Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - **Revenue Forecast**: - 2023: 4.096 billion CNY - 2024: 5.063 billion CNY (23.6% growth) - 2025: 5.847 billion CNY (15.5% growth) - 2026: 6.705 billion CNY (14.7% growth) - 2027: 7.741 billion CNY (15.4% growth) [6][12] - **Net Profit Forecast**: - 2023: 477 million CNY - 2024: 608 million CNY (27.4% growth) - 2025: 751 million CNY (23.6% growth) - 2026: 907 million CNY (20.7% growth) - 2027: 1.101 billion CNY (21.4% growth) [6][12] - **Profitability Ratios**: - Gross Margin: Expected to improve from 31.5% in 2023 to 33.2% in 2027 - Net Margin: Expected to increase from 11.6% in 2023 to 14.2% in 2027 [6][12]. - **Earnings Per Share (EPS)**: - 2023: 1.02 CNY - 2024: 1.30 CNY - 2025: 1.60 CNY - 2026: 1.93 CNY - 2027: 2.35 CNY [6][12]. Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - Revenue (CNY million): - 2023A: 4,096 - 2024A: 5,063 (23.6% YoY growth) - 2025E: 5,847 (15.5% YoY growth) - 2026E: 6,705 (14.7% YoY growth) - 2027E: 7,741 (15.4% YoY growth) [6][12] - Net Profit Attributable to Parent Company (CNY million): - 2023A: 477 - 2024A: 608 (27.4% YoY growth) - 2025E: 751 (23.6% YoY growth) - 2026E: 907 (20.7% YoY growth) - 2027E: 1,101 (21.4% YoY growth) [6][12] - Gross Margin (%): - 2023A: 31.5% - 2024A: 31.9% - 2025E: 32.5% - 2026E: 32.9% - 2027E: 33.2% [6][12] - Net Margin (%): - 2023A: 11.6% - 2024A: 12.0% - 2025E: 12.8% - 2026E: 13.5% - 2027E: 14.2% [6][12] Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

证券代码：300415 证券简称：伊之密 公告编号：2025-048 伊之密股份有限公司 关于 2024 年度利润分配实施的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 截止目前，伊之密股份有限公司（以下简称"公司"）回购账户持有公司的 股份数为 8,973,418 股，占截至本公告之日公司总股本 468,562,084 股的 1.9151%。 本次权益分派按扣除回购专户上已回购股份后的股本 459,588,666 股为基数，向 全体股东每 10 股派发现金红利 5 元（含税），分配总额为 229,794,333 元，不送 红股，不以资本公积金转增股本。 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，因此，本次权益分派实施后除权除息价格计算时，按公司总股本 468,562,084 股折算每 10 股现金红利为 4.904245 元（含税）（每 10 股现金红利=现金分红总 额/总股本*10，即每 10 股现金红利=229,794,333÷46 ...

证券代码：300415 证券简称：伊之密 公告编号：2025-048 伊之密股份有限公司 关于 2024 年度利润分配实施的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 截止目前，伊之密股份有限公司（以下简称"公司"）回购账户持有公司的 股份数为 8,973,418 股，占截至本公告之日公司总股本 468,562,084 股的 1.9151%。 本次权益分派按扣除回购专户上已回购股份后的股本 459,588,666 股为基数，向 全体股东每 10 股派发现金红利 5 元（含税），分配总额为 229,794,333 元，不送 红股，不以资本公积金转增股本。 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，因此，本次权益分派实施后除权除息价格计算时，按公司总股本 468,562,084 股折算每 10 股现金红利为 4.904245 元（含税）（每 10 股现金红利=现金分红总 额/总股本*10，即每10股现金红利=229,794,333÷468, ...

Financial Performance - In Q1 2025, the company achieved total revenue of 118,692.32 million yuan, representing a year-on-year growth of 24.32% [2] - The net profit attributable to shareholders was 13,247.92 million yuan, with a year-on-year increase of 14.29% [2] - The company has a sufficient order backlog and aims to enhance production efficiency to meet delivery capabilities [2] Market Trends - The automotive industry is the largest sector for the company, with a strong performance in the domestic new energy vehicle market in 2025 [2] - The 3C electronics industry is experiencing steady growth due to global economic recovery and increasing consumer demand for smart devices [3] - The home appliance industry is benefiting from government policies, leading to a continuous recovery [7] Impact of Trade Policies - The U.S. tariff trade policy has short-term effects such as increased export costs and intensified market competition, but may encourage domestic innovation in the long run [3] - The company's revenue from the U.S. market accounts for less than 3% of total revenue, indicating minimal direct impact from U.S. tariffs [3] Global Expansion - The company has established a factory in India, which serves as a key production base and customer service platform outside of China [4] - The Indian factory covers an area of approximately 81,000 square meters, with the first phase of construction completed in October 2022 [6] - Establishing production in India helps mitigate trade barriers and enhances the company's competitiveness in the region [5] Technological Advancements - The company is focused on technological innovation in the die-casting machine sector, with significant advancements in integrated die-casting technology [7] - The launch of large die-casting machines, such as the LEAP series (7000T, 9000T), has improved product quality and market competitiveness [7] - The semi-solid magnesium alloy injection molding machine is designed for high-performance, lightweight components in new energy vehicles [6] Strategic Goals - The company aims to continue upgrading technology, products, and market strategies, with a vision to become a world-class enterprise in the molding equipment sector [7] - The positive performance in Q1 2025 lays a solid foundation for achieving the annual performance goals [7]

