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伊之密(300415):注塑机景气度持续回暖,镁合金压铸设备打开增量空间
YIZUMIYIZUMI(SZ:300415) EBSCN·2025-08-28 08:16

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 2.75 billion yuan in H1 2025, representing a year-on-year growth of 15.9%, and a net profit of 340 million yuan, up 15.2% year-on-year. The gross margin was 31.1%, down 2.5 percentage points year-on-year, while the net profit margin remained stable at 12.9% [1] - The recovery in the injection molding machine sector and the potential growth in magnesium alloy die-casting equipment are expected to drive future revenue [2] - The company's overseas revenue reached 750 million yuan in H1 2025, a 27.0% increase year-on-year, accounting for 27.3% of total revenue, indicating significant progress in its global strategy [3] Summary by Sections Revenue and Profit Growth - In H1 2025, the company reported a revenue of 2.75 billion yuan, a 15.9% increase year-on-year, and a net profit of 340 million yuan, reflecting a 15.2% growth. The gross margin was 31.1%, down 2.5 percentage points year-on-year, while the net profit margin was stable at 12.9% [1] Product Performance - The injection molding machine revenue was 1.93 billion yuan, up 13.1% year-on-year; die-casting machine revenue was 560 million yuan, a 33.3% increase; and rubber injection machine revenue was 120 million yuan, growing by 23.9% [2] Global Expansion - The company opened a subsidiary in Turkey in H1 2025, enhancing its presence in the Eurasian market, and established a new office in Semarang, Indonesia, further strengthening its service network in Southeast Asia [3] Profit Forecast and Valuation - The report forecasts net profits of 740 million yuan, 870 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59 yuan, 1.86 yuan, and 2.14 yuan [5]