Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating robust growth across various sectors despite industry challenges [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.063 billion yuan, a year-on-year increase of 23.61%, and a net profit attributable to shareholders of 608 million yuan, up 27.42% [1]. - For Q1 2025, revenue reached 1.187 billion yuan, reflecting a 24.32% year-on-year growth, with a net profit of 132 million yuan, an increase of 14.29% [1][2]. Growth Drivers - The company’s revenue growth in 2024 was driven by strong performance in multiple downstream sectors, including automotive (17%), 3C (64%), home appliances (28%), daily necessities (57%), and medical (78%) [2]. - Domestic revenue was 3.668 billion yuan, up 22.22%, while overseas revenue reached 1.395 billion yuan, increasing by 27.45% [2]. Profitability Analysis - The gross margin for 2024 was 31.95%, a decrease of 1.3 percentage points, while the net margin was 12.41%, an increase of 0.41 percentage points [3]. - In Q1 2025, the gross margin was 30.64%, down 4.16 percentage points, and the net margin was 11.52%, a decline of 0.85 percentage points [3]. Industry Trends - The injection molding and die-casting sectors are experiencing a cyclical recovery, with the company enhancing operational efficiency and market share despite overall industry challenges [4]. - The company launched the SKIII series of injection molding machines and the new A6 series, aimed at driving innovation and sustainability in the industry [4]. Strategic Developments - The company has made significant advancements in heavy die-casting machines, successfully developing and delivering models for major automotive manufacturers, which strengthens its position in the market [5]. - The successful delivery of the LEAP 7000T die-casting machine to Changan Automobile marks a significant milestone in the company's capabilities in the metal forming sector [5]. Future Outlook - The company is expected to maintain high growth in 2025-2027, with projected net profits of 735 million yuan, 854 million yuan, and 980 million yuan for the respective years [5].

事件描述 公司发布24 年报及25 年一季报，2024 年公司实现营收50.63 亿元，同比+23.61%；归母净利润6.08 亿 元，同比+27.42%；扣非归母净利润5.92 亿元，同比+29.85%。其中24Q4 营收13.90 亿元，同比 +20.21%；归母净利润1.27 亿元，同比+13.49%；扣非归母净利润1.24 亿元，同比+10.93%。 25Q1 营收11.87 亿元，同比+24.32%；归母净利润1.32 亿元，同比+14.29%；扣非归母净利润1.26 亿 元，同比+13.57%。 事件评论 携手库卡展出智能机器人+注塑生产线方案，布局智能制造。公司与库卡合作，依托智能开模技术与机 器人精准取件的无缝配合，在库卡开放日现场展示了注塑成型的高效稳定生产过程，不仅提升了生产效 率，更实现了零缺陷生产，为制造业智能化树立了新标杆。 回购股份拟用于股权激励或员工持股计划，彰显公司发展信心。25 年4 月8 日，公司控股股东提议以集 中竞价交易方式回购公司股份，回购金额不低于1500 万元且不超过2500万元，回购股权全部用于股权 激励计划或实施员工持股计划，彰显公司发展信心。 维持"买入"评 ...