Core Viewpoint - The company has decided to terminate its share repurchase plan early after successfully repurchasing shares that meet the requirements for employee stock ownership plans and equity incentives [1][2][3] Summary by Sections 1. Basic Situation of Share Repurchase Plan - The company approved a share repurchase plan on April 21, 2025, intending to use its own funds to repurchase A-shares for employee stock ownership plans, with a total repurchase fund of no less than RMB 15 million and no more than RMB 25 million, at a price not exceeding RMB 28 per share [1] 2. Implementation Status of Share Repurchase - The company repurchased a total of 973,251 shares, accounting for 0.2077% of the total share capital, with a total transaction amount of RMB 20,000,399.36, exceeding the lower limit of the repurchase fund [2][3] 3. Reasons and Decision Process for Early Termination - The management decided to terminate the share repurchase early as the number of shares repurchased was sufficient to meet the scale required for employee stock ownership plans [2][3] 4. Impact of Early Termination on the Company - The early termination of the share repurchase will not significantly impact the company's operations, finances, or future development, and it complies with relevant laws and regulations [3] 5. Trading Situation of Related Parties - There were no stock trading activities by major shareholders or management from the announcement of the repurchase plan until the date of the announcement of the repurchase progress [4] 6. Subsequent Arrangements for Repurchased Shares - The repurchased shares will be used for employee stock ownership plans, and if not utilized within 36 months, they will be canceled [4] 7. Compliance of Share Repurchase Implementation - The share repurchase complied with relevant regulations, including the timing, price, and trading methods used [4]

证券代码：300415 证券简称：伊之密 公告编号：2025-047 伊之密股份有限公司 关于提前终止回购公司股份方案暨回购实施结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 伊之密股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第五 届董事会第九次会议，审议通过了《关于回购公司股份方案的议案》。近期， 公司依法实施了回购，回购资金总额已超过最低限额，根据回购公司股份方案 的安排，公司管理层决定提前终止回购公司股份事项，本次回购股份方案提前 届满。现将相关情况公告如下： 一、回购公司股份方案的基本情况 公司于 2025 年 4 月 21 日召开第五届董事会第九次会议，审议通过了《关 于回购公司股份方案的议案》，拟使用自有资金以采用集中竞价交易方式回购 公司无限售条件的 A 股流通股（以下简称"本次回购"），用于实施股权激励或 员工持股计划。本次用于回购股份的资金总额不低人民币 1,500 万元（含本数） 且不超过人民币 2,500 万元（含本数），本次回购价格不超过人民币 28 元/股。 本次回购股份的实施期限为自公司董事会审 ...

Core Viewpoint - The company, Yizhiming (300415), has approved a share buyback plan aimed at implementing equity incentives or employee stock ownership plans, with a total buyback amount between 15 million and 25 million RMB [1] Summary by Sections Buyback Plan - The board of directors approved a share buyback plan on April 21, 2025, using self-owned funds for repurchasing A-share circulating stocks through centralized bidding [1] - The total buyback amount is set to be no less than 15 million RMB and no more than 25 million RMB, with a maximum repurchase price of 28 RMB per share, and the implementation period is capped at 12 months [1] Buyback Execution - As of May 21, 2025, the company has repurchased a total of 973,300 shares, accounting for 0.2077% of the total share capital [1] - The highest transaction price during the buyback was 20.79 RMB per share, while the lowest was 19.93 RMB per share, with a total transaction amount of 20 million RMB (excluding transaction fees) [1] Termination of Buyback - The management decided to terminate the share buyback plan early as the number of repurchased shares has met the scale required for implementing the equity incentive or employee stock ownership plan [1]

2、股东股份累计质押情况 ·证券代码：300415 证券简称：伊之密 公告编号：2025-046 伊之密股份有限公司 关于控股股东所持部分股份解除质押的公告 公司控股股东佳卓控股有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 一、控股股东部分股份解除质押的基本情况 2025 年 5 月 16 日，伊之密股份有限公司（以下简称"伊之密"或"公司"）收 到公司控股股东佳卓控股有限公司（以下简称"佳卓控股"）的通知，佳卓控股将 其此前质押给广东顺德农村商业银行股份有限公司容桂支行的部分公司股份解 除质押。具体事项如下： | 股东名称 | 是否为控 股股东或 | 本次解除 | 占其 所持 | 占公 司总 | 是否为限 售股（如 | 是否为 补充质 | 质押起 | 质押到 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 质押数量 | | | 是，注明 | | 始日 | 期日 | | | | 东及 ...

Group 1 - The core viewpoint of the news is that Le Rui Asset has conducted research on a listed company, Yi Zhi Mi, highlighting its strong sales growth and global expansion efforts [1] - In 2024, Yi Zhi Mi's injection molding machine sales revenue is projected to be 3,555.20 million yuan, representing a year-on-year growth of 28.80%, accounting for 70.22% of the company's total sales [1] - The company's export revenue is expected to reach 1,394.56 million yuan, with a year-on-year increase of 27.45%, supported by the establishment of multiple overseas factories and service centers [1] Group 2 - Yi Zhi Mi emphasizes research and development, with R&D expenses projected at 245.86 million yuan in 2024, which is 4.86% of total revenue [1] - The company is committed to providing intelligent manufacturing solutions, with its third factory's automation level being industry-leading [1] - The primary downstream industry for Yi Zhi Mi is the automotive sector, while the 3C, home appliance, and daily necessities industries are also showing steady growth [1] Group 3 - The revenue from the U.S. market accounts for less than 3% of Yi Zhi Mi's total revenue, indicating a minimal impact on the company's overall performance [1] - The company has a well-established global layout, which supports its international sales strategy [1]