证券代码：300415 证券简称：伊之密 伊之密股份有限公司投资者关系活动记录表 编号：2025-10 | | 特定对象调研 | 分析师会议 | | | --- | --- | --- | --- | | 投资者关系活 | 媒体采访 | 业绩说明会 | | | 动类别 | | | | | | 新闻发布会 | 路演活动 | | | | 现场参观 | | | | | 其他 | | | | 参与单位名称 | 个人投资者 | | 蒲彩 | | | 个人投资者 | | 赵树忠 | | 及人员姓名 | 个人投资者 | | 叶红明 | | | 个人投资者 | | 聂万路 | | | 个人投资者 | | 陈俊喜 | | | 个人投资者 | | 曾海怡 | | | 个人投资者 | | 许弋川 | | | 个人投资者 | | 梁永忠 | | | 个人投资者 | | 周智敏 | | | 个人投资者 | | 唐捷涛 | | | 个人投资者 | | 谭黔英 | | | 个人投资者 | | 周贤维 | | | 个人投资者 | | 梁海英 | | | 个人投资者 | | 张洁 | | | 个人投资者 | | 谭慧君 | | ...

Financial Performance - In Q3 2025, the company achieved total revenue of 155,938.74 million yuan, a year-on-year increase of 19.62% [4] - For the first three quarters of 2025, total revenue reached 430,568.59 million yuan, up 17.21% year-on-year, with net profit attributable to shareholders increasing by 21.24% [4] - The company’s net profit for the first three quarters was 56,424.86 million yuan, reflecting a year-on-year growth of 17.45% [4] Strategic Focus - The company aims to enhance operational efficiency, increase sales efforts, and invest in R&D to launch new products, thereby improving its competitive edge [4] - The strategic themes include upgrading customer and market engagement, product and technology enhancement, and operational and organizational improvements [4] Product Development - The semi-solid magnesium alloy injection molding machine is designed for high-performance, lightweight magnesium alloy castings, integrating die-casting and injection molding processes [4] - The company has made significant advancements in the LEAP series of large die-casting machines, which utilize advanced injection and control technologies to improve product quality and stability [6] Market Trends - The die-casting machine industry is experiencing trends such as technological innovation, intelligent upgrades, and a focus on sustainable manufacturing [6] - The demand for large integrated die-casting machines is increasing domestically, particularly in the automotive sector, with steady growth in orders from leading new energy vehicle manufacturers [9] Global Expansion - The company has established a presence in over 70 countries, with new subsidiaries in Thailand and Mexico, and technical service centers in Brazil and Turkey to enhance responsiveness [5] - The overseas market for die-casting is focusing on local production trends for automotive parts, with the company providing rapid response and process support in Europe and North America [9] Innovation and Automation - The company is committed to technological innovation, with an average annual R&D expenditure exceeding 100 million yuan over the past three years, and a robust patent portfolio [6] - Investments in smart manufacturing and automation are ongoing, with the establishment of advanced smart warehouses and manufacturing bases to improve logistics efficiency and production capacity [9] Incentive Management - The company introduced a long-term incentive management plan in October 2025 to align strategic goals with performance outcomes, enhancing talent retention and organizational vitality [7] - The plan includes a combination of time-based unit plans and employee stock ownership, ensuring that incentives are closely tied to key business results [7]

Core Insights - The demand for magnesium alloys is increasing due to the ongoing lightweighting trend in the new energy vehicle sector [1][2] - Magnesium alloys are recognized for their significant lightweighting advantages compared to aluminum and steel, making them ideal for various applications [1][2] - Companies in the A-share market are actively exploring and investing in magnesium alloy applications across emerging industries [2][3] Industry Overview - Magnesium alloys, known as magnesium-based alloys, consist of over 90% magnesium and are the third major engineering material after steel and aluminum [1] - The density of magnesium alloys is approximately 1.74 g/cm³, which is about two-thirds that of aluminum and less than one-quarter that of steel, providing clear lightweighting benefits for automotive components [1] - The recycling capability of magnesium alloys positions them as a "green engineering material" for the 21st century [1] Technological Advancements - Recent advancements in corrosion resistance technology are expanding the application scenarios for magnesium alloys, transitioning them from "potential materials" to "mainstream materials" [2] - Companies are focusing on key technological innovations to enhance product performance and are encouraged to collaborate with downstream industries such as new energy vehicles and robotics [4] Company Developments - Yizhiming Co., Ltd. has developed a semi-solid magnesium alloy injection molding machine that integrates die-casting and injection molding processes, targeting the high-performance, lightweight magnesium alloy castings for new energy vehicles [3] - Ningbo Xingyuan Zhuomei Technology Co., Ltd. has established a comprehensive core technology system for magnesium alloy die-casting, covering the entire business chain from mold development to precision processing [3] - Chongqing Xinyuan Intelligent Manufacturing Technology Co., Ltd. is collaborating with academic teams to explore the application of lightweight magnesium alloy materials in emerging fields such as intelligent robotics and drones [3]

Group 1 - The core viewpoint of the article highlights the differences between die casting and semi-solid injection molding processes for magnesium alloy forming, emphasizing their distinct characteristics in terms of melt state, forming temperature, process stability, product quality, cost, and applicable scenarios [1] - Die casting offers certain cost advantages and is suitable for mass production, while semi-solid injection molding demonstrates significant advantages in product strength, density, and stability [1] - The company currently possesses semi-solid magnesium alloy injection molding machine products, indicating its capability in this advanced manufacturing process [1]