Core Viewpoint - The company, Yizhim, has reported strong performance in 2024, driven by increased demand in downstream industries such as automotive, home appliances, 3C electronics, and daily necessities, with a significant rise in revenue and net profit [2][3]. Financial Performance - In 2024, Yizhim achieved operating revenue of 5.063 billion yuan, a year-on-year increase of 23.61% - The net profit attributable to shareholders reached 608 million yuan, reflecting a year-on-year growth of 27.42% - For Q1 2024, the company reported operating revenue of 1.187 billion yuan, up 24.32% year-on-year, and a net profit of 132 million yuan, an increase of 14.29% [2]. Industry Demand and Trends - The automotive sector is the largest contributor to the company's downstream demand, with strong performance in the domestic new energy vehicle market - The home appliance industry is experiencing a positive start due to policy support, particularly the "old-for-new" policy that stimulates consumer demand - The 3C electronics sector is also maintaining steady growth amid global economic recovery and increasing consumer demand for smart devices [3]. Product Innovation and Capacity Expansion - Yizhim has made significant advancements in capacity construction and product innovation, transitioning towards an Industry 4.0 manufacturing model - New product launches include the NEXT2 two-plate die-casting machine, A6 high-end intelligent injection molding machine, and A3 series rubber injection molding machine - Key projects such as the UN2400D1M MultiPro seven-material injection molding machine and 3200T semi-solid magnesium alloy injection molding machine have been successfully delivered, supporting the development of new energy vehicles [3][4]. Market Opportunities - The demand for magnesium alloy lightweight components is growing in line with the trend towards lightweight development in new energy vehicles - The semi-solid magnesium alloy injection molding machine combines die-casting and injection molding processes, primarily used for producing large key components for new energy vehicles - The company's early technological investments in this area are expected to yield performance results as the demand for lightweight solutions increases [4]. Industry Outlook - The molding equipment industry in China is accelerating its development, with companies enhancing their competitiveness through technological upgrades and scale improvements - The global market for this industry is vast, and there is a need for continuous innovation and improvement in product quality and service levels [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.063 billion yuan for 2024, representing a year-on-year increase of 23.61%. The net profit attributable to the parent company was 608 million yuan, up 27.42% year-on-year [5][10]. - The growth in performance is attributed to the recovery in downstream demand, the release of demand in emerging markets, and the gradual transfer of manufacturing capacity in China. Additionally, the company's own enhancements and continuous iteration of new products have contributed to an increase in market share [2][10]. - The company is expected to benefit from the trend of injection molding machine exports, with a positive outlook on its global channel layout and forward-looking capacity planning, leading to a sustained increase in market share [10]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.39 billion yuan, a year-on-year increase of 20.21%. The net profit attributable to the parent company was 127 million yuan, up 13.49% year-on-year [5][10]. - For Q1 2025, the revenue was 1.187 billion yuan, reflecting a year-on-year growth of 24.32%, with a net profit of 132 million yuan, up 14.29% year-on-year [5][10]. Market Position and Strategy - The company has seen a stable recovery in the industry, with its market share further increasing. The automotive, 3C, home appliance, and daily necessities sectors are the top four industries contributing to its revenue [10]. - The company has expanded its overseas market presence, with a 27.45% increase in overseas revenue in 2024, now accounting for 27.54% of total revenue. The overseas business covers over 90 countries and regions [10]. Future Outlook - The company plans to collaborate with KUKA to showcase intelligent manufacturing solutions, enhancing production efficiency and setting a new benchmark for smart manufacturing [10]. - The company has proposed a share buyback plan to be used for employee stock ownership plans, reflecting confidence in its future development [10]. - The projected net profits for 2025-2027 are estimated at 705 million, 830 million, and 972 million yuan, respectively, with corresponding price-to-earnings ratios of 13, 11, and 10 times [10].

证券研究报告 | 2025年04月28日 伊之密（300415.SZ） 优于大市 2024 年归母净利润同比增长 27%，持续看好公司发展 2025 年第一季度营业收入同比增长 24.32%，归母净利润同比增长 14.29%。 2024 年全年实现营收 50.63 亿元，同比增长 23.61%，归母净利润 6.08 亿元， 同比增长 27.42%，扣非归母净利润 5.92 亿元，同比增长 29.85%；分季度看， 2024 年第四季度实现营收 13.9 亿元，同比增长 24.32%，归母净利润 1.27 亿元，同比增长 13.49%，扣非归母净利润 1.24 亿元，同比增长 10.93%。利 润增长主要系注塑机行业景气度回暖，同时公司产品竞争力强化所致。2025 年一季度实现 11.87 亿元，同比增长 24.32%，归母净利润 1.33 亿元，同比 增长 14.29%，扣非归母净利润 1.26 亿元，同比增长 13.57%，利润增长主要 系下游汽车、家电、3C 等行业表现较好。 2025 年一季度毛利率小幅下滑，费用率有所节省。2024 年公司毛利率/净利 率分别为 31.95%/12.41%，同比变动-1 ...

Financial Performance - The company achieved a total revenue of ¥5,062,986,914.57 in 2024, representing a year-on-year growth of 23.61% [10] - The net profit attributable to shareholders was ¥607,895,384.28, with a year-on-year increase of 27.42% [10] - The increase in revenue and profit is attributed to industry recovery, improved operational efficiency, and enhanced market competitiveness [10] Debt and Financial Strategy - The company has a high level of long-term debt, exceeding ¥1 billion, primarily due to project financing for factory construction [2] - The low cash inflow is linked to the expansion of operations and increased working capital needs [2] - The company employs a reasonable use of financial leverage to enhance shareholder returns despite the high debt ratio [2] Market and Product Development - The company is focused on expanding its market share in the injection molding machine sector, driven by demand from the automotive, electronics, and household appliance industries [14] - The company has invested ¥246 million in R&D in 2024, a 15.78% increase from the previous year, focusing on advanced products like the NEXT2 two-plate die-casting machine and A6 high-end intelligent injection molding machine [14] - The company has established a presence in over 90 countries and regions, with 27.54% of its business coming from overseas [8] Operational Efficiency - The company has improved its capacity utilization compared to the previous year, indicating better operational efficiency [3] - The impact of digital transformation on operational efficiency includes enhancements in inventory turnover and order delivery cycles [13] Market Challenges and Strategies - The company faces challenges in overseas markets, including intense competition and trade barriers, but is committed to a global strategy to enhance its market presence [12] - The company plans to leverage its dual-brand strategy with "YIZUMI" and "HPM" to strengthen its international market position [12] Shareholder Engagement - The company is focused on maintaining investor relations and enhancing shareholder value through effective market management [2] - The dividend proposal for 2024 is pending approval at the annual shareholders' meeting [13]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved steady growth in performance, with revenue of 5.06 billion yuan in 2024, representing a year-on-year increase of 23.6%, and a net profit of 610 million yuan, up 27.4% year-on-year [1] - The introduction of new products and expansion into overseas markets are expected to support future growth [1][2][3] - The company plans to repurchase shares worth 15 to 25 million yuan, indicating confidence in long-term development [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 31.9%, a decrease of 1.3 percentage points year-on-year, and a net margin of 12.4%, an increase of 0.4 percentage points [1] - For Q1 2025, revenue reached 1.19 billion yuan, a 24.3% increase year-on-year, with a net profit of 130 million yuan, up 14.3% [1] Business Segments - Injection molding machine revenue was 3.56 billion yuan in 2024, up 28.8%, driven by industry recovery [2] - Die-casting machine revenue reached 890 million yuan, a 14.5% increase, supported by strong sales of new products [2] - Rubber machine revenue was 220 million yuan, growing 21.4%, due to full order books and rapid overseas expansion [2] Overseas Market Expansion - The company's overseas revenue was 1.39 billion yuan in 2024, a 27.4% increase, accounting for 27.5% of total revenue [3] - The company has over 40 overseas distributors, covering more than 70 countries and regions, with production facilities in the USA and India to support its global strategy [3]

