YIZUMI(SZ:300415) ZHONGTAI SECURITIES·2025-09-05 08:01Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has shown robust performance in H1 2025, with revenue reaching 2.746 billion yuan, a year-on-year increase of 15.89%, and a net profit of 345 million yuan, up 15.15% year-on-year, aligning with market expectations [5][6] - The company’s three main business segments achieved double-digit growth, with injection molding machines revenue at 1.932 billion yuan (up 13.09%), die-casting machines at 556 million yuan (up 33.29%), and rubber machines at 119 million yuan (up 23.85%) [6] - The company is positioned as an industry leader, demonstrating counter-cyclical growth capabilities amid a downturn in the domestic molding equipment sector since 2022 [6] - The company has established a strategic partnership with a global automotive parts manufacturer, indicating potential for significant growth in the semi-solid magnesium alloy injection molding machine segment [9] Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 31.08%, a decrease of 2.53 percentage points year-on-year, and a net margin of 12.90%, a slight decline of 0.01 percentage points [7] - The company’s revenue forecast for 2023A is 4.096 billion yuan, with expected growth rates of 11% for 2023 and 24% for 2024 [4] Business Segments - The injection molding machine segment is the largest contributor to revenue, followed by die-casting and rubber machines, all showing strong growth [6] - The company’s semi-solid magnesium alloy technology is expected to gain traction in the electric vehicle and robotics sectors, driven by the global trend towards lightweight materials [9] Profitability and Valuation - The report projects net profits for 2025-2027 to be 735 million yuan, 854 million yuan, and 980 million yuan, representing year-on-year growth rates of 21%, 16%, and 15% respectively [9] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 18.8 in 2024 to 11.6 by 2027, indicating improving valuation metrics [4]