YIZUMI(SZ:300415) Southwest Securities·2024-08-23 10:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported record high revenue and profit in Q2 2024, with revenue reaching 14.15 billion yuan, a year-on-year increase of 27.86% and a quarter-on-quarter increase of 48.21% [1]. - The injection molding machine industry is experiencing a recovery, contributing to a 20.82% year-on-year revenue growth in H1 2024, totaling 23.70 billion yuan [1]. - The company’s gross margin improved to 33.61% in H1 2024, up 0.98 percentage points year-on-year, despite a slight decline in net profit margin [1]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 23.70 billion yuan, with a net profit of 2.99 billion yuan, reflecting a year-on-year growth of 20.82% and 19.04% respectively [1]. - The revenue from injection molding machines was 17.08 billion yuan, accounting for 72.08% of total revenue, with a year-on-year growth of 16.29% [1]. - The company’s overseas revenue reached 5.90 billion yuan, a year-on-year increase of 14.34%, while domestic revenue was 17.80 billion yuan, growing by 23.14% [1]. Profit Forecast and Valuation - The company is expected to achieve net profits of 6.22 billion yuan, 7.70 billion yuan, and 9.38 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.33 yuan, 1.64 yuan, and 2.00 yuan [2][6]. - The projected compound annual growth rate (CAGR) for net profit over the next three years is estimated at 25% [2].