Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.9 yuan [6] Core Views - The company's Q3 2024 performance exceeded expectations, with significant growth in revenue and net profit [1][2] - The company's gross margin and net profit margin improved year-over-year, indicating strong profitability [1][2] - The company's plastic injection molding machine business is leading the industry, with a high market share and growth potential [3] - The company's die-casting machine business is well-positioned to benefit from the growing demand for large-scale die-casting machines in the automotive industry, particularly for new energy vehicles [4] Financial Performance Summary Q3 2024 Performance - Revenue reached 13.04 billion yuan, up 33.23% YoY and down 7.87% QoQ [2] - Net profit attributable to the parent company was 1.81 billion yuan, up 59.78% YoY and down 1.17% QoQ [2] - Gross margin was 35.01%, up 0.87 percentage points YoY and 2.21 percentage points QoQ [2] 2024E-2026E Financial Forecast - Revenue is expected to grow from 5.16 billion yuan in 2024E to 6.82 billion yuan in 2026E, with a CAGR of 15.2% [5] - Net profit attributable to the parent company is forecasted to increase from 650.83 million yuan in 2024E to 911.29 million yuan in 2026E, with a CAGR of 18.4% [5] - The company's PE ratio is expected to decline from 17.52x in 2024E to 12.52x in 2026E, indicating potential undervaluation [5] Industry Analysis Plastic Injection Molding Machines - The global plastic injection molding machine market is projected to reach 141.4 billion yuan by 2028, with a CAGR of 4.5% from 2020 to 2028 [3] - The domestic market in China has achieved import substitution, with the company holding a leading market share of over 40% [3] Die-Casting Machines - The die-casting machine market is primarily driven by the automotive industry, accounting for over 60% of downstream applications [4] - The demand for large-scale die-casting machines (over 6000T) is increasing due to the adoption of integrated die-casting technology in the automotive sector [4] - The company has a competitive advantage in the die-casting machine market, with a product portfolio that includes machines with a maximum clamping force of 9000T [4] Valuation and Financial Ratios - The company's P/E ratio is expected to decrease from 17.52x in 2024E to 12.52x in 2026E, indicating potential undervaluation [5] - The company's P/B ratio is forecasted to decline from 3.78x in 2024E to 2.84x in 2026E, suggesting a more attractive valuation [5] - The company's EV/EBITDA ratio is expected to decrease from 11.83x in 2024E to 8.16x in 2026E, further supporting the undervaluation thesis [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a revenue of 3.673 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 24.95%, while the net profit attributable to shareholders increased by 31.71% to 480 million yuan [1][3] - The third quarter of 2024 saw a significant revenue increase of 33.23% year-on-year, driven by a recovery in the injection molding machine industry and an increase in market share [1][3] - The company's gross margin and net margin improved to 34.10% and 13.43% respectively in the first three quarters of 2024, reflecting better cost control and a favorable pricing environment [2][3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 34.10% and a net margin of 13.43%, with improvements of +0.97 and +0.66 percentage points year-on-year respectively [2] - The third quarter gross margin and net margin were 35.01% and 14.36%, showing year-on-year increases of +0.87 and +2.56 percentage points [2] Market and Industry Trends - The domestic downstream sectors are experiencing a recovery, particularly in the automotive industry, which is the largest segment for the company [3] - The company has established a global strategy with over 40 overseas distributors, covering more than 70 countries and regions, leading to faster growth in overseas sales compared to the industry average [3] Investment Recommendations - The company is positioned as a leading supplier of molding equipment in China, benefiting from industry recovery, market share gains, and export growth [3] - The profit forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 