证券代码：300415 证券简称：伊之密 公告编号：2025-041 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"）《2024 年年度报告》全文及其摘 要于 2025 年 4 月 23 日在中国证监会指定的创业板信息披露网站巨潮资讯网上披 露。为使投资者能够进一步了解公司 2024 年的生产经营情况，公司定于 2025 年 4 月 28 日（星期一）下午 15:00-16:00 在"全景网"及"伊之密投资者关系"小程序 举行 2024 年度报告业绩说明会。 为广泛听取投资者的意见和建议，现提前向投资者征集问题，提问通道自发 出公告之日起开放。 伊之密股份有限公司 关于举行2024年年度报告业绩说明会的通知 二、"伊之密投资者关系"小程序 参与方式： 1、通过微信搜索"约调研"； 2、通过微信扫一扫以下二维码，投资者依据提示，授权登入"约调研"小程 序，即可参与交流。 出席本次年度报告业绩说明会的人员有：公司董事长兼总经理甄荣辉先生， 副总经理、董事会秘书肖德银先生，财务总监杨远贵先生，独立董事杨勇先生。 敬请广大投资者积 ...

伊之密（300415）公告，公司拟1500万元-2500万元回购股份，资金来源为自有资金，回购价格不超过 28元/股，回购股份用于维护公司价值及股东权益。预计回购股份数量为53.57万股至89.29万股，占公司 当前总股本比例为0.11%至0.19%。 ...

伊之密（300415）公告，2024年营业收入50.63亿元，同比增长23.61%。归属于上市公司股东的净利润 6.08亿元，同比增长27.42%。基本每股收益1.32元/股，同比增长29.41%。以4.61亿为基数，向全体股东 每10股派发现金红利5元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增0股。 ...

伊之密（300415）与宁波大榭开发区天正模具有限公司(以下简称"天正模具")正式签署战略合作协议。 此次合作基于双方在金属压铸领域的技术积淀与资源互补性，致力于打造从模具设计到装备制造的一体 化解决方案，为新能源汽车、高端装备等产业提供更高效、更精准的压铸服务，共同开拓全球市场新格 局。(人民财讯) ...

4月15日，伊之密（300415）股份有限公司（以下简称"伊之密"）绿色包装主题开放周活动在广东省佛 山市顺德区五沙科技工业园举行，特设PET包装、高速包装、A6首秀、汽车行业等多个专场，吸引了来 自全球各地的合作伙伴和客户参加。《证券日报》记者在现场看到，注塑机高速运转，演示10余个绿色 包装解决方案，包括医疗可降解包装、彩妆微发泡轻量化等前沿应用，获得在场人士连连点赞。 伊之密致力于成为成型装备领域的世界级企业，近年来加速推进全球化布局。公司董事副总经理、注塑 机事业部总经理、国际事业部总经理张涛在接受《证券日报》记者采访时表示："全球化是伊之密未来 将持续推进的战略。2025年，我们的团队将密切关注海外市场动态，全球化布局将再提速。" 推进全球本土化布局 2024年，伊之密交出优秀成绩单。公司2024年业绩预告显示，预计营业收入约50.5亿元，同比上升约 23.30%，其中内销收入约36.0亿元，外销收入约14.5亿元；预计归属于上市公司股东的净利润为5.85亿 元至6.46亿元，同比增长22.53%至35.45%。 "我们原本目标是在2025年实现50亿元营业收入，实际提前1年完成这一目标。伊之密穿越 ...

