Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.84 CNY based on a 19x average P/E ratio for comparable companies in 2024 [29][31]. Core Insights - The company demonstrated robust growth in 2023, with total revenue reaching 4.1 billion CNY, a year-on-year increase of 11.3%. The net profit attributable to shareholders was 480 million CNY, up 17.7% year-on-year [16][29]. - In Q4 2023, the company achieved a revenue of 1.16 billion CNY, reflecting a year-on-year growth of 38.3% and a quarter-on-quarter increase of 18.1%. The net profit for the same period was 110 million CNY, up 43.6% year-on-year [16][29]. - The company’s gross margin improved to 33.25% in 2023, an increase of 2.13 percentage points year-on-year, while the net margin was 12%, up 0.53 percentage points year-on-year [16][29]. Financial Performance Summary - The company’s revenue forecast for 2024 is set at 4.81 billion CNY, representing a growth of 17.4% compared to 2023. The net profit is expected to reach 637 million CNY, a growth of 33.5% [17][29]. - The gross margin is projected to further improve to 34.4% in 2024, while the net margin is expected to rise to 13.2% [17][29]. - The company’s earnings per share (EPS) for 2024 is forecasted at 1.36 CNY, with subsequent years showing continued growth [17][29]. Product and Market Insights - The company’s main products, including injection molding machines and die-casting machines, saw revenue growth of 3.9% and 35.4% respectively in 2023. The gross margins for these products also improved [16][29]. - The automotive and 3C industries significantly supported the company’s revenue growth in 2023, with overseas revenue reaching 1.09 billion CNY, a year-on-year increase of 20% [16][29]. - The manufacturing sector's recovery, indicated by the PMI production index remaining above the threshold since H2 2023, suggests a favorable environment for the company’s growth [16][29].

证券代码：300415 证券简称：伊之密 公告编号：2024-034 伊之密股份有限公司 关于回购公司股份的进展公告 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 2023 年 10 月 30 日召开 2023 年 第一次临时董事会会议及 2023 年第一次临时监事会会议，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 12,000 万元（含本数）且不超过 人民币 20,000 万元（含本数），本次回购价格不超过人民币 25 元/股。本次回购 股份的实施期限为自公司董事会审议通过之日起不超过 12 个月内。具体内容详 见公司分别于 2023 年 10 月 31 日、2023 年 11 月 2 日在巨潮资讯网披露的《关 于回购公司股份方案的公告》（公告编号：2023-070）和《回购报告书》（公告 编号：2023-071）。 根据《深圳证券交易所上市公司自 ...

3、问：公司在一体化压铸方面，请问和华为方面有什么合作 答：尊敬的投资者，您好。在一体化压铸领域，公司与国内知 名汽车品牌一汽、长安等有深入的合作，暂未与华为建立合作关系。 感谢您的关注。 4、问：针对公司的注塑机和压铸机两个主要业务板块，我想了 解一下公司对于这两个板块未来的发展有何展望？ 答：尊敬的投资者，您好。公司始终坚持品牌引领、创新驱动， 提升经营管理能力与水平，促进公司生产经营稳定健康发展。接下 来，公司将紧紧围绕"客户与市场升级、产品与技术升级、运营与 组织升级"三大战略主题，进一步加快全球化进程、不断优化客户 结构，稳步推进产品技术的高端化、智能化、绿色化，大力提升运 营效率，不断提升注塑机和压铸机的市场占有率，取得更理想的经 营成果。感谢您的关注。 5、问：在新能源汽车行业快速发展的背景下，采取了哪些措施 来把握这一发展机遇？ 证券代码： 300415 证券简称：伊之密 伊之密股份有限公司投资者关系活动记录表 编号：2024-03 | 投资者关系 | □特定对象调研 □ 分析师会议 | | | | | --- | --- | --- | --- | --- | | 活动类别 | □ 媒体采访 ...

