YIZUMI(SZ:300415) ZHONGTAI SECURITIES·2024-10-29 06:31Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company's Q3 2024 performance significantly exceeded market expectations, leading to an upward revision of profit forecasts [1][2] - The company is expected to achieve a net profit of 621 million, 761 million, and 908 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30%, 23%, and 19% [2][3] - The report highlights the company's strong growth potential in the injection molding and die-casting machine sectors, with a focus on high-end product development and overseas market expansion [1][2] Summary by Relevant Sections Financial Performance - Revenue (million yuan): 2022A: 3,680; 2023A: 4,096; 2024E: 5,175; 2025E: 6,238; 2026E: 7,449 [1] - Net Profit (million yuan): 2022A: 405; 2023A: 477; 2024E: 621; 2025E: 761; 2026E: 908 [1] - Earnings Per Share (yuan): 2022A: 0.87; 2023A: 1.02; 2024E: 1.32; 2025E: 1.62; 2026E: 1.94 [1] Growth Rates - Revenue Growth Rate (yoy%): 2022: 4%; 2023: 11%; 2024E: 26%; 2025E: 21%; 2026E: 19% [1] - Net Profit Growth Rate (yoy%): 2022: -21%; 2023: 18%; 2024E: 30%; 2025E: 23%; 2026E: 19% [1] Valuation Metrics - P/E Ratios: 2022A: 28.9; 2023A: 24.6; 2024E: 18.9; 2025E: 15.4; 2026E: 12.9 [1] - P/B Ratios: 2022A: 3.4; 2023A: 3.1; 2024E: 2.6; 2025E: 2.1; 2026E: 1.8 [1] Market Position and Strategy - The company has successfully developed heavy die-casting machines and established partnerships with leading automotive manufacturers, enhancing its market position in the die-casting sector [2] - The successful delivery of the LEAP 7000T die-casting machine to Changan Automobile marks a significant milestone in the company's growth strategy [2]