YIZUMI(SZ:300415) Guoxin Securities·2025-08-28 15:29Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a 15.89% year-on-year increase in revenue for the first half of 2025, reaching 2.746 billion yuan, and a 15.15% increase in net profit attributable to shareholders, amounting to 345 million yuan. The growth is driven by recovering demand in downstream industries such as new energy vehicles and home appliances, along with ongoing global expansion strategies [1][3]. - The injection molding machine business generated 1.932 billion yuan in revenue, accounting for 70.3% of total revenue, with a year-on-year growth of 13.09%. The die-casting machine business saw a significant increase of 33.29%, reaching 556 million yuan, bolstered by the delivery of large equipment like the LEAP 7000T die-casting machine to Changan Automobile [2][3]. - The company maintains a strong international presence, covering over 90 countries, with overseas revenue of 749 million yuan, representing a 27.01% year-on-year increase. The establishment of local operations in key markets like India enhances its competitive edge [2][3]. Financial Summary - For the first half of 2025, the company's gross margin was 31.08%, and net margin was 12.90%, showing a slight decline compared to the previous year. The selling, general, and administrative expenses as a percentage of revenue were 7.53%, 4.98%, and 4.86%, respectively [1][3]. - The company forecasts net profits of 706 million yuan, 798 million yuan, and 895 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16, 14, and 13 [3][4].