YIZUMI(300415) 开源证券·2024-04-25 14:00Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a total revenue of 4.096 billion in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million, up 17.66% year-on-year [2] - In Q1 2024, the company reported a revenue of 955 million, a year-on-year increase of 11.72%, and a net profit of 116 million, which is a 28.83% increase year-on-year [2] - The company’s die-casting machine revenue reached 780 million in 2023, with a significant growth of 35.44%, primarily driven by the rapid increase in demand from automotive industry clients [2] - The company is a leading player in the domestic injection molding and die-casting machine market and is expected to benefit from the improving downstream conditions of injection molding machines and an increase in market share [2] - The profit forecasts for 2024-2026 have been adjusted downwards, with new profit estimates for 2026 introduced, projecting net profits of 608 million, 762 million, and 923 million for 2024, 2025, and 2026 respectively [2] Financial Summary - The company's revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E is 3680, 4096, 5147, 6309, and 7600 respectively, with year-on-year growth rates of 4.2%, 11.3%, 25.7%, 22.6%, and 20.5% [3] - The net profit attributable to shareholders (in million) for the same years is 405, 477, 608, 762, and 923, with year-on-year growth rates of -21.4%, 17.7%, 27.5%, 25.3%, and 21.0% [3] - The gross margin for 2023 is 33.3%, an increase of 2.13 percentage points year-on-year, while the net margin is 12.0%, up 0.53 percentage points year-on-year [35] - The company’s R&D expenses reached 54.71 million in Q1 2024, reflecting a year-on-year increase of 33.7% [35] Product Development and Market Expansion - The company launched the LEAP series of ultra-large die-casting machines, including the 7000T and 9000T models, which are designed to compete with foreign products in terms of performance [36] - Strategic partnerships have been established with major automotive manufacturers, including a collaboration with FAW Casting for a comprehensive solution for the 9000T die-casting machine [36] - The company has expanded its overseas market presence, covering over 70 countries and regions with more than 40 distributors [36]