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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [7][31]. Core Insights - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million yuan, up 17.67% year-on-year [6][22]. - In Q4 2023, the company achieved a revenue of 1.156 billion yuan, showing a year-on-year increase of 38.27% and a quarter-on-quarter growth of 18.13% [6]. - For Q1 2024, the company reported a revenue of 955 million yuan, a year-on-year increase of 11.72%, and a net profit of 116 million yuan, up 25.48% year-on-year, slightly exceeding expectations due to improved gross margins [6][7]. Financial Performance Summary - The company's gross margin for 2023 was 33.25%, an increase of 2.13 percentage points year-on-year, with Q1 2024 gross margin rising to 34.80% [7][8]. - The net profit margin for 2023 was 12.00%, up 0.53 percentage points year-on-year, while Q1 2024 saw a net profit margin of 12.37%, reflecting a year-on-year increase of 1.36 percentage points [8][7]. - The company expects a compound annual growth rate (CAGR) of 25% for net profit from 2024 to 2026, with projected net profits of 622 million yuan, 770 million yuan, and 938 million yuan for the respective years [7][9]. Business Segment Insights - The injection molding machine segment generated revenue of 2.760 billion yuan in 2023, with a year-on-year growth of 3.86%, accounting for 67% of total revenue [22]. - The die-casting machine segment saw significant growth, with revenue of 780 million yuan, up 35.44% year-on-year, representing 19% of total revenue [22]. - The company anticipates order growth rates for injection molding machines of 20.9%, 21.0%, and 21.1% from 2024 to 2026, with stable gross margins of around 34% [12][28]. Future Projections - The company forecasts total revenue of 4.096 billion yuan for 2024, with a growth rate of 23.71%, and net profit of 622 million yuan, reflecting a growth rate of 30.45% [9][28]. - The die-casting machine orders are expected to grow by 38.6%, 21.3%, and 16.0% from 2024 to 2026, with gross margins projected to improve to 35.5% by 2026 [27][28].

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） ...

Financial Performance - The company's operating revenue for 2023 reached ¥4,095,816,864.87, an increase of 11.30% compared to ¥3,679,894,446.26 in 2022[24]. - The net profit attributable to shareholders was ¥477,089,898.56, reflecting a growth of 17.66% from ¥405,457,084.61 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥455,624,222.51, which is a 23.44% increase from ¥369,083,651.91 in 2022[24]. - The cash flow from operating activities showed a significant decline, amounting to ¥174,758,826.19, down 49.76% from ¥347,835,773.01 in the previous year[24]. - The total assets at the end of 2023 were ¥6,191,396,688.47, representing a 13.86% increase from ¥5,436,968,811.02 at the end of 2022[24]. - The net assets attributable to shareholders increased by 8.29% to ¥2,561,217,505.95 from ¥2,365,169,012.25 in 2022[24]. - The basic earnings per share rose to ¥1.02, an 18.60% increase compared to ¥0.86 in the previous year[24]. - The weighted average return on equity for 2023 was 18.90%, slightly up from 17.94% in 2022[24]. - The company reported a quarterly revenue of ¥1,155,939,846.44 in Q4 2023, contributing to a total annual revenue growth[27]. - The net profit for Q4 2023 was ¥112,324,966.46, indicating stable performance in the last quarter of the year[27]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing product development through the Integrated Product Development (IPD) model[17]. - The company has established over 40 overseas distributors, covering more than 70 countries and regions, with significant growth in overseas sales over the past decade[37]. - The company is expanding its overseas market presence, with factories established in India and an expansion of the HPM production facility in the United States[38]. - The company has outlined its strategies for future growth, including potential mergers and acquisitions to enhance its market position[3]. - The company plans to leverage its dual-brand strategy with "YIZUMI" and "HPM" to strengthen its market position in North America and Europe[47]. - The company is focusing on the rapid development of the new energy vehicle sector, leveraging opportunities for growth in this area[39]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[122]. Research and Development - The company is actively involved in the research and development of new technologies and products to improve operational efficiency and market competitiveness[17]. - R&D expenses for the year amounted to ¥21,235.79 million, a 17.61% increase, constituting 5.18% of total revenue[44]. - The company launched new product series, including the SKIII precision servo injection molding machine and the LEAP 7000T die-casting machine, enhancing its market competitiveness[44]. - The company has completed the R&D of heavy-duty die-casting machines (6000T, 7000T, 8000T, 9000T) and is gradually introducing these products to the market in 2023[36]. - The company is developing a new magnesium alloy semi-solid injection molding technology aimed at enhancing lightweight applications in the automotive sector[68]. - The project for high-performance carbon fiber composite materials has been completed and is expected to meet the growing demand in aerospace and automotive industries[69]. Environmental Compliance and Sustainability - The company has a comprehensive list of environmental protection laws and regulations, updated quarterly, to ensure compliance[165]. - The company is actively monitoring and managing its environmental impact, with specific measures in place for pollutant discharge[172][174]. - The company plans to expand its production capacity with the approval of new projects and permits, indicating a focus on growth and compliance[170][171]. - The company has implemented noise reduction measures by adding silencers to high-noise equipment to meet regulatory requirements[178]. - The company has established emergency response plans for environmental incidents, with specific registration numbers for different facilities[180]. - The company has focused on resource recycling and clean production, achieving sustainable development while expanding its operations[177]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting, with all board members present for the report's approval[3]. - The governance structure includes a board of directors, supervisory board, and specialized committees, ensuring compliance with legal and regulatory requirements[106]. - The company has established a robust internal control system to enhance governance and operational standards[106]. - The company has not faced any regulatory criticism regarding information disclosure practices during the reporting period[108]. - The company has a dedicated investor relations management team to ensure fair information disclosure[108]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and financial operations[110]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 460,561,917 shares[3]. - The total distributable profit for the company was 618,147,774.17 CNY[140]. - The company distributed a cash dividend of 184,224,766.80 CNY, which is 4 CNY per 10 shares, representing 100% of the total profit distribution[140]. - The company has a cash dividend policy that requires a minimum of 20% of profit distribution to be in cash when in a growth phase with significant capital expenditures[140]. Employee and Management Structure - The total number of employees at the end of the reporting period was 3,936, with 1,166 in the parent company and 2,770 in major subsidiaries[136]. - The company has a total of 28,996 shares held by its current directors and senior management, with no changes reported[114]. - The company has established a training plan to enhance employee skills according to its training management system[138]. - The company’s governance structure includes a clear distinction between executive and independent directors[113]. - The company has maintained a stable leadership team, with key executives serving multiple terms[115]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 20% for the next fiscal year[122]. - The company aims to enhance its core competitiveness through technological innovation and global expansion, targeting a vision of becoming a world-class enterprise in the molding equipment sector by 2024[98]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[196].

| | | | 一、审计报告 . . | | --- | | 二、财务报表 | | (一) 合并资产负债表 第 7 页 | | (二) 母公司资产负债表 第 8 页 | | (三) 合并利润表 | | (四) 母公司利润表. . | | (五) 合并现金流量表. | | (六) 母公司现金流量表. | | (七) 合并所有者权益变动表. . | | （八）母公司所有者权益变动表. . | 三、财务报表附注 资质证书. . . . . . . . . . . . . . . . . . . . . . . . . . 第 132—135 页 us son son "扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事务所 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) "进行 报告编码: 浙24T3I 审 计 报 告 天健审〔2024〕1-351 号 伊之密股份有限公司全体股东： 一、审计意见 我们审计了伊之密股份有限公司（以下简称伊之密公司）财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润 ...