622 million, 749 million, and 857 million yuan respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company's Q3 performance exceeded expectations, with revenue reaching 1.304 billion yuan, a year-on-year increase of 33.23%, and net profit attributable to shareholders of 181 million yuan, up 59.78% year-on-year [4][5]. - The growth is attributed to the recovery in downstream sectors such as home appliances and daily necessities, as well as the release of demand in emerging markets and the gradual transfer of manufacturing capacity in China [4][5]. - The company is benefiting from its own enhancements, with continuous iteration of new products driving an increase in market share [4][5]. - The company has a positive outlook on its global channel layout and forward-looking capacity planning, expecting continued market share growth [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 3.673 billion yuan, a year-on-year increase of 24.95%, and a net profit of 480 million yuan, up 31.71% year-on-year [4][5]. - In Q3 alone, revenue was 1.304 billion yuan, with a net profit of 181 million yuan, reflecting a strong growth trajectory [4][5]. - The gross margin for Q3 reached 35.01%, the highest in nearly three years, while the net profit margin was 14.36%, indicating improved profitability [5]. Market Expansion - The company is expanding its overseas market presence, with new subsidiaries in Thailand and Mexico, and an expansion of its Ohio factory in the U.S. [6]. - As of the first half of 2024, overseas revenue accounted for approximately 25% of total revenue, indicating a significant growth opportunity in international markets [6]. Product Development - The company launched the NEXT² series of two-plate die-casting machines, which reduce energy consumption by 50% compared to traditional machines, and is set to release the A6 series of injection molding machines [5][6]. - The continuous introduction of new products is expected to further enhance the company's profitability [5].

任何机构或个人不得以任何形式转发、翻版、复制、发布或引用本次会议全部或部分内容不得制作会议纪要对外发送但对制作会议纪要引起不断传播的复古自复为保证会议流畅进行目前所有线上投资者均处于静音状态在主讲嘉宾发言结束后将留有提问时间 下面介绍出席本次会议的公司领导伊兹尼副总经理兼董事会秘书肖总证券事务代表陈总下面有请领导发言各位投资者大家上午好欢迎大家参加我们这次的3G报的业绩解读吧在昨天晚上伊兹尼 发布了2024年三季度的报告我们前三季度营业收入应该是到了36.73同比增长25%规模经营润为4.81同比增长31%其中第三季度的营业收入到了13.04同比增长33%规模经营润1.8 同比增长59%那个整体来看的话今年三季度的情况应该是有一个非常不错的一个同比增幅应该说是上半年比较好的一些那个订单情况在三季度有一个比较好的一个落地公司的业绩也得到了比较充分的一个反应 因为三星豆报告比较简单我就简单介绍这么多就是看各位投资对我们的三星豆有什么疑问可以单独提出来我逐一的解答谢谢大家谢谢肖总的分享接下来进入互动交流环节欢迎各位投资者积极提问电话端的投资者可输入数字五件申请提问 在允许发言后按数字六件可解除禁音网络端的投资者可点 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance exceeded expectations, with impressive revenue and profit growth in Q3, and a positive outlook on its internationalization strategy [2][3]. - The company is expected to outperform industry growth due to equipment renewal policies, with upward revisions to EPS for 2024-2026 [3]. - The target price has been raised to 34.00 CNY, based on a 20x PE for 2025 [3][4]. Financial Summary - Revenue is projected to grow from 4,096 million CNY in 2023 to 7,072 million CNY in 2026, reflecting a CAGR of approximately 15.8% [1]. - Net profit attributable to the parent company is expected to increase from 477 million CNY in 2023 to 958 million CNY in 2026, with a significant growth rate of 33.6% in 2025 [1]. - The earnings per share (EPS) is forecasted to rise from 1.02 CNY in 2023 to 2.04 CNY in 2026 [1]. - The return on equity (ROE) is anticipated to remain strong, with projections of 20.0% in 2025 and 19.7% in 2026 [1]. Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 3,673 million CNY, a year-on-year increase of 24.95%, and a net profit of 480 million CNY, up 31.71% [3]. - Q3 alone saw revenue and net profit of 1,304 million CNY and 181 million CNY, respectively, marking year-on-year growth of 33.23% and 59.87% [3]. - The gross margin for Q3 reached a new high of 35.01%, with a net margin of 14.36% [3]. Strategic Developments - The company is actively expanding its international market presence, with over 40 overseas distributors covering more than 70 countries [3]. - Significant advancements in product technology are being made, including the delivery of large injection molding machines and die-casting machines for key automotive clients [3].

