YIZUMI(300415) 国信证券·2024-08-26 12:29Investment Rating - The report maintains an "Outperform" rating for Yizumi (300415 SZ) [1][4] Core Views - Yizumi's H1 2024 revenue increased by 20 82% YoY to RMB 2 37 billion, with net profit attributable to shareholders growing 19 04% YoY to RMB 299 million [1] - Q2 2024 revenue grew 27 86% YoY to RMB 1 415 billion, while net profit increased 13 58% YoY to RMB 183 million [1] - Gross margin improved by 0 98 percentage points to 33 61%, while net margin decreased by 0 34 percentage points to 12 91% [1] - R&D expenses increased 29 06% YoY to RMB 124 million, reflecting accelerated globalization strategy [1] Business Performance Injection Molding Machines - Revenue from injection molding machines grew 16 29% YoY to RMB 1 708 billion [1] - New SKIII series precision servo injection molding machines launched [1] - Breakthrough in domestic ultra-large two-platen injection molding machine technology, with 8500T machine delivered [1] Die Casting Machines - Die casting machine revenue increased 35 30% YoY to RMB 417 million [1] - LEAP7000T ultra-large die casting machine delivered to Changan Auto for new energy vehicle production [1] - 3200T semi-solid magnesium alloy injection molding machine signed, marking new milestone [1] Market Development Domestic Market - Domestic revenue grew 23 14% YoY to RMB 1 78 billion [1] - Increased sales network coverage and adjusted marketing management model [1] International Market - International revenue increased 14 34% YoY to RMB 590 million [1] - Localized investment and operations in key markets like India [1] - Dual-brand strategy leveraging both "YIZUMI" and "HPM" brands [1] Financial Forecasts - 2024-2026 net profit forecast adjusted to RMB 609/787/924 million (previous RMB 626/808/915 million) [2] - 2024-2026 PE ratios estimated at 13/10/9x [2] - 2024-2026 revenue growth projected at 20 1%/19 2%/11 4% [3] - 2024-2026 net profit growth expected at 27 6%/29 2%/17 4% [3] Industry Analysis - Injection molding machine industry shows signs of recovery [1] - Die casting machines benefit from strengthened competitiveness of LEAP series and magnesium alloy injection product breakthroughs [2]