YIZUMI(300415) 申万宏源·2024-10-29 09:15Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 1.304 billion yuan, a year-on-year increase of 33.23%, and a net profit of 181 million yuan, up 59.78% year-on-year [3][4]. - The company benefits from a robust order backlog and has successfully captured market share in the lower-tier markets by launching cost-effective models [4]. - The gross margin improved to 35.01% in Q3 2024, reflecting a 0.87 percentage point increase year-on-year, while the net margin rose to 14.36%, up 2.56 percentage points year-on-year [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 3.673 billion yuan, a 24.95% increase year-on-year, and a net profit of 480 million yuan, up 31.71% year-on-year [3][7]. - The projected net profits for 2024, 2025, and 2026 are 617 million yuan, 750 million yuan, and 909 million yuan, respectively, reflecting a positive growth trajectory [5][7]. - The company’s earnings per share (EPS) are expected to be 1.32 yuan in 2024, increasing to 1.94 yuan by 2026 [7]. Market Position and Strategy - The domestic injection molding machine market is becoming more competitive, with the company enhancing its overseas market expansion efforts [5]. - The company has established a network of over 40 overseas distributors, covering more than 70 countries and regions, indicating a strong international presence [5].