YIZUMI(SZ:300415) 光大证券研究·2025-08-28 23:05Core Viewpoint - The company has demonstrated stable growth in both revenue and profit in the first half of 2025, driven by industry recovery and an accelerated global strategy [3][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.75 billion yuan, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of 340 million yuan, up 15.2% year-on-year [3]. - The gross margin for H1 2025 was 31.1%, a decrease of 2.5 percentage points year-on-year, while the net profit margin remained stable at 12.9% [3]. Group 2: Product Performance - Revenue from injection molding machines reached 1.93 billion yuan in H1 2025, growing by 13.1%, while die-casting machines generated 560 million yuan, an increase of 33.3% [4]. - The demand for injection molding machines is expected to benefit from the recovery in downstream industries such as automotive and home appliances, following the issuance of a new policy promoting equipment upgrades [4]. - The company's 6600T semi-solid magnesium alloy injection molding machine was successfully delivered in July 2025, indicating potential growth in the automotive lightweighting sector and expanding demand in humanoid robotics [4]. Group 3: Global Expansion - The company's overseas revenue reached 750 million yuan in H1 2025, marking a 27.0% increase and accounting for 27.3% of total revenue [6]. - The opening of a subsidiary in Turkey and a new office in Semarang, Indonesia, enhances the company's service network in the Asia-Europe market [6]. - The company has established subsidiaries in 12 countries and regions, with over 86 service points globally, reflecting the effectiveness of its globalization strategy [6].