全球战略布局构建发展新格局 面对全球化竞争新态势，伊之密以"全球智慧 装备全球"为战略指引，加速构建世界级产业版图。2024 年，公司预计实现营业收入50.5亿元，其中海外市场贡献占比突破29%，全球化竞争力持续彰显。 张涛表示："我们正以'技术+服务'双轮驱动推进全球本土化战略，通过巴西、泰国技术服务中心的落 成，美国HPM项目扩建及墨西哥、土耳其子公司布局，打造辐射全球的敏捷服务体系。" 作为绿色智造先行者，伊之密从产品设计、生产制造到客户应用的完整价值链践行低碳承诺。蒋小军阐 释了企业绿色发展战略："伊之密秉承'持续创新 科技向善'的理念，通过技术标准化、制造清洁化、产 品低碳化三维发力，构建覆盖短、中、长期的绿色技术路线图。" 4月14日，伊之密（300415）绿色包装主题开放周媒体日活动在佛山·顺德举行。活动以"智造新生 绿塑 未来"为主题，聚焦绿色智造新范式，全面展示伊之密在全球战略布局、技术创新及可持续发展领域的 突破性成果。 伊之密董事副总经理、注塑机事业部总经理、国际事业部总经理张涛，注塑机事业部副总经理蒋小军等 核心管理层与公共媒体、行业媒体深度对话，共探装备制造产业绿色转型路径。 值得关 ...

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The report emphasizes the need to focus on advanced technology and companies with safety margins due to escalating trade risks [2][15] - The report highlights the recovery in the engineering machinery sector and suggests that companies like Hengli Hydraulic and Yizhiming are well-positioned to benefit from this trend [3][4][16] - The report notes that the geopolitical risks, particularly related to U.S. tariffs on Chinese imports, necessitate attention to companies with overseas production capabilities [15][16] Summary by Relevant Sections 1. Key Companies - **Hengli Hydraulic**: As a leading player in the domestic transmission sector, it is expected to benefit from the recovery in engineering machinery. The company has completed the construction of its linear actuator project and has begun small-scale production, with a focus on increasing investment in the ball screw sector for sustained growth [3][16] - **Yizhiming**: This company, a leader in injection molding and die-casting machines, is optimizing its competitive capabilities through continuous domestic and international expansion. It is anticipated that the macroeconomic recovery will support ongoing industry demand [4][17] - **Fosda**: Specializing in deep-cooling technology equipment, Fosda is projected to achieve a net profit of 258-295 million yuan in 2024, reflecting a year-on-year growth of 34.97%-54.33%. The company has a robust order book and is expected to enhance its profitability through increased overseas business [5][18] - **Sande Technology**: The company is focusing on instrument equipment and unmanned intelligent equipment, with an expected net profit of 138-152 million yuan in 2024, indicating a significant year-on-year growth of 156.81%-182.86% [8][19] - **Jiaocheng Ultrasonic**: This company is concentrating on ultrasonic equipment and solutions, with projected revenue of 580 million yuan in 2024, a year-on-year increase of 11.03% [9][20] 2. Market Trends - The report indicates that the engineering machinery sector is experiencing a recovery, with excavator sales in March 2025 reaching 29,590 units, a year-on-year increase of 18.5% [59] - The manufacturing PMI for March 2025 is reported at 50.5%, indicating a continued recovery in the manufacturing sector [29] - The report highlights the increasing demand for industrial robots, with a cumulative production of 91,088 units in the first two months of 2025, reflecting a year-on-year growth of 27.0% [51] 3. Recommendations - The report suggests focusing on key sectors such as engineering machinery (e.g., Sany Heavy Industry, LiuGong, XCMG) and humanoid robots (e.g., Hengli Hydraulic, Yizhiming) [16] - It also recommends monitoring companies with independent growth logic and strong fundamentals, such as Hengli Hydraulic and Sande Technology [16]

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

2025 年 03 月 14 日 公司研究●证券研究报告 浙江华业（301616.SZ） 新股覆盖研究 投资要点 | 交易数据 | | | | --- | --- | --- | | 总市值（百万元） | | | | 流通市值（百万元） | | | | 总股本（百万股） | | 60.00 | | 流通股本（百万股） | | | | 12 个月价格区间 | | / | | 分析师 | | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | | lihui1@huajinsc.cn | | | 报告联系人 | | 戴筝筝 | | | daizhengzheng@huajinsc.cn | | 相关报告 华金证券-新股- 新股专题覆盖报告（矽电股 份）-2025 年第 18 期-总第 544 期 2025.3.9 华金证券-新股- 新股专题覆盖报告（胜科纳 米）-2025 年第 16 期-总第 542 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（浙江华 远）-2025 年第 17 期-总第 543 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（江南新 材）- ...