Investment Rating - The report maintains a "Buy" rating for the company, citing continued industry growth, improved profitability, and global expansion as key drivers for long-term performance [36] Core Views - The company's profitability improved significantly in 2024Q1, with revenue reaching 955 million yuan (+11.72% YoY) and net profit attributable to shareholders at 116 million yuan (+28.83% YoY) [4] - The company's gross margin increased to 34.80% in 2024Q1, up 2.51 percentage points YoY, driven by new product launches, lower raw material costs, and favorable exchange rates [4] - The injection molding machine segment is expected to see continued growth, supported by domestic equipment upgrades and export demand [5] - Overseas revenue grew by 20.07% YoY in 2023, accounting for 26.72% of total revenue, with further expansion expected due to improved global market presence [6] Business Performance - In 2023, the injection molding machine segment generated 2.76 billion yuan in revenue (+3.86% YoY), with strong demand from the automotive and 3C industries [5] - The die-casting machine segment saw a 35.44% YoY revenue increase to 780 million yuan, driven by new product platforms and automotive industry demand [5] - The rubber machine segment grew by 31.96% YoY to 183 million yuan, supported by overseas market expansion [5] - The robotics and automation systems segment achieved 88 million yuan in revenue (+56.72% YoY), benefiting from increased demand for die-casting machine integration [5] Financial Projections - Revenue is projected to grow from 4.096 billion yuan in 2023 to 6.79 billion yuan in 2026, with net profit attributable to shareholders expected to increase from 477 million yuan to 919 million yuan over the same period [10] - The company's EPS is forecasted to rise from 1.02 yuan in 2023 to 1.96 yuan in 2026, with a corresponding PE ratio decline from 21.46 to 11.14 [10] Global Expansion - The company has established factories in India and the US, along with R&D and service centers in Germany, India, Brazil, and Vietnam, aiming to further increase its overseas market share [6]

证券研究报告 | 2024年04月22日 2024 年一季度归母净利润同比增长 28.8%，盈利能力稳中有升 核心观点 公司研究·财报点评 证券分析师：吴双 0755-81981362 wushuang2@guosen.com.cn S0980519120001 基础数据 投资评级 买入(维持) 合理估值 收盘价 22.86 元 总市值/流通市值 10711/9694 百万元 52 周最高价/最低价 23.69/12.90 元 近 3 个月日均成交额 136.43 百万元 市场走势 相关研究报告 《伊之密（300415.SZ）-注塑机有望景气向上，一体化压铸打开 新成长空间》 ——2023-11-22 《伊之密（300415.SZ）-上半年业绩同比+4.73%，注塑机行业下 行周期仍稳健增长》 ——2023-08-31 《伊之密（300415.SZ）-逆周期扩张产能，23 年有望底部反转向 上》 ——2023-04-17 《伊之密（300415.SZ）-2022 三季报点评：业绩同比下降 24%， 一体化压铸机获客户认可》 ——2022-10-26 《伊之密（300415.SZ）-注塑机中标比亚迪超 3 亿元 ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------------------------------------------------------------------|-------------------------------------|---------------------------|---------------|--------------------------------------------------------------|----------|------------------------------------------------------------|-----------------------|-----------------------|------------------------| | | [Table_Title] 伊之密 (300415) | | | | [ ...

伊之密 240419_原文 2024年04月22日 11:13 发言人 1 00:00 去年的整个上半年，整个行业应该是比较大的一个下滑。下半年的话开始逐步的回暖。在这种 相对比较困难的一个情况下吧，就是去年公司还是有了一个不错的一个经营表现。我们去年的 整个公司的收入应该是首次突破了 40 40 个亿的大的关口，同比增长也有双位数。净利润端的 话也有接近 4.8 个亿，同比增长 17%。 发言人 1 00:41 如果拆开来看的话，等 2023 年度就我们公司两大主营业务注塑机和压缩机。注塑机的话还是 一个由于行业，由于竞争对手的一个态势在发展。但是去年压缩机的话应该是公司的亮点所在， 去年整个的销收入应该是有超过 30 的增长。 发言人 1 01:12 进入 2024 年度，就是株式机和压缩机那个的板块也是都有一个不错的一个表现，特别是朱时 期，从今年的三月份开始，其实出现了比较明显的一些订单的复苏。当然我们 2024 年度的一 季度的话，整个的经营表现的话也还是非常不错。营业收入的话也达到了 9.5 亿元，同比增长 超 11%，利润端的一个增速更快一些，有 1.16 亿的一个利润，同比增长接近 30。在目 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.65 CNY per share, compared to the current price of 21.85 CNY [5][4]. Core Insights - The company reported a revenue of 4.096 billion CNY for 2023, representing a year-on-year growth of 11.3%, and a net profit attributable to shareholders of 477 million CNY, up 17.66% year-on-year [2][3]. - The automotive sector remains robust, with revenue from this segment reaching 1.142 billion CNY in 2023, a growth of 22.85% year-on-year, driven by demand for high-end injection molding and die-casting machines due to the rise of electric vehicles [3]. - The company has seen a significant improvement in gross margins, attributed to a better product mix and a decrease in raw material prices, with the gross margin for injection molding machines at 33.3%, up 2.83 percentage points year-on-year [3][4]. Financial Performance Summary - For 2023, the company achieved a revenue of 4.096 billion CNY, with a growth rate of 11.3% [9]. - The net profit for 2023 was 477 million CNY, reflecting a growth rate of 17.7% [9]. - The company expects net profits to reach 601 million CNY, 782 million CNY, and 967 million CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 26.0%, 30.1%, and 23.7% [4][9]. - The earnings per share (EPS) for 2023 was 1.02 CNY, with projections of 1.28 CNY, 1.67 CNY, and 2.06 CNY for the next three years [9].