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 ——伊之密(300415)2023 年报&2024 一季报点评 通用设备 注塑机行业需求复苏，大型压铸机不断成 长 | --- | --- | --- | |-------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a total revenue of 4.096 billion in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million, up 17.66% year-on-year [2] - In Q1 2024, the company reported a revenue of 955 million, a year-on-year increase of 11.72%, and a net profit of 116 million, which is a 28.83% increase year-on-year [2] - The company’s die-casting machine revenue reached 780 million in 2023, with a significant growth of 35.44%, primarily driven by the rapid increase in demand from automotive industry clients [2] - The company is a leading player in the domestic injection molding and die-casting machine market and is expected to benefit from the improving downstream conditions of injection molding machines and an increase in market share [2] - The profit forecasts for 2024-2026 have been adjusted downwards, with new profit estimates for 2026 introduced, projecting net profits of 608 million, 762 million, and 923 million for 2024, 2025, and 2026 respectively [2] Financial Summary - The company's revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E is 3680, 4096, 5147, 6309, and 7600 respectively, with year-on-year growth rates of 4.2%, 11.3%, 25.7%, 22.6%, and 20.5% [3] - The net profit attributable to shareholders (in million) for the same years is 405, 477, 608, 762, and 923, with year-on-year growth rates of -21.4%, 17.7%, 27.5%, 25.3%, and 21.0% [3] - The gross margin for 2023 is 33.3%, an increase of 2.13 percentage points year-on-year, while the net margin is 12.0%, up 0.53 percentage points year-on-year [35] - The company’s R&D expenses reached 54.71 million in Q1 2024, reflecting a year-on-year increase of 33.7% [35] Product Development and Market Expansion - The company launched the LEAP series of ultra-large die-casting machines, including the 7000T and 9000T models, which are designed to compete with foreign products in terms of performance [36] - Strategic partnerships have been established with major automotive manufacturers, including a collaboration with FAW Casting for a comprehensive solution for the 9000T die-casting machine [36] - The company has expanded its overseas market presence, covering over 70 countries and regions with more than 40 distributors [36]

Investment Rating - The report maintains an "Accumulate" rating for the company [10][22][32] Core Views - The company has shown steady growth in revenue and net profit, with 2023 operating revenue and net profit increasing by 11.30% and 17.66% year-on-year, respectively [19] - The growth in revenue is driven by the rapid increase in die-casting machine income, which rose by 35.44% year-on-year, supported by the launch of new mid-to-high-end products and the development of the automotive industry [19] - The company's gross margin improved to 33.25% in 2023, up by 2.13 percentage points year-on-year, primarily due to new product launches, a decrease in raw material prices, and increased foreign exchange gains from the depreciation of the RMB [9] Summary by Sections Financial Performance - In 2023, the company achieved an operating revenue of 4,096 million and a net profit attributable to shareholders of 477 million, with a year-on-year growth of 11% and 18%, respectively [33] - For Q1 2024, the company reported an operating revenue of 955 million, up 11.72% year-on-year, and a net profit of 116 million, reflecting a 28.83% increase [19][10] Revenue Breakdown - The revenue from injection molding machines was 2,760 million, up 3.86% year-on-year, while die-casting machines generated 780 million, marking a 35.44% increase [19] - The company’s revenue from the automotive sector reached 1,142 million, up 22.85%, and from the 3C industry, it was 554 million, up 33.65% [19] Profitability Metrics - The gross margin for 2023 was 33.25%, with a net profit margin of 11.65%, indicating improved profitability [9] - The company’s return on equity (ROE) is projected to be 19% in 2023, increasing to 21% by 2026 [33] Future Projections - The company is expected to achieve revenues of 4,879 million, 5,601 million, and 6,388 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 15%, and 14% [10][33] - Net profit is projected to reach 612 million, 731 million, and 864 million over the same period, with growth rates of 28%, 19%, and 18% [10][33]

保荐总结报告书 华泰联合证券有限责任公司 关于伊之密股份有限公司 2020 年度向特定对象发行股票并在创业板上市 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 号前海深港基金小 128 | | | 镇 B7 栋 401 | | 主要办公地址 | 深圳市福田区莲花街道益田路 号基金大厦 层及 层 5999 27 28 | | 法定代表人 | 江禹 | | 联系人 | 于首祥、袁琳翕 | | 联系电话 | 0755-81902000 | 1 保荐总结报告书 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中 ...

华泰联合证券有限责任公司 关于伊之密股份有限公司 2023 年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：伊之密 | | --- | --- | | 保荐代表人姓名：于首祥 | 联系电话：0755-81902000 | | 保荐代表人姓名：袁琳翕 | 联系电话：0755-81902000 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次，公司募集资金已经使用完毕。 0 | | （2）公司募集资金项目进展是否与信息披 ...

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 ...