YIZUMI(300415) 东方证券·2024-05-09 08:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.84 CNY based on a 19x average P/E ratio for comparable companies in 2024 [29][31]. Core Insights - The company demonstrated robust growth in 2023, with total revenue reaching 4.1 billion CNY, a year-on-year increase of 11.3%. The net profit attributable to shareholders was 480 million CNY, up 17.7% year-on-year [16][29]. - In Q4 2023, the company achieved a revenue of 1.16 billion CNY, reflecting a year-on-year growth of 38.3% and a quarter-on-quarter increase of 18.1%. The net profit for the same period was 110 million CNY, up 43.6% year-on-year [16][29]. - The company’s gross margin improved to 33.25% in 2023, an increase of 2.13 percentage points year-on-year, while the net margin was 12%, up 0.53 percentage points year-on-year [16][29]. Financial Performance Summary - The company’s revenue forecast for 2024 is set at 4.81 billion CNY, representing a growth of 17.4% compared to 2023. The net profit is expected to reach 637 million CNY, a growth of 33.5% [17][29]. - The gross margin is projected to further improve to 34.4% in 2024, while the net margin is expected to rise to 13.2% [17][29]. - The company’s earnings per share (EPS) for 2024 is forecasted at 1.36 CNY, with subsequent years showing continued growth [17][29]. Product and Market Insights - The company’s main products, including injection molding machines and die-casting machines, saw revenue growth of 3.9% and 35.4% respectively in 2023. The gross margins for these products also improved [16][29]. - The automotive and 3C industries significantly supported the company’s revenue growth in 2023, with overseas revenue reaching 1.09 billion CNY, a year-on-year increase of 20% [16][29]. - The manufacturing sector's recovery, indicated by the PMI production index remaining above the threshold since H2 2023, suggests a favorable environment for the company’s growth [16][29].