YIZUMI(300415) 东方证券·2024-11-18 08:47Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.71 yuan [3][6]. Core Insights - In Q3 2024, the company achieved revenue of 1.304 billion yuan, representing a year-on-year increase of 33.23% and a quarter-on-quarter decrease of 7.87%. The net profit attributable to shareholders was 181 million yuan, up 59.78% year-on-year and 1.17% quarter-on-quarter [2]. - For the first three quarters of 2024, total revenue reached 3.673 billion yuan, a year-on-year increase of 24.95%, with a net profit of 480 million yuan, up 31.71% year-on-year. The overall gross margin for Q3 was 35.01%, an increase of 0.87 percentage points year-on-year, and the net profit margin was 14.36%, up 2.56 percentage points year-on-year [2]. - The company’s three main business segments saw significant revenue growth in H1 2024, with injection molding machines generating 1.708 billion yuan (up 16.29% year-on-year), die-casting machines at 417 million yuan (up 35.3% year-on-year), and rubber machines at 96 million yuan (up 22.55% year-on-year) [2]. - The company has expanded its overseas sales, with strong performance in the injection molding machine market. The overseas production capacity includes factories in the USA, India, and Mexico, along with service centers in Germany, Brazil, and Vietnam [2]. Financial Summary - The company’s revenue for 2022 was 3.68 billion yuan, with a projected increase to 4.851 billion yuan in 2024, reflecting a year-on-year growth of 18.4%. The net profit attributable to shareholders is expected to rise from 477 million yuan in 2023 to 651 million yuan in 2024, a growth of 36.4% [5]. - The earnings per share (EPS) are projected to be 1.39 yuan in 2024, increasing to 1.94 yuan by 2026. The average price-to-earnings ratio for comparable companies in 2025 is estimated at 17 times [3][5].