伊之密：Q3业绩超预期，规模效应带动盈利能力提升

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company's Q3 performance exceeded expectations, 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 [4][5]. - The growth is attributed to the recovery in downstream sectors such as home appliances and daily necessities, as well as the release of demand in emerging markets and the gradual transfer of manufacturing capacity in China [4][5]. - The company is benefiting from its own enhancements, with continuous iteration of new products driving an increase in market share [4][5]. - The company has a positive outlook on its global channel layout and forward-looking capacity planning, expecting continued market share growth [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved 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 [4][5]. - In Q3 alone, revenue was 1.304 billion yuan, with a net profit of 181 million yuan, reflecting a strong growth trajectory [4][5]. - The gross margin for Q3 reached 35.01%, the highest in nearly three years, while the net profit margin was 14.36%, indicating improved profitability [5]. Market Expansion - The company is expanding its overseas market presence, with new subsidiaries in Thailand and Mexico, and an expansion of its Ohio factory in the U.S. [6]. - As of the first half of 2024, overseas revenue accounted for approximately 25% of total revenue, indicating a significant growth opportunity in international markets [6]. Product Development - The company launched the NEXT² series of two-plate die-casting machines, which reduce energy consumption by 50% compared to traditional machines, and is set to release the A6 series of injection molding machines [5][6]. - The continuous introduction of new products is expected to further enhance the company's profitability [5].