证券日报网讯伊之密（300415）11月11日在互动平台回答投资者提问时表示，公司高度重视研发资源地 有效转化，并将坚定不移地加大研发投入。研发费用资本化问题请关注公司后续的定期报告。 ...

Core Insights - The company Yizhiming (300415.SZ) is currently collaborating with ACRC focusing on joint research and development [1] Group 1: Collaboration and Focus Areas - The collaboration with ACRC centers around joint research and development [1] - The key areas of technological exploration include magnesium alloy casting and digital manufacturing [1]

Core Viewpoint - The company, Yizhiming (300415.SZ), has sufficient production capacity for electric injection molding machines and is focusing on localizing its operations in Southeast Asia to enhance market penetration [1] Group 1: Company Strategy - The core strategy in the Southeast Asian market is to deepen localization efforts [1] - The company aims to improve response speed through a regional service network [1] - It combines efficient, precise, and green energy-saving product advantages to offer customized overall solutions [1]

Core Viewpoint - The company is addressing investor inquiries regarding the production capacity planning for the FF series electric injection molding machines, particularly in the context of growing market demand in the transparent PET packaging and cosmetics packaging sectors [1] Group 1: Production Capacity and Expansion Plans - The company has indicated that it has sufficient production capacity for its electric injection molding machines [1] - There are inquiries about specific expansion plans for the FF series electric injection molding machines to meet market growth from Q4 2025 to H1 2026 [1] Group 2: Competitive Landscape and Strategies - In the Southeast Asian market, the company faces competition from both local manufacturers and international brands [1] - The company's core strategy to address competition includes deepening local presence, enhancing regional service networks for faster response times, and leveraging the advantages of efficient, precise, and green energy-saving products to provide customized solutions [1]

Group 1 - The company's overseas revenue growth is primarily driven by sales volume, particularly benefiting from the increasing orders in the new energy vehicle and consumer electronics sectors [1] - The establishment of the factory in India will effectively avoid tariff barriers, shorten delivery times, and reduce cross-border logistics costs [1] - The company is enhancing its sales and service network in overseas regions, significantly boosting sales scale [1]

Group 1 - The core collaboration model between the company and ACRC focuses on joint research and development, particularly in the fields of magnesium alloy casting and digital manufacturing [1] - The company is actively engaging with top research institutions like ACRC to enhance its technological capabilities [1] - There is an emphasis on exploring advanced technologies through this partnership, indicating a strategic direction towards innovation [1] Group 2 - The company has not disclosed specific details regarding joint project planning, funding investments, or intellectual property sharing agreements at this time [1] - The interaction highlights investor interest in the company's collaborative efforts and future projects [1] - The partnership aims to leverage the strengths of both organizations to drive technological advancements [1]

Core Viewpoint - Yizhiming (SZ 300415) announced an investor research meeting scheduled for November 10, 2025, where the company’s board secretary and securities affairs assistant will address investor inquiries [1] Revenue Composition - For the year 2024, Yizhiming's revenue composition is as follows: Other industries 29.01%, Automotive 26.31%, 3C products 17.89%, Home appliances 6.97%, Daily necessities 6.4%, Packaging 5.78% [1] Market Capitalization - As of the report, Yizhiming's market capitalization stands at 11.5 billion yuan [1]

Group 1: Company Overview - The company operates in the molding equipment industry, focusing on high molecular materials and metal forming, with main products including injection molding machines, die-casting machines, and rubber machines [3] - The company has a strong emphasis on technological innovation and product development, particularly in the semi-solid magnesium alloy injection molding machine sector, which is designed for lightweight components in new energy vehicles [4] Group 2: Market Performance - The injection molding machine market saw a steady demand in 2023, with a recovery in industry prosperity compared to 2022, and the company’s sales growth outpaced the overall industry [4] - The company’s injection molding machine sales revenue has shown rapid growth, benefiting from government policies promoting industrial equipment upgrades [4] Group 3: Production Capacity - The company has multiple production facilities in China, including a headquarters and factories in Guangdong, with a total area exceeding 8,000 square meters for various machine types [5] - An overseas factory in Ohio, USA, and a facility in Gujarat, India, are operational, focusing on local production and support for HPM products [5][6] Group 4: Demand Trends - Domestic demand for injection molding machines remains robust, particularly in traditional sectors like home appliances and daily goods, while new energy vehicles and consumer electronics are driving higher demand for advanced models [8] - The die-casting machine market is experiencing growth in large integrated die-casting demand, with significant orders from leading new energy vehicle companies [9] Group 5: Global Expansion - The company has established a global presence with over 40 overseas distributors, covering more than 90 countries, and is focusing on local investments in key markets like India [11] - The company aims to enhance its international competitiveness by leveraging its dual-brand strategy with "YIZUMI" and "HPM" [11]

Core Viewpoint - Yizhim's net profit attributable to shareholders reached 220 million yuan in Q3 2025, marking a year-on-year increase of 21.24%, driven by strong domestic and international demand [1] Financial Performance - In the first three quarters of 2025, the company experienced robust export performance, benefiting from the global manufacturing shift to Southeast Asia, Mexico, and Central and Eastern Europe, with emerging markets contributing significantly to growth [1] - The dual growth in injection molding and die-casting machine businesses reflects effective market expansion [1] R&D and Competitive Advantage - The company maintains high R&D investment to break through frontier technologies, aligning its high-end product matrix with downstream lightweight and precision demands, thereby establishing a long-term competitive moat [1] Market Dynamics - The combination of increasing domestic high-end demand and the benefits from the overseas manufacturing shift has positively impacted the company's performance [1] Incentive Mechanism - The implementation of a medium to long-term incentive plan binds the team to growth, supported by a strict exit and accountability mechanism that creates a closed loop of "incentive-constraint-accountability" [1] - This mechanism works in conjunction with the compensation management system to promote stable operations [1] Investment Rating - Given the significant technological advantages in die-casting and injection molding machines, along with the growth in overseas capacity and channel development, the investment rating is maintained at "Buy" [1]

Industry Overview - The Chinese plastic machinery industry began in the late 1950s and has developed a complete industrial system over 60 years, with plastic machinery production ranking first in the world for 20 consecutive years [4] - According to the China Plastics Machinery Industry Association, China's plastic machinery production accounts for over 50% of the global total, with sales revenue accounting for approximately 35% [5] Company Profile - Yizumi, established in 2002, is a key player in the injection molding machine sector, ranking second in market share, with the first being Haitian International [5][6] - The company focuses on high polymer materials and metal forming, with core products including injection molding machines and die-casting machines, both of which are significant in scale and rank among the top in the industry [7] Product Applications - Injection molding machines are categorized into general and specialized types, used in automotive, home appliances, 3C (computer, communication, consumer electronics), and packaging industries [8] - Die-casting machines include cold chamber die-casting machines, specialized types, and magnesium alloy series, primarily applied in the automotive, motorcycle, 3C, and home appliance sectors [8] Financial Performance - For the first three quarters of 2025, the company reported revenue of 4.31 billion, a year-on-year increase of 17.2% [9] - In the third quarter, the company achieved revenue of 1.56 billion, reflecting a year-on-year growth of 19.6% [11] - The net profit attributable to shareholders for the first three quarters reached 560 million, up 17.4%, nearing last year's total [11] - In the third quarter, net profit attributable to shareholders was 220 million, showing a year-on-year increase of 21.2%, indicating an accelerating trend [13]