyenhancementoftheUSsubsidiary)haslastedforseveralquarters,settingalowbaseforupcomingquarters.Wereviseupour2026E/2