YIZUMI(SZ:300415) ZHONGTAI SECURITIES·2024-08-23 11:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown robust performance in the first half of 2024, with revenue reaching 2.37 billion yuan, a year-on-year increase of 20.82%, and a net profit of 299 million yuan, up 19.04% year-on-year [3] - The second quarter of 2024 marked a historical high in revenue at 1.415 billion yuan, reflecting a significant year-on-year growth of 27.86% [4] - The company demonstrates strong growth potential, with projected net profits for 2024-2026 expected to be 598 million, 735 million, and 878 million yuan, respectively, indicating growth rates of 25%, 23%, and 20% [5] Financial Performance Summary - Revenue and Profit Forecast: - 2022A: Revenue of 3.68 billion yuan, net profit of 405 million yuan - 2023A: Revenue of 4.096 billion yuan, net profit of 477 million yuan - 2024E: Revenue of 4.986 billion yuan, net profit of 598 million yuan - 2025E: Revenue of 6.021 billion yuan, net profit of 735 million yuan - 2026E: Revenue of 7.199 billion yuan, net profit of 878 million yuan [1][5] - Earnings Per Share (EPS) is projected to grow from 1.02 yuan in 2023 to 1.87 yuan in 2026 [1] - The company maintains a healthy return on equity (ROE) forecasted to be 19% in 2024 and 20% in 2025 [1] Industry Insights - The injection molding and die-casting sectors are experiencing a recovery, with the company positioned to benefit from this trend due to its strong operational efficiency and product innovation [5] - The automotive sector continues to grow, providing new opportunities for the company, particularly in the high-end die-casting market [5]