Investment Rating - The report maintains a "Buy" rating for Yizumi (300415) with a target price of 25.00 RMB [1] Core Views - Yizumi's Q3 2024 revenue reached 13.04 billion RMB, a 33.23% YoY increase, while net profit grew 59.78% YoY to 1.81 billion RMB [2] - The company's gross margin improved to 35.01% in Q3 2024, up 0.87pp YoY and 2.21pp QoQ, driven by increased capacity utilization and lower steel prices [3] - Yizumi's order recovery since March 2024, particularly in injection molding machines, supported Q3 revenue growth, with improved demand from kitchenware, home goods, and small appliances sectors [2] Financial Performance - Yizumi achieved 36.73 billion RMB in revenue for the first three quarters of 2024, a 24.95% YoY increase, with net profit reaching 4.80 billion RMB, up 31.71% YoY [2] - The company's net profit margin in Q3 2024 was 14.36%, increasing 2.56pp YoY and 1.08pp QoQ [3] - Yizumi's operating cash flow for 2024E is projected at 174.76 million RMB, with a significant increase to 779.30 million RMB by 2026E [6] Future Projections - Yizumi's net profit is expected to grow at a 25% CAGR from 2024 to 2026, reaching 9.38 billion RMB by 2026 [1] - The company's EPS is forecasted to increase from 1.33 RMB in 2024 to 2.00 RMB in 2026 [1] - Yizumi's ROE is projected to rise from 20.38% in 2024 to 20.88% in 2026, indicating improving profitability [6] Operational Efficiency - Yizumi's expense control improved in Q3 2024, with the overall expense ratio decreasing by 1.49pp YoY to 20.57% [3] - The company's asset turnover ratio is expected to increase from 0.70 in 2024 to 0.89 by 2026, reflecting better asset utilization [6] - Yizumi's inventory turnover ratio is projected to remain stable at around 1.92-1.93 from 2024 to 2026 [6] Industry Position - Yizumi's injection molding machine business benefited from the industry's replacement cycle and new product launches, particularly the SKIII series [2] - The company's market position is strengthened by its ability to maintain gross margins above 34% despite industry competition [3] - Yizumi's financial health is improving, with the debt-to-asset ratio expected to decrease from 50.80% in 2024 to 47.70% by 2026 [6]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 1.304 billion yuan, a year-on-year increase of 33.23%, and a net profit of 181 million yuan, up 59.78% year-on-year [3][4]. - The company benefits from a robust order backlog and has successfully captured market share in the lower-tier markets by launching cost-effective models [4]. - The gross margin improved to 35.01% in Q3 2024, reflecting a 0.87 percentage point increase year-on-year, while the net margin rose to 14.36%, up 2.56 percentage points year-on-year [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.673 billion yuan, a 24.95% increase year-on-year, and a net profit of 480 million yuan, up 31.71% year-on-year [3][7]. - The projected net profits for 2024, 2025, and 2026 are 617 million yuan, 750 million yuan, and 909 million yuan, respectively, reflecting a positive growth trajectory [5][7]. - The company’s earnings per share (EPS) are expected to be 1.32 yuan in 2024, increasing to 1.94 yuan by 2026 [7]. Market Position and Strategy - The domestic injection molding machine market is becoming more competitive, with the company enhancing its overseas market expansion efforts [5]. - The company has established a network of over 40 overseas distributors, covering more than 70 countries and regions, indicating a strong international presence [5].

