伊之密（300415）：经营稳健增长，镁合金有望创造增量

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company achieved a revenue of 2.746 billion yuan in H1 2025, representing a year-on-year increase of 15.89%. The net profit attributable to the parent company was 345 million yuan, up 15.15% year-on-year [2][6] - In Q2 2025, the revenue was 1.559 billion yuan, with a year-on-year growth of 10.20%, and the net profit attributable to the parent company was 212 million yuan, reflecting a year-on-year increase of 15.70% [2][6] - The company is experiencing accelerated growth in injection molding machine exports, with overseas markets gradually expanding, indicating a more complete global layout [2][6] - The magnesium alloy business is expected to become a new growth point for the company, with significant advantages in lightweight applications and a broad market outlook [2][6] Financial Performance - In H1 2025, the revenue from injection molding machines, die-casting machines, and rubber machines was 1.932 billion yuan (up 13.09%), 556 million yuan (up 33.29%), and 119 million yuan (up 23.85%) respectively [12] - The company's inventory value increased by 13.12% year-on-year, indicating that the actual operating conditions are better than reported [12] - The gross profit margin for Q2 2025 was 31.42%, with a year-on-year increase in net profit margin of 0.7 percentage points [12] Future Outlook - The company is expected to continue benefiting from the trend of injection molding machine exports, with a projected net profit attributable to the parent company of 721 million yuan, 839 million yuan, and 977 million yuan for 2025-2027 [12] - The company maintains a leading position in the magnesium alloy injection molding machine sector, with a promising market outlook due to its unique technology and applications in various fields [12]