YIZUMI(SZ:300415) Soochow Securities·2025-08-27 13:18Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved steady growth in performance, with a record high quarterly performance in Q2 2025, reporting revenue of 2.746 billion yuan, up 15.89% year-on-year, and a net profit attributable to shareholders of 345 million yuan, up 15.15% year-on-year [2] - The three main business segments, injection molding machines, die-casting machines, and rubber machines, are all progressing well, contributing to the company's steady growth [2] - The company has seen significant growth in overseas revenue, which increased by 27.01% year-on-year, indicating successful expansion in international markets [3] Revenue and Profitability - For H1 2025, the company reported total revenue of 2.746 billion yuan, with a gross margin of 31.08%, slightly down by 2.53 percentage points year-on-year [4] - The sales net profit margin for H1 2025 was 12.90%, showing a minor decrease of 0.01 percentage points year-on-year [4] - The company maintained high R&D investment, with R&D expenses reaching 133 million yuan, up 8.00% year-on-year [4] Product Performance - The injection molding machine segment generated revenue of 1.932 billion yuan, up 13.09% year-on-year, driven by recovering demand in the industry [2] - The die-casting machine segment saw revenue of 555 million yuan, up 33.29% year-on-year, attributed to the introduction of new products and successful penetration into markets such as home appliances and 3C [2] - The rubber machine segment achieved revenue of 119 million yuan, up 23.85% year-on-year, with a strong order backlog and successful overseas market expansion [2] Future Outlook - The company is expected to maintain a strong position in the injection molding and die-casting machine sectors, with projected net profits of 704.95 million yuan, 832.81 million yuan, and 979.31 million yuan for 2025, 2026, and 2027 respectively [6] - The current stock price corresponds to dynamic P/E ratios of 17, 14, and 12 for 2025, 2026, and 2027, respectively, reflecting the company's leading position in its industry [6]