Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved steady growth in performance, with revenue of 5.06 billion yuan in 2024, representing a year-on-year increase of 23.6%, and a net profit of 610 million yuan, up 27.4% year-on-year [1] - The introduction of new products and expansion into overseas markets are expected to support future growth [1][2][3] - The company plans to repurchase shares worth 15 to 25 million yuan, indicating confidence in long-term development [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 31.9%, a decrease of 1.3 percentage points year-on-year, and a net margin of 12.4%, an increase of 0.4 percentage points [1] - For Q1 2025, revenue reached 1.19 billion yuan, a 24.3% increase year-on-year, with a net profit of 130 million yuan, up 14.3% [1] Business Segments - Injection molding machine revenue was 3.56 billion yuan in 2024, up 28.8%, driven by industry recovery [2] - Die-casting machine revenue reached 890 million yuan, a 14.5% increase, supported by strong sales of new products [2] - Rubber machine revenue was 220 million yuan, growing 21.4%, due to full order books and rapid overseas expansion [2] Overseas Market Expansion - The company's overseas revenue was 1.39 billion yuan in 2024, a 27.4% increase, accounting for 27.5% of total revenue [3] - The company has over 40 overseas distributors, covering more than 70 countries and regions, with production facilities in the USA and India to support its global strategy [3]

证券代码：300415 证券简称：伊之密 公告编号：2025-042 伊之密股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持 股情况的公告 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。 伊之密股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开了第五届 董事会第九次会议及第五届监事会第九次会议，审议通过了《关于回购公司股份 方案的议案》，公司拟使用自有资金以采用集中竞价交易方式回购公司无限售条 件的 A 股流通股（以下简称"本次回购"），用于实施股权激励或员工持股计 划。具体内容详见公司在深圳证券交易所网站（http://www.szse.cn）及巨潮资讯 网（http://www.cninfo.com.cn）披露的相关公告。 序号 股东名称 持股数量 （股） 占总股本比例 1 佳卓控股有限公司 137,365,939 29.32% 2 香港中央结算有限公司 14,025,463 2.99% 3 廖昌清 12,533,714 2.67% 4 甄荣辉 7,859,917 1.68% 5 梁敬华 7,140,396 1.52% ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][2]. Core Insights - The company is expected to achieve steady growth in 2024, with a year-on-year revenue increase of 23.61% to reach 5.063 billion yuan and a net profit growth of 27.42% to 608 million yuan [6]. - The injection molding machine business continues to lead the industry, with revenue growth of 28.80% year-on-year, outperforming the overall market [6]. - The automotive and 3C sectors remain the largest demand sources, with significant year-on-year growth rates of 16.7% and 63.6%, respectively [6]. - New products are being launched, including the A6 series high-end intelligent injection molding machines and NEXT² series die-casting machines, which support capacity expansion and performance growth [6]. Financial Performance - In Q1 2025, the company reported a revenue of 1.187 billion yuan, a year-on-year increase of 24.32%, and a net profit of 132 million yuan, up 14.29% [6]. - The company’s total revenue for 2024 is projected to be 5.699 billion yuan, with a year-on-year growth of 13% in 2025 [8]. - The gross profit margin for injection molding machines was 31.78% in 2024, slightly down by 1.52 percentage points year-on-year [6]. Market Position - The company is recognized as a leader in the injection molding machine sector, with its revenue performance consistently exceeding industry averages [6]. - The overall market for plastic processing equipment in China is expected to grow by 5.3% in 2024, indicating a favorable environment for the company’s growth [6]. Shareholder Information - The major shareholder, Jiazhuo Holdings Limited, holds a 29.32% stake in the company [2].

报告期内，公司研发总投入245,862,085.97元，同比增长15.78%。公司以技术中心为研发平台，在"让中 国装备技术与世界同步"的共识下，加大科研投入，优化公司现有生产工艺技术，促进公司新产品开 发，提高企业的综合竞争力和经济效益，实现可持续的快速发展。2024年，公司推出全新A6系列高端 智能注塑机，A6系列是公司打造的第六代高端智能注塑机，聚焦智能、精密、绿色、高效四大核心价 值，旨在通过技术创新重塑行业标杆，推动注塑行业向智能化和可持续发展方向转型。公司在2024中国 塑机制造综合实力40强企业排名第二，在2024中国塑料注射成型机行业18强企业中排名第二。 国际市场方面，公司通过现有的海外销售网络，进一步拓展现有市场份额。加大战略性市场开发力度， 实现战略性市场的新突破。在印度等重要市场实施本土化投资及经营，加大产品的直销力度及售后服务 能力，提升国际市场竞争力。利用"HPM"品牌，开拓北美及欧洲市场，发挥"YIZUMI"和"HPM"的双品 牌优势，巩固现有国际市场，开拓有潜力的新市场，全面打造伊之密品牌国际化形象。目前，公司的海 外业务覆盖90多个国家和地区。 伊之密自2002年创立发展至今 ...