Investment Rating - The report maintains a "Buy" rating for the company [6][17]. Core Insights - The company achieved steady growth in performance, with 2023 revenue reaching 4.1 billion yuan, a year-on-year increase of 11.3%, and net profit of 480 million yuan, up 17.7% year-on-year [1][4]. - The growth in net profit is attributed to new product launches, a decrease in raw material prices, and an increase in gross profit margin from overseas sales [1]. - The company has seen a significant increase in overseas revenue, which reached 1.09 billion yuan in 2023, marking a 26.7% year-on-year growth, and now accounts for 26.7% of total revenue [5]. Summary by Sections Financial Performance - In 2023, the company reported operating income of 4.1 billion yuan, with a gross margin of 33.3%, up 2.2 percentage points year-on-year, and a net margin of 12.0%, up 0.5 percentage points year-on-year [1][12]. - For Q1 2024, the company achieved operating income of 950 million yuan, a year-on-year increase of 11.7%, and net profit of 120 million yuan, up 28.8% year-on-year [1]. Business Segments - The injection molding machine segment generated 2.76 billion yuan in revenue, a 3.9% increase; the die-casting machine segment saw revenue of 780 million yuan, up 35.4%; and the rubber injection machine segment reached 180 million yuan, up 32.0% [4]. - The growth in these segments is primarily driven by the rapid development of the automotive industry, particularly in the new energy vehicle sector [4]. Market Expansion - The company has established over 40 overseas distributors, covering more than 70 countries and regions, and has set up factories in India and expanded its production facility in the U.S. [5]. - The overseas sales compound annual growth rate has significantly outpaced the domestic market, indicating a strong global expansion strategy [5].

深圳 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 重庆 地址：重庆市江北区金沙门路 32 号西南证券总部大楼 21 楼 邮编：400025 西南证券机构销售团队 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|--------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders was 477 million yuan, up 17.66% year-on-year. For Q1 2024, revenue reached 955 million yuan, a year-on-year increase of 11.72%, with a net profit of 116 million yuan, up 28.83% year-on-year [1][5]. Summary by Sections Financial Performance - The company demonstrated strong growth in revenue and profit from Q2 2023 to Q1 2024, with revenue growth rates of 8.31%, 5.95%, 38.27%, and 11.72%, and net profit growth rates of 24.86%, 30.00%, 43.58%, and 28.83% respectively. This indicates the company's ability to grow counter-cyclically in a challenging market environment [6][15]. - The gross margin and net margin for 2023 were 33.25% and 12.00%, respectively, showing increases of 2.13 percentage points and 0.54 percentage points year-on-year. In Q1 2024, these margins improved to 34.80% and 12.37% [6][15]. Industry Outlook - The injection molding and die-casting sectors are expected to experience a rebound in 2024. The company is well-positioned to benefit from this recovery due to its strong market presence and product innovation [2][16]. - The company has launched new product lines, including the SKIII series of precision servo injection molding machines, which are expected to enhance its competitive edge in the market [16]. Profit Forecast and Valuation - The company is projected to achieve net profits of 598 million yuan, 735 million yuan, and 878 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 23%, and 20%. The corresponding price-to-earnings ratios are expected to be 18, 15, and 12 times [14][16].

去年的整个上半年整个行业应该是比较大的一个下滑下半年的话开始逐步的这个回暖在这种相对比较困难的一个情况下吧就是去年公司还是有了一个不错的一个经营表现我们去年的整个公司的收入应该是首次突破了40个亿的大的关口 同比增长也有双位数净利润端的话也有接近4.8个亿同比增长17%如果拆开来看的话等2023年中就我们公司两大主营业务朱世基和亚布基朱世基的话还是一个由于行业由于竞争对手的一个态势在发展 但是去年鸭子鸡的话应该是公司的那个亮点所在去年整个的销售收入应该是有超过30的增长进入2024年度就是朱司机和鸭子鸡那个的板块就是都有一个不错的一个表现特别是朱司机从 今年的三月份开始其实出现了比较明显的一些订单的复苏当然这个我们2024年度的一季度的话整个的经营表现的话也还是非常不错营业收入的话也达到了9.5亿人同比增长超过11%利润端的一个增速更快一些 有1.16亿的一个利润红笔增长接近30在目前这个时间点来看的话就是因为从3月份开始订单出现了一些明显的一些缩疏和转软所以我们对于今年全年的一个业绩还是相对来说比较乐观 整个的二级座的话公司的一个主要的工作任务应该还是提升运营能力提升交货能力这一个方面订单还是相对饱满充足的 ...

证券研究报告·公司点评报告·专用设备 伊之密（300415） 2023 年报&2024 年一季报点评：业绩超市场 预期，盈利能力持续提升 2024 年 04 月 19 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3,680 | 4,096 | 4,853 | 5,669 | 6,615 | | 同比（ % ） | 4.16 | 11.30 | 18.49 | 16.82 | 16.68 | | 归母净利润（百万元） | 405.47 | 477.09 | 625.24 | 773.49 | 942.60 | | 同比（ % ） | (21.43) | 17.66 | 31.05 | 23.71 | 21.86 | | EPS- 最新摊薄（元 / 股） ...