Core Viewpoint - Haitian International has been deeply engaged in the injection molding machine industry for over 50 years, holding the largest global market share with a comprehensive product range. The domestic injection molding machine industry is expected to maintain its prosperity, with an ongoing optimization of the competitive landscape and an increasing market share for leading companies. Internationally, greenfield investments are rising, indicating sustained overseas demand for injection molding machines for over five years, benefiting from the global manufacturing capacity redistribution trend [1][3]. Domestic Market Overview - The domestic injection molding machine market is valued at approximately 25 billion RMB, with the industry expected to remain in a prosperous phase. The downstream sectors, primarily home appliances, automotive, and daily necessities, are benefiting from consumer upgrades and strong export performance, leading to sustained capital expenditure from downstream enterprises [2]. - The competitive landscape is continuously improving, with leading companies like Haitian International and Yizumi expected to increase their combined market share from nearly 40% in 2023 to over 50% in 2024, outperforming the industry due to scale effects and heightened quality demands from customers [2]. International Market Trends - Overseas demand for injection molding machines is projected to remain strong for over five years, with Haitian International poised to benefit significantly. Greenfield investments have increased from 37% in 2015 to 104% in 2023, indicating a robust demand for new production capacity that is not diminishing despite global investment fluctuations [3]. - Regions experiencing rapid growth in injection molding machine exports, such as Vietnam and Mexico, are in a manufacturing development phase similar to China's manufacturing boom from 1992 to 2011, suggesting a sustained growth trajectory for injection molding machine demand [3]. - Haitian International is transitioning from a capital-importing to a capital-exporting country, actively expanding its global footprint to mitigate trade friction impacts. The company has established five overseas factories and has subsidiaries in nine countries, with sales and service partners in over 60 countries, achieving an overseas revenue share of 40% in 2023 [3]. Profit Forecast and Investment Recommendation - Haitian International is expected to achieve net profits of 3.072 billion, 3.459 billion, and 3.949 billion RMB from 2024 to 2026, with year-on-year growth rates of 23.31%, 12.58%, and 14.17%, respectively. The corresponding price-to-earnings ratios are projected to be 11, 10, and 9 times [4].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly focusing on the export-oriented segments such as engineering machinery, aerial work platforms, and oil service equipment [1]. Core Insights - The report highlights the positive impact of the recent US-China trade agreement, which significantly reduces tariffs on Chinese exports to the US, providing a favorable environment for machinery exporters [1][15]. - It emphasizes the strong growth potential in the engineering machinery sector, with a notable increase in excavator exports and a focus on digitalization and innovation in product offerings [2]. - The report identifies key investment opportunities in the humanoid robotics sector, particularly in dexterous hands and lightweight materials, which are expected to drive future growth [4][25]. Summary by Sections Recommended Stocks - The report lists a comprehensive portfolio of recommended stocks across various sectors, including Northern Huachuang, Sany Heavy Industry, and others in the machinery and automation fields [1][13]. Industry Trends - The engineering machinery sector is witnessing a recovery, with significant contracts signed at the Changsha International Engineering Machinery Exhibition, indicating robust demand [2]. - The general automation sector is expected to see a gradual recovery, with specific focus on industrial automation and injection molding machines, which are projected to grow in revenue [3][22]. Humanoid Robotics - The humanoid robotics industry is entering a golden development period, with a focus on dexterous hands and lightweight materials, suggesting a shift towards more advanced robotic applications [4][25]. - Investment opportunities are highlighted in companies specializing in dexterous hands and lightweight materials, indicating a growing market for these technologies [26][39]. General Automation - The report notes that the general automation sector is stabilizing, with a focus on opportunities in industrial automation and injection molding machines, which are expected to benefit from increased capital expenditures [3][22]. Market Dynamics - The report discusses the competitive landscape in the machinery equipment sector, noting the challenges posed by price competition and the need for innovation to maintain profitability [3][24]. - It also highlights the importance of export markets for domestic manufacturers, particularly in light of recent tariff reductions [1][15].