伊之密分析师会议 调研日期：2025年04月23日 调研行业：专用设备 参与调研的机构：中银国际证券股份、Fidelity Asia Holdings Pte Limited、MILLENNIUM CAPITAL MANAGEMENT (HONG KONG) LIMITED、Point72 HongKongLimited、爱建证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB WHER: AREE: 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 aligns with expectations, with total revenue reaching 5.063 billion yuan, a year-on-year increase of 23.61%, and net profit attributable to shareholders at 608 million yuan, up 27.42% [2] - The growth in revenue is primarily driven by the high increase in injection molding machine sales, with domestic revenue at 3.668 billion yuan, a 22.19% increase, and overseas revenue at 1.395 billion yuan, up 27.51% [2] - The gross margin slightly declined due to changes in accounting policies, with a gross margin of 31.95% in 2024, down 1.30 percentage points year-on-year [4] - The company has seen improvements in net cash flow from operating activities, which reached 358 million yuan in 2024, a significant increase of 104.88% year-on-year [5] - The injection molding machine product line continues to evolve, with the launch of the new A6 series high-end intelligent injection molding machine, enhancing product competitiveness [6] Financial Summary - Total revenue projections for the company are as follows: 5.063 billion yuan in 2024, 5.869 billion yuan in 2025, 6.786 billion yuan in 2026, and 7.906 billion yuan in 2027, with respective year-on-year growth rates of 23.61%, 15.92%, 15.63%, and 16.50% [1][12] - Net profit attributable to shareholders is projected to be 607.9 million yuan in 2024, 704.95 million yuan in 2025, 832.81 million yuan in 2026, and 979.31 million yuan in 2027, with growth rates of 27.42%, 15.97%, 18.14%, and 17.59% respectively [1][12] - The latest diluted EPS is expected to be 1.30 yuan in 2024, 1.50 yuan in 2025, 1.78 yuan in 2026, and 2.09 yuan in 2027 [1][12]

Financial Performance - In 2024, the company achieved total revenue of CNY 506,298.69 million, a year-on-year increase of 23.61% [4] - The net profit attributable to shareholders was CNY 60,789.54 million, up 27.42% compared to the previous year [5] - Sales of injection molding machines reached CNY 355,520.39 million, growing by 28.80% [4] - Sales of die-casting machines totaled CNY 89,349.01 million, with a growth of 14.53% [4] - Rubber machine sales were CNY 22,195.78 million, increasing by 21.42% [5] - In Q1 2025, total revenue was CNY 118,692.32 million, a 24.32% increase year-on-year, with net profit rising by 14.29% [5] Market Strategy - The company has over 40 overseas distributors, covering more than 90 countries and regions [9] - In 2024, foreign sales revenue was CNY 139,455.90 million, reflecting a growth of 27.45% [9] - The company is expanding its global footprint with factories in India and service centers in Germany, Brazil, and Vietnam [9] - The automotive industry is the largest sector for the company, with a positive outlook in the domestic new energy vehicle market [5] Research and Development - R&D expenditure in 2024 was CNY 24,586.21 million, a 15.78% increase, representing 4.86% of total revenue [8] - The company has over 900 R&D personnel and holds more than 400 patents, including 74 invention patents [8] Product Innovation - The company has developed a semi-solid magnesium alloy injection molding machine for high-performance, lightweight components in new energy vehicles [7] - Continuous investment in smart manufacturing has led to the successful operation of the fifth factory, with plans for advanced smart warehousing and manufacturing bases [10] - The all-electric injection molding machine segment is experiencing sustained growth, with a focus on performance, quality, and environmental standards [11] Future Outlook - The company aims to enhance operational management and stability, striving for more orders and better service to shareholders in 2025 [11] - The global headquarters' foundation ceremony marks the beginning of a new phase in the company's globalization efforts [11]

伊之密股份有限公司 2024 年度监事会工作报告 报告期内，伊之密股份有限公司（以下简称"公司"）监事会严格按照 《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》）、《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等 法律法规、自律规则以及《公司章程》《监事会议事规则》等制度的规定，认 真地履行了自身的职责，依法独立行使职权，促进公司的规范运作，积极维护 公司、全体股东及员工的合法权益。监事会对公司的财务、股东大会决议等执 行情况、董事会的重大决策程序及公司经营管理活动的合法合规性、董事及高 级管理人员履行其职务情况等方面进行了监督和检查，促进公司的健康、持续 发展。 一、报告期内监事会会议召开情况 报告期内，公司共召开了六次监事会会议。监事会会议的通知、召开和表 决程序符合《公司法》《公司章程》和《监事会议事规则》的有关规定具体情 况如下： 1、2024 年 1 月 12 日，公司召开第五届监事会第三次会议，审议通过了 《关于第三期限制性股票激励计划第二个解除限售期解除限售条件成就的议 案》等两个议 ...