YIZUMI(SZ:300415) Soochow Securities·2024-10-28 12:01Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant growth in Q3 2024, with revenue reaching 1.304 billion yuan, a year-on-year increase of 33.23%, and net profit attributable to shareholders of 181 million yuan, up 59.78% year-on-year [2] - The company's profitability continues to improve, with a gross margin of 34.10% for the first three quarters of 2024, an increase of 0.97 percentage points year-on-year [3] - The company is experiencing a stable cash flow situation, with net cash flow from operating activities reaching 106 million yuan, a year-on-year increase of 499.89% [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 3.673 billion yuan, a year-on-year increase of 24.95%, and a net profit of 480 million yuan, up 31.71% year-on-year [2] - The company forecasts net profits of 625 million yuan, 773 million yuan, and 943 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 19, 15, and 12 times [4] Profitability and Cost Management - The gross margin for Q3 2024 was 35.01%, reflecting an increase due to higher order fulfillment and lower raw material costs [3] - The company has maintained a high level of R&D investment, with R&D expenses reaching 182 million yuan in the first three quarters of 2024, a year-on-year increase of 21.91% [3] Market Position and Growth Drivers - The company is expanding its market share in the injection molding machine sector, with a focus on high-end markets and overseas expansion [4] - The increasing penetration of new energy vehicles is expected to enhance the advantages of integrated die-casting, contributing to future revenue growth [4]