研报掘金丨华鑫证券：维持伊之密“买入”评级，海内外需求共振，业绩增长延续

Core Viewpoint - Yizhim's net profit attributable to shareholders reached 220 million yuan in Q3 2025, marking a year-on-year increase of 21.24%, driven by strong domestic and international demand [1] Financial Performance - In the first three quarters of 2025, the company experienced robust export performance, benefiting from the global manufacturing shift to Southeast Asia, Mexico, and Central and Eastern Europe, with emerging markets contributing significantly to growth [1] - The dual growth in injection molding and die-casting machine businesses reflects effective market expansion [1] R&D and Competitive Advantage - The company maintains high R&D investment to break through frontier technologies, aligning its high-end product matrix with downstream lightweight and precision demands, thereby establishing a long-term competitive moat [1] Market Dynamics - The combination of increasing domestic high-end demand and the benefits from the overseas manufacturing shift has positively impacted the company's performance [1] Incentive Mechanism - The implementation of a medium to long-term incentive plan binds the team to growth, supported by a strict exit and accountability mechanism that creates a closed loop of "incentive-constraint-accountability" [1] - This mechanism works in conjunction with the compensation management system to promote stable operations [1] Investment Rating - Given the significant technological advantages in die-casting and injection molding machines, along with the growth in overseas capacity and channel development, the investment rating is maintained at "Buy" [1]