Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.71 yuan [3][6]. Core Insights - In Q3 2024, the company achieved revenue of 1.304 billion yuan, representing a year-on-year increase of 33.23% and a quarter-on-quarter decrease of 7.87%. The net profit attributable to shareholders was 181 million yuan, up 59.78% year-on-year and 1.17% quarter-on-quarter [2]. - For the first three quarters of 2024, total revenue reached 3.673 billion yuan, a year-on-year increase of 24.95%, with a net profit of 480 million yuan, up 31.71% year-on-year. The overall gross margin for Q3 was 35.01%, an increase of 0.87 percentage points year-on-year, and the net profit margin was 14.36%, up 2.56 percentage points year-on-year [2]. - The company’s three main business segments saw significant revenue growth in H1 2024, with injection molding machines generating 1.708 billion yuan (up 16.29% year-on-year), die-casting machines at 417 million yuan (up 35.3% year-on-year), and rubber machines at 96 million yuan (up 22.55% year-on-year) [2]. - The company has expanded its overseas sales, with strong performance in the injection molding machine market. The overseas production capacity includes factories in the USA, India, and Mexico, along with service centers in Germany, Brazil, and Vietnam [2]. Financial Summary - The company’s revenue for 2022 was 3.68 billion yuan, with a projected increase to 4.851 billion yuan in 2024, reflecting a year-on-year growth of 18.4%. The net profit attributable to shareholders is expected to rise from 477 million yuan in 2023 to 651 million yuan in 2024, a growth of 36.4% [5]. - The earnings per share (EPS) are projected to be 1.39 yuan in 2024, increasing to 1.94 yuan by 2026. The average price-to-earnings ratio for comparable companies in 2025 is estimated at 17 times [3][5].

就是还有一个原因应该是说最近这个大触的活动比较多所以的话就是这些的一些需求也在起来至于你说这个后续的一个持续性的这个其实不管是哪个行业它总是有一波行情或者有长有短然后今年表现比较好就还是以家电的为主 啊明白好的好的呃然后汽车这块其实呃之前是说可能三季度以来会比下半年会比上半年更好一点就是现在其实看下来整个区域还是相对来说比较平稳是吧呃今年汽车相对比较平稳明白好的好的呃然后就是在在就这个先就这个住宿机这块的一个具体的情况再跟您呃具体请教一下就是说首先 那个三级路情况我这边就不再继续追问了就是如果各位领导感兴趣的话也可以看一下这个三级报交流的一个情况我就不再追问这些具体数据了就是主要是想细拆一下就比如说可能就是我们还没有披露的这个比如说像今年的销售里面比如说三板机还有两板机的一个大致的一个占比然后包括液压和全电动的这块的一个占比就是想看一下细分品类的一些具体的情况 如果是三板机跟二板机相比起来今年应该总体来说三板机的一个增速也不是增速相对三板机还是会销售会更快一点因为今年是比较好的一些行业都是以一些以中小机型为主的一些行业所以三板机的一个增速会比二板机要稍微更快一点点 然后从液压跟全电的比较起来呢今年其实全面的一 ...

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]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨伊之密（300415.SZ） [Table_Title] 伊之密：Q3 业绩超预期，规模效应带动盈利能 力提升 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 24Q3 营收 13.04 亿元，同比 +33.23% ；归母净利润 1.81 亿元，同比 +59.78% ；扣非归母净利 | | | 润 1.77 亿元，同比 +73.76% 。公司增长持续提速，一方面或受益于下游家电、日用品等行业持 续回暖及新兴市场需求释放、中国制造业产能逐步转移等因素，另一方面也受益于公司自身α | | | 增强，新产品持续迭代助推公司市占率提升。在注塑机出海趋势下，持 ...

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 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|-------|-------|------------------------------------------------------------------------------------------------------------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 3,680 | 4,096 | 5,062 | 6,106 | 7,072 | | (+/-)% | 4.2% | 11.3% | 23.6% | 20.6% | 15.8% | | 净利润（归母） | 405 | 477 | 597 | 798 | 958 | | (+/-)% | -21.4% | 17.7% | 25.2% | 33.6% 国泰君安版权 ...

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 ...