YIZUMI(300415) 长江证券·2024-04-23 02:32Investment Rating - The report maintains a "Buy" rating for the company, citing continued industry growth, improved profitability, and global expansion as key drivers for long-term performance [36] Core Views - The company's profitability improved significantly in 2024Q1, with revenue reaching 955 million yuan (+11.72% YoY) and net profit attributable to shareholders at 116 million yuan (+28.83% YoY) [4] - The company's gross margin increased to 34.80% in 2024Q1, up 2.51 percentage points YoY, driven by new product launches, lower raw material costs, and favorable exchange rates [4] - The injection molding machine segment is expected to see continued growth, supported by domestic equipment upgrades and export demand [5] - Overseas revenue grew by 20.07% YoY in 2023, accounting for 26.72% of total revenue, with further expansion expected due to improved global market presence [6] Business Performance - In 2023, the injection molding machine segment generated 2.76 billion yuan in revenue (+3.86% YoY), with strong demand from the automotive and 3C industries [5] - The die-casting machine segment saw a 35.44% YoY revenue increase to 780 million yuan, driven by new product platforms and automotive industry demand [5] - The rubber machine segment grew by 31.96% YoY to 183 million yuan, supported by overseas market expansion [5] - The robotics and automation systems segment achieved 88 million yuan in revenue (+56.72% YoY), benefiting from increased demand for die-casting machine integration [5] Financial Projections - Revenue is projected to grow from 4.096 billion yuan in 2023 to 6.79 billion yuan in 2026, with net profit attributable to shareholders expected to increase from 477 million yuan to 919 million yuan over the same period [10] - The company's EPS is forecasted to rise from 1.02 yuan in 2023 to 1.96 yuan in 2026, with a corresponding PE ratio decline from 21.46 to 11.14 [10] Global Expansion - The company has established factories in India and the US, along with R&D and service centers in Germany, India, Brazil, and Vietnam, aiming to further increase its overseas market share [6]