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伊之密(300415)季报点评:2025Q3业绩维持较高增速 毛利率环比提升
Xin Lang Cai Jing· 2025-10-29 12:36
Core Viewpoint - The company reported strong revenue and profit growth for Q1-Q3 2025, indicating a stable recovery in the industry and effective sales strategies [1][2] Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 4.31 billion yuan, a year-on-year increase of 17.2%, and a net profit of 560 million yuan, up 17.5% year-on-year [1] - In Q3 2025, the company recorded revenue of 1.56 billion yuan, a year-on-year growth of 19.6%, with net profit reaching 220 million yuan, reflecting a 21.2% year-on-year increase [1] - The gross profit margin for Q3 2025 was 33.3%, down 1.7 percentage points year-on-year but up 1.9 percentage points quarter-on-quarter [2] Group 2: Cost Management - The company maintained effective cost control, with a period expense ratio of 18.9% in Q3 2025, a decrease of 1.71 percentage points year-on-year [2] - For Q1-Q3 2025, the comprehensive gross profit margin was 31.9%, down 2.2 percentage points year-on-year, while the net profit margin was 13.4%, a slight decrease of 0.1 percentage points year-on-year [2] Group 3: Product Development and Market Trends - The company is set to launch the A6 series high-end intelligent injection molding machines in 2024, aiming for increased market penetration [1] - The LEAP series die-casting machines have made significant progress since their market introduction in 2023, contributing to the company's growth [1] - The domestic demand remains resilient, and the company is increasing its overseas market penetration, with both injection molding and die-casting machines showing growth [1] Group 4: Future Outlook - The company forecasts net profits of 720 million yuan, 850 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with an expected compound annual growth rate of 18% [2]