YIZUMI(SZ:300415) Guotai Junan Securities·2024-10-29 13:06Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance exceeded expectations, with impressive revenue and profit growth in Q3, and a positive outlook on its internationalization strategy [2][3]. - The company is expected to outperform industry growth due to equipment renewal policies, with upward revisions to EPS for 2024-2026 [3]. - The target price has been raised to 34.00 CNY, based on a 20x PE for 2025 [3][4]. Financial Summary - Revenue is projected to grow from 4,096 million CNY in 2023 to 7,072 million CNY in 2026, reflecting a CAGR of approximately 15.8% [1]. - Net profit attributable to the parent company is expected to increase from 477 million CNY in 2023 to 958 million CNY in 2026, with a significant growth rate of 33.6% in 2025 [1]. - The earnings per share (EPS) is forecasted to rise from 1.02 CNY in 2023 to 2.04 CNY in 2026 [1]. - The return on equity (ROE) is anticipated to remain strong, with projections of 20.0% in 2025 and 19.7% in 2026 [1]. Performance Highlights - In the first three quarters of 2024, the company achieved revenue of 3,673 million CNY, a year-on-year increase of 24.95%, and a net profit of 480 million CNY, up 31.71% [3]. - Q3 alone saw revenue and net profit of 1,304 million CNY and 181 million CNY, respectively, marking year-on-year growth of 33.23% and 59.87% [3]. - The gross margin for Q3 reached a new high of 35.01%, with a net margin of 14.36% [3]. Strategic Developments - The company is actively expanding its international market presence, with over 40 overseas distributors covering more than 70 countries [3]. - Significant advancements in product technology are being made, including the delivery of large injection molding machines and die-casting machines for key automotive clients [3].