YIZUMI(SZ:300415) Xin Lang Cai Jing·2026-01-15 00:36Core Viewpoint - The company is a leading manufacturer of molding equipment, showing steady growth in historical performance and strong market positioning in various segments of the molding equipment industry [1][2][3]. Group 1: Company Overview - The company specializes in molding equipment, including polymer and light alloy molding equipment, with injection molding machines accounting for 71% of revenue in the first half of 2025 [1]. - The company ranks second among the top 40 plastic machine manufacturers in China and is a leader in the domestic semi-solid magnesium alloy injection molding equipment sector [1]. - Over the past five years, the company has achieved a compound annual growth rate (CAGR) of 19.1% in revenue and 25.8% in net profit attributable to shareholders [1]. Group 2: Injection Molding Machine Market - The global injection molding machine market exceeds 70 billion yuan, with China being the largest producer and consumer [1]. - The injection molding machine market is experiencing steady growth, with the automotive sector accounting for 26% of applications, followed by home appliances at 25% and general plastics at 28% [1]. - The company has been steadily increasing its market share in the injection molding machine sector, with a competitive gross margin compared to the industry leader, Haitian International [1]. Group 3: Die Casting Machine Market - The die casting machine market in China is approximately 193.6 billion yuan, with a CAGR of 15.9% from 2016 to 2022 [2]. - The automotive industry represents about 65% of die casting machine applications, with increasing demand driven by lightweight materials like magnesium-aluminum alloys [2]. - The company has successfully launched the LEAP series of high-end die casting machines, which are competitive with international standards [2]. Group 4: Magnesium Alloy Applications - Magnesium alloy is recognized as one of the best lightweight materials, with automotive manufacturing being its largest application, accounting for 70% [3]. - The price ratio of magnesium to aluminum has decreased to 0.7, enhancing the economic viability of magnesium alloys [3]. - The company is a leader in semi-solid magnesium alloy injection molding technology, having developed the first domestic machine in 2009 and setting industry standards in 2014 [3]. Group 5: Profit Forecast and Investment Recommendations - The company's revenue forecasts for 2025 and 2026 have been adjusted to 59.8 billion yuan and 71.3 billion yuan, respectively, with net profit forecasts of 7.2 billion yuan and 8.8 billion yuan [4]. - The company is expected to achieve a revenue of 85.7 billion yuan and a net profit of 10.7 billion yuan by 2027, with an EPS of 2.29 yuan [4]. - The company maintains a "buy" rating due to its increasing market share in injection molding machines, successful high-end transformation in die casting machines, and significant growth potential in semi-solid magnesium alloy injection molding machines [4].