证券代码：300415 证券简称：伊之密 公告编号：2025-042 伊之密股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持 股情况的公告 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 日召开了第五届 董事会第九次会议及第五届监事会第九次会议，审议通过了《关于回购公司股份 方案的议案》，公司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。具体内容详见公司在深圳证券交易所网站（http://www.szse.cn）及巨潮资讯 网（http://www.cninfo.com.cn）披露的相关公告。 序号 股东名称 持股数量 （股） 占总股本比例 1 佳卓控股有限公司 137,365,939 29.32% 2 香港中央结算有限公司 14,025,463 2.99% 3 廖昌清 12,533,714 2.67% 4 甄荣辉 7,859,917 1.68% 5 梁敬华 7,140,396 1.52% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Insights - The company is expected to achieve steady growth in 2024, with a year-on-year revenue increase of 23.61% to reach 5.063 billion yuan and a net profit growth of 27.42% to 608 million yuan [6]. - The injection molding machine business continues to lead the industry, with revenue growth of 28.80% year-on-year, outperforming the overall market [6]. - The automotive and 3C sectors remain the largest demand sources, with significant year-on-year growth rates of 16.7% and 63.6%, respectively [6]. - New products are being launched, including the A6 series high-end intelligent injection molding machines and NEXT² series die-casting machines, which support capacity expansion and performance growth [6]. Financial Performance - In Q1 2025, the company reported a revenue of 1.187 billion yuan, a year-on-year increase of 24.32%, and a net profit of 132 million yuan, up 14.29% [6]. - The company’s total revenue for 2024 is projected to be 5.699 billion yuan, with a year-on-year growth of 13% in 2025 [8]. - The gross profit margin for injection molding machines was 31.78% in 2024, slightly down by 1.52 percentage points year-on-year [6]. Market Position - The company is recognized as a leader in the injection molding machine sector, with its revenue performance consistently exceeding industry averages [6]. - The overall market for plastic processing equipment in China is expected to grow by 5.3% in 2024, indicating a favorable environment for the company’s growth [6]. Shareholder Information - The major shareholder, Jiazhuo Holdings Limited, holds a 29.32% stake in the company [2].

报告期内，公司研发总投入245,862,085.97元，同比增长15.78%。公司以技术中心为研发平台，在"让中 国装备技术与世界同步"的共识下，加大科研投入，优化公司现有生产工艺技术，促进公司新产品开 发，提高企业的综合竞争力和经济效益，实现可持续的快速发展。2024年，公司推出全新A6系列高端 智能注塑机，A6系列是公司打造的第六代高端智能注塑机，聚焦智能、精密、绿色、高效四大核心价 值，旨在通过技术创新重塑行业标杆，推动注塑行业向智能化和可持续发展方向转型。公司在2024中国 塑机制造综合实力40强企业排名第二，在2024中国塑料注射成型机行业18强企业中排名第二。 国际市场方面，公司通过现有的海外销售网络，进一步拓展现有市场份额。加大战略性市场开发力度， 实现战略性市场的新突破。在印度等重要市场实施本土化投资及经营，加大产品的直销力度及售后服务 能力，提升国际市场竞争力。利用"HPM"品牌，开拓北美及欧洲市场，发挥"YIZUMI"和"HPM"的双品 牌优势，巩固现有国际市场，开拓有潜力的新市场，全面打造伊之密品牌国际化形象。目前，公司的海 外业务覆盖90多个国家和地区。 伊之密自2002年创立发展至今 ...