YIZUMI(SZ:300415) EBSCN·2025-04-28 08:26Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved steady growth in performance, with revenue of 5.06 billion yuan in 2024, representing a year-on-year increase of 23.6%, and a net profit of 610 million yuan, up 27.4% year-on-year [1] - The introduction of new products and expansion into overseas markets are expected to support future growth [1][2][3] - The company plans to repurchase shares worth 15 to 25 million yuan, indicating confidence in long-term development [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 31.9%, a decrease of 1.3 percentage points year-on-year, and a net margin of 12.4%, an increase of 0.4 percentage points [1] - For Q1 2025, revenue reached 1.19 billion yuan, a 24.3% increase year-on-year, with a net profit of 130 million yuan, up 14.3% [1] Business Segments - Injection molding machine revenue was 3.56 billion yuan in 2024, up 28.8%, driven by industry recovery [2] - Die-casting machine revenue reached 890 million yuan, a 14.5% increase, supported by strong sales of new products [2] - Rubber machine revenue was 220 million yuan, growing 21.4%, due to full order books and rapid overseas expansion [2] Overseas Market Expansion - The company's overseas revenue was 1.39 billion yuan in 2024, a 27.4% increase, accounting for 27.5% of total revenue [3] - The company has over 40 overseas distributors, covering more than 70 countries and regions, with production facilities in the USA and India to support its global strategy [3]