机械设备 | 证券研究报告 — 行业专题 2025 年 5 月 18 日 强于大市 机械设备行业 2024 年年报和 2025 年一季报综述 行业展现弱复苏迹象，关注结构性机会 我们选取申万机械设备行业分类（2021）作为统计样本，对机械设备行业及其细分子 行业的营业收入、归母净利润等财务指标进行分析。2024 年机械设备行业在下游需求 和投资强度不足的情况下，导致利润端有所承压，但是 2025 年一季度呈现出弱复苏 迹象，行业整体和部分细分子行业的财务指标均有所好转，我们预计未来国内需求在 稳地产、财政、大规模设备更新等一系列政策的推动下，有望筑底回升，机械设备行 业不改长期向好趋势，建议关注周期性改善、内需复苏、新技术等相关机会，维持行 业 强大于市 评级。 支撑评级的要点 投资建议 评级面临的主要风险 ◼ 国内外经济复苏不及预期的风险；产业政策调整的风险；地缘政治和贸易战的风 险；竞争加剧的风险；原材料价格波动的风险；技术快速迭代的风险。 相关研究报告 《可控核聚变行业深度报告》20250410 《《2025 年政府工作报告》机械设备行业相关 要点及解读》20250320 《机械设备行业 2025 年度 ...

2、股东股份累计质押情况 ·证券代码：300415 证券简称：伊之密 公告编号：2025-046 伊之密股份有限公司 关于控股股东所持部分股份解除质押的公告 公司控股股东佳卓控股有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 一、控股股东部分股份解除质押的基本情况 2025 年 5 月 16 日，伊之密股份有限公司（以下简称"伊之密"或"公司"）收 到公司控股股东佳卓控股有限公司（以下简称"佳卓控股"）的通知，佳卓控股将 其此前质押给广东顺德农村商业银行股份有限公司容桂支行的部分公司股份解 除质押。具体事项如下： | 股东名称 | 是否为控 股股东或 | 本次解除 | 占其 所持 | 占公 司总 | 是否为限 售股（如 | 是否为 补充质 | 质押起 | 质押到 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 质押数量 | | | 是，注明 | | 始日 | 期日 | | | | 东及 ...

Group 1: Industry Overview - The plastic machinery industry has a broad development prospect, becoming increasingly important in general equipment manufacturing [2] - The company's market share in China's plastic machinery screw and barrel products has increased from 8% in 2020 to 12.5% in 2023, maintaining the top position [12] Group 2: Financial Performance - In 2024, the company reported a sales revenue of 892 million CNY and a net profit of 92.94 million CNY, both showing year-on-year increases [3] - R&D investment in 2024 was 30.05 million CNY, accounting for 3.37% of revenue [5] Group 3: Strategic Goals and Projects - The company is focusing on three main projects: production base construction, intelligent technology transformation, and technology R&D center establishment [3] - The strategic goal for the next 3-5 years includes enhancing market share and expanding production capacity [4] Group 4: Technological Innovation - The company has developed core technologies such as "multi-axis linkage screw polishing technology," which enhances efficiency and product quality [6][9] - The company holds 15 invention patents, reflecting its strong R&D capabilities [29] Group 5: Market Challenges and Responses - International trade frictions have increased competition, but the company's overseas sales proportion is small, minimizing the impact [7][15] - The company maintains stable relationships with key suppliers, ensuring a reliable supply chain for raw materials [10] Group 6: Customer and Market Dynamics - The company serves major domestic and international clients, including Engel, Husky, and Milacron, establishing a global supply capability [23] - The demand from downstream industries such as automotive and home appliances significantly influences the company's performance [20] Group 7: Future Outlook - The company plans to enhance its digital transformation through the implementation of SAP and MES systems to improve management efficiency [13] - Future product development will focus on high-end screws and barrels, with several projects already in the R&D phase [36]

