YIZUMI(SZ:300415) Changjiang Securities·2025-04-28 15:29Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.063 billion yuan for 2024, representing a year-on-year increase of 23.61%. The net profit attributable to the parent company was 608 million yuan, up 27.42% year-on-year [5][10]. - The growth in performance is attributed to the recovery in downstream demand, the release of demand in emerging markets, and the gradual transfer of manufacturing capacity in China. Additionally, the company's own enhancements and continuous iteration of new products have contributed to an increase in market share [2][10]. - The company is expected to benefit from the trend of injection molding machine exports, with a positive outlook on its global channel layout and forward-looking capacity planning, leading to a sustained increase in market share [10]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.39 billion yuan, a year-on-year increase of 20.21%. The net profit attributable to the parent company was 127 million yuan, up 13.49% year-on-year [5][10]. - For Q1 2025, the revenue was 1.187 billion yuan, reflecting a year-on-year growth of 24.32%, with a net profit of 132 million yuan, up 14.29% year-on-year [5][10]. Market Position and Strategy - The company has seen a stable recovery in the industry, with its market share further increasing. The automotive, 3C, home appliance, and daily necessities sectors are the top four industries contributing to its revenue [10]. - The company has expanded its overseas market presence, with a 27.45% increase in overseas revenue in 2024, now accounting for 27.54% of total revenue. The overseas business covers over 90 countries and regions [10]. Future Outlook - The company plans to collaborate with KUKA to showcase intelligent manufacturing solutions, enhancing production efficiency and setting a new benchmark for smart manufacturing [10]. - The company has proposed a share buyback plan to be used for employee stock ownership plans, reflecting confidence in its future development [10]. - The projected net profits for 2025-2027 are estimated at 705 million, 830 million, and 972 million yuan, respectively, with corresponding price-to-earnings ratios of 13, 11, and 10 times [10].