Group 1 - The company currently offers semi-solid magnesium alloy injection molding machines and related products, primarily used in the production of components for electric vehicles and consumer electronics [2] - The applications of the company's magnesium alloy processing equipment include parts for electric vehicle motors, central instrument panel beams, bicycle front forks, and two-wheeled electric vehicle hubs [2] - As application technologies continue to develop, the potential for expanding the application scenarios of this equipment is promising [2]

Core Viewpoint - The company, Yizhiming (300415.SZ), is currently engaged in the production of semi-solid magnesium alloy injection molding machines and related products, primarily for the automotive and consumer electronics sectors [1] Group 1: Company Products and Applications - The semi-solid magnesium alloy injection molding machines are mainly used for manufacturing components in new energy vehicles, such as motor parts and central instrument panel beams [1] - The equipment is also utilized in the production of parts for consumer electronics, bicycle front forks, and two-wheeled electric vehicle hubs [1] - There is potential for further expansion of application scenarios as technology continues to develop [1]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating resilience and growth potential in a challenging market environment [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.746 billion yuan, a year-on-year increase of 15.89%, and a net profit attributable to shareholders of 345 million yuan, up 15.15% year-on-year [1][2]. - In Q2 2025, the company recorded revenue of 1.559 billion yuan, reflecting a 10.20% year-on-year growth, and a net profit of 212 million yuan, which is a 15.70% increase year-on-year, aligning with market expectations [1][2]. Group 2: Business Segments - All three major business segments demonstrated double-digit growth: injection molding machines generated 1.932 billion yuan (up 13.09%), die-casting machines 556 million yuan (up 33.29%), and rubber machines 119 million yuan (up 23.85%) [2]. - The company has shown its ability to grow counter-cyclically, particularly since Q2 2023, despite a downturn in the domestic molding equipment industry [2]. Group 3: Profitability - The gross margin for H1 2025 was 31.08%, a decrease of 2.53 percentage points year-on-year, while the net margin was 12.90%, a slight decline of 0.01 percentage points [3]. - The decline in gross margin is attributed to changes in accounting policies and strategic decisions to enhance market share through cost-effective models [3]. Group 4: Strategic Developments - The company is leading in the layout of semi-solid magnesium alloy injection molding machines, which are expected to see increased demand in the electric vehicle and robotics sectors [4]. - The unique technology of semi-solid magnesium alloy allows for high-precision molding and reduced production risks, making it advantageous over traditional high-pressure die casting [4]. - A strategic partnership has been established with a well-known global automotive parts manufacturer, indicating potential for significant growth in this area [4]. Group 5: Future Outlook - The company maintains a positive outlook, projecting net profits of 735 million yuan, 854 million yuan, and 980 million yuan for 2025-2027, representing year-on-year growth rates of 21%, 16%, and 15% respectively [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company has shown robust performance in H1 2025, with revenue reaching 2.746 billion yuan, a year-on-year increase of 15.89%, and a net profit of 345 million yuan, up 15.15% year-on-year, aligning with market expectations [5][6] - The company’s three main business segments achieved double-digit growth, with injection molding machines revenue at 1.932 billion yuan (up 13.09%), die-casting machines at 556 million yuan (up 33.29%), and rubber machines at 119 million yuan (up 23.85%) [6] - The company is positioned as an industry leader, demonstrating counter-cyclical growth capabilities amid a downturn in the domestic molding equipment sector since 2022 [6] - The company has established a strategic partnership with a global automotive parts manufacturer, indicating potential for significant growth in the semi-solid magnesium alloy injection molding machine segment [9] Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 31.08%, a decrease of 2.53 percentage points year-on-year, and a net margin of 12.90%, a slight decline of 0.01 percentage points [7] - The company’s revenue forecast for 2023A is 4.096 billion yuan, with expected growth rates of 11% for 2023 and 24% for 2024 [4] Business Segments - The injection molding machine segment is the largest contributor to revenue, followed by die-casting and rubber machines, all showing strong growth [6] - The company’s semi-solid magnesium alloy technology is expected to gain traction in the electric vehicle and robotics sectors, driven by the global trend towards lightweight materials [9] Profitability and Valuation - The report projects net profits for 2025-2027 to be 735 million yuan, 854 million yuan, and 980 million yuan, representing year-on-year growth rates of 21%, 16%, and 15% respectively [9] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 18.8 in 2024 to 11.6 by 2027, indicating improving valuation metrics [4]

Group 1 - The company has confirmed that its semi-solid magnesium alloy injection molding equipment can be applied in various fields, including automotive parts, consumer electronics components, bicycle front forks, and two-wheeled electric vehicle hubs [2] - The company anticipates that as application technology continues to develop, the range of applications for this equipment is expected to expand further [2]

Core Viewpoint - The company Yizhiming (300415.SZ) has developed semi-solid magnesium alloy injection molding machines that can be applied in various manufacturing sectors, including automotive parts, consumer electronics components, bicycle front forks, and two-wheeled electric vehicle hubs. The potential for expanding application scenarios is anticipated as technology continues to develop [1]. Group 1 - The semi-solid magnesium alloy injection molding machines are versatile and can be utilized in the manufacturing of automotive parts [1]. - The machines are also applicable in the production of components for consumer electronics [1]. - Additional applications include manufacturing bicycle front forks and hubs for two-wheeled electric vehicles [1]. Group 2 - The company expects that as application technology advances, the range of applications for these machines will likely expand further [1].