Group 1 - The core viewpoint of the news is that Le Rui Asset has conducted research on a listed company, Yi Zhi Mi, highlighting its strong sales growth and global expansion efforts [1] - In 2024, Yi Zhi Mi's injection molding machine sales revenue is projected to be 3,555.20 million yuan, representing a year-on-year growth of 28.80%, accounting for 70.22% of the company's total sales [1] - The company's export revenue is expected to reach 1,394.56 million yuan, with a year-on-year increase of 27.45%, supported by the establishment of multiple overseas factories and service centers [1] Group 2 - Yi Zhi Mi emphasizes research and development, with R&D expenses projected at 245.86 million yuan in 2024, which is 4.86% of total revenue [1] - The company is committed to providing intelligent manufacturing solutions, with its third factory's automation level being industry-leading [1] - The primary downstream industry for Yi Zhi Mi is the automotive sector, while the 3C, home appliance, and daily necessities industries are also showing steady growth [1] Group 3 - The revenue from the U.S. market accounts for less than 3% of Yi Zhi Mi's total revenue, indicating a minimal impact on the company's overall performance [1] - The company has a well-established global layout, which supports its international sales strategy [1]

Summary of Conference Call Records Industry Overview - The general machinery industry is projected to see an 8.2% revenue growth in 2024, but net profit growth is only 1.7%. Excluding the industrial gas sector, revenue growth slows down, indicating challenges in profitability [1][3] - In Q1 2025, the profitability of the general machinery industry improved, with a net profit margin reaching 9%, surpassing the full-year level of 2021, primarily due to a decrease in expense ratios and an increase in the proportion of operating cash flow [1][4] Key Segments Performance - Notable performance in sub-sectors includes: - Injection molding machines with significant revenue growth - 3C consumer electronics benefiting from demand for laser processing equipment - Machine tool equipment showing a narrowing decline in performance, reflecting recovery trends in different sub-industries [1][5] Capital Expenditure Trends - Overall capital expenditure in 2024 declined, but Q1 2025 showed improvements in sectors like steel, automotive, 3C consumer electronics, and defense, indicating a gradual recovery in manufacturing investment confidence [1][6] High-End Manufacturing Trends - The trend towards high-end manufacturing is evident, with companies like Qin Chuan Machine Tool benefiting from increased demand for high-end lathes. The gross margin and net margin are strong, making it a noteworthy investment opportunity [1][7] Tooling Sector Challenges - The tooling sub-sector has seen continuous profit declines, with significant supply-demand imbalances and downward price pressures. However, companies like Huari have made breakthroughs in aerospace and military sectors, highlighting progress in domestic high-end manufacturing [1][8][10] Injection Molding Industry Outlook - The injection molding industry has maintained good momentum since late 2023, with leading domestic companies like Haitian International and Yizhiming holding significant global market shares. The overall demand remains stable, with domestic revenue growth exceeding 20% for these companies [1][12] Industrial Procurement Platforms - Yihua Da ended five consecutive quarters of negative revenue growth in Q1 2025, with a revenue scale of 600 million, benefiting from high-end manufacturing demands in sectors like automotive and semiconductors [2][13] Manufacturing PMI and Market Trends - The manufacturing PMI in China has recovered to above 50.1%, indicating a gradual recovery trend in manufacturing. Key indicators such as inventory and price will significantly influence future market performance [16] Investment Opportunities - Suggested investment directions include high-end manufacturing and domestic substitution, focusing on sub-sectors like machine tools and industrial control systems, as well as new industries such as robotics and artificial intelligence [20][21]