证券代码：300415 证券简称：伊之密 编号：2024-13 伊之密股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |--------------|------------------------------------|------------|--------| | | □ 特定对象调研 □ | 分析师会议 | | | 投资者关系活 | □ 媒体采访 □ | 业绩说明会 | | | 动类别 | □ 新闻发布会 □ | 路演活动 | | | | 现场参观 | | | | | 其他 电话会议 | | | | | 富国基金管理有限公司 | | 董治国 | | 参与单位名称 | 国泰基金管理有限公司 | | 戴计辉 | | 及人员姓名 | 广发基金管理有限公司 | | 唐晓斌 | | | 民生加银基金管理有限公司 | | 郑爱刚 | | | 中融基金管理有限公司 | | 骆尖 | | | | | | | | 泓德基金管理有限公司 | | 李昕阳 | | | 太平基金管理有限公司 | | 邬熙哲 | | | 泰信基金管理有限公司 | | 张挺 | | | 圆信永丰基金管理有限 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company's Q3 2024 performance significantly exceeded market expectations, leading to an upward revision of profit forecasts [1][2] - The company is expected to achieve a net profit of 621 million, 761 million, and 908 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30%, 23%, and 19% [2][3] - The report highlights the company's strong growth potential in the injection molding and die-casting machine sectors, with a focus on high-end product development and overseas market expansion [1][2] Summary by Relevant Sections Financial Performance - Revenue (million yuan): 2022A: 3,680; 2023A: 4,096; 2024E: 5,175; 2025E: 6,238; 2026E: 7,449 [1] - Net Profit (million yuan): 2022A: 405; 2023A: 477; 2024E: 621; 2025E: 761; 2026E: 908 [1] - Earnings Per Share (yuan): 2022A: 0.87; 2023A: 1.02; 2024E: 1.32; 2025E: 1.62; 2026E: 1.94 [1] Growth Rates - Revenue Growth Rate (yoy%): 2022: 4%; 2023: 11%; 2024E: 26%; 2025E: 21%; 2026E: 19% [1] - Net Profit Growth Rate (yoy%): 2022: -21%; 2023: 18%; 2024E: 30%; 2025E: 23%; 2026E: 19% [1] Valuation Metrics - P/E Ratios: 2022A: 28.9; 2023A: 24.6; 2024E: 18.9; 2025E: 15.4; 2026E: 12.9 [1] - P/B Ratios: 2022A: 3.4; 2023A: 3.1; 2024E: 2.6; 2025E: 2.1; 2026E: 1.8 [1] Market Position and Strategy - The company has successfully developed heavy die-casting machines and established partnerships with leading automotive manufacturers, enhancing its market position in the die-casting sector [2] - The successful delivery of the LEAP 7000T die-casting machine to Changan Automobile marks a significant milestone in the company's growth strategy [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant growth in Q3 2024, with revenue reaching 1.304 billion yuan, a year-on-year increase of 33.23%, and net profit attributable to shareholders of 181 million yuan, up 59.78% year-on-year [2] - The company's profitability continues to improve, with a gross margin of 34.10% for the first three quarters of 2024, an increase of 0.97 percentage points year-on-year [3] - The company is experiencing a stable cash flow situation, with net cash flow from operating activities reaching 106 million yuan, a year-on-year increase of 499.89% [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 3.673 billion yuan, a year-on-year increase of 24.95%, and a net profit of 480 million yuan, up 31.71% year-on-year [2] - The company forecasts net profits of 625 million yuan, 773 million yuan, and 943 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 19, 15, and 12 times [4] Profitability and Cost Management - The gross margin for Q3 2024 was 35.01%, reflecting an increase due to higher order fulfillment and lower raw material costs [3] - The company has maintained a high level of R&D investment, with R&D expenses reaching 182 million yuan in the first three quarters of 2024, a year-on-year increase of 21.91% [3] Market Position and Growth Drivers - The company is expanding its market share in the injection molding machine sector, with a focus on high-end markets and overseas expansion [4] - The increasing penetration of new energy vehicles is expected to enhance the advantages of integrated die-casting, contributing to future revenue growth [4]