Group 1: General Information - The research was conducted on Yizumi, a company in the special equipment industry, on May 15, 2025 [1][8] - Participating research institutions include Debon Securities Asset Management, Huatai Securities Asset Management, Danshuiquan, Harvest Fund, Sigma AM, etc [2] - The company was received by Secretary of the Board Xiao Deyin and Assistant to the Securities Affairs He Wenjie [8] Group 2: Investment Highlights 2024 Injection Molding Machine Sales - In 2024, the injection molding machine industry developed steadily, with an expanding market scale and continuous technological innovation. The company's injection molding machine sales revenue reached 3.5552039 billion yuan, a year - on - year increase of 28.80%, accounting for 70.22% of the total sales [15] Overseas Market - The company adheres to a global strategy, with over 40 overseas distributors and business covering more than 90 countries and regions. In 2024, the export revenue was 1.394559 billion yuan, a year - on - year increase of 27.45% [15][16] - The company has established factories in India, a R & D center in Germany, service centers in Brazil and Vietnam, etc. It will further expand overseas market share [16][17][21] Production Capacity - Domestically, the company has multiple production bases in Guangdong and Jiangsu, and plans to build an East China production base in Nanxun, Zhejiang [17] - Overseas, there are production facilities in the US, India, and Mexico. A supply chain management center has been established to ensure supply chain stability [17][18] Product Competitiveness - The company emphasizes R & D, with R & D expenses in 2024 reaching 245.8621 million yuan, a year - on - year increase of 15.78%, accounting for 4.86% of total revenue [18] - It uses a direct sales model and a YFO service system, and is transforming from a host provider to a system solution provider [19] Automation and Intelligence - The company provides intelligent manufacturing solutions for customers, integrating industrial IoT, network security, big data, etc. It has invested in smart factories and is planning more advanced facilities [19][20] Downstream Industries - The largest downstream industry is the automotive industry. The 3C, home appliance, and daily necessities industries are also developing well, which makes the company confident about 2025 [20] Impact of US Tariff Policy - In 2024, the company's US market revenue accounted for less than 3% of total revenue, so the direct impact of US tariff policy is small [20]

北京海润天睿律师事务所 关于伊之密股份有限公司 2024 年度股东大会的法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮编：100022 电话：（010）65219696 传真：（010）88381869 法律意见书 北京海润天睿律师事务所 关于伊之密股份有限公司 2024 年度股东大会的法律意见书 致：伊之密股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东会规则》） 以及其他相关规章的规定，北京海润天睿律师事务所（以下称"本所"）接受伊之 密股份有限公司（以下简称"公司"）委托，指派本所邹盛武、王羽律师（以下称 "本所律师"）现场出席公司 2024 年度股东大会，并就本次股东大会的召集和召 开程序、出席会议人员及会议召集人资格、审议事项以及表决方式、表决程序、 表决结果等相关事项依法进行见证。 本所律师已审查了公司提供的召开本次股东大会的有关文件。公司已向本所 及本所律师承诺其所提供的文件和所作的陈述、说明是完整、真实和有效的，无 任何隐瞒、遗漏，并据此 ...

特别提示： 1.本次股东大会无出现否决议案的情形。 2.本次股东大会无涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开日期和时间： 证券代码：300415 证券简称：伊之密 公告编号：2025-045 伊之密股份有限公司 关于 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 3、召开方式：现场投票和网络投票相结合 4、会议召集人：伊之密股份有限公司董事会 5、会议主持人：董事长甄荣辉先生 6、会议出席情况： （1）股东出席的总体情况： 通过现场和网络投票的股东 231 人，代表股份 191,629,057 股，占公司有表 决权股份总数的 41.6958％。（"公司有表决权股份总数"即公司总股本扣除股权登 记日回购专用账户的持股数量，下同） 其中：通过现场投票的股东 8 人，代表股份 177,050,726 股，占公司有表决 权股份总数的 38.5237％。 通过网络投票的股东 223 人，代表股份 14,578,331 股，占公司有表决权股份 总数的 3.1720％。 现场会议时间：2025 年 5 月 ...