镁合金又称镁基合金，是以镁为基础的合金材料，镁的成分占90%以上，目前广泛应用的最轻金属结构 材料，是继钢铁、铝合金后的第三大工程材料。由于镁合金零件可以回收再利用，又称为"二十一世纪 绿色工程材料"。 信达证券的研报显示，镁合金是理想的轻量化材料，相比铝合金，镁合金的密度是1.74g/cm3，是铝的 三分之二左右，不到钢的四分之一，使用镁合金作为汽车零部件材料具备明显的轻量化优势，在一些支 撑结构、结构件等领域有望渗透。 随着新能源车轻量化持续推进，镁合金的市场需求日益增长。恰巧，近日多家A股上市公司披露了镁合 金相关布局或进展。 苏商银行特约研究员高政扬在接受《证券日报》记者采访时表示："镁合金材料在轻量化方面具有显著 优势。随着技术和工艺的突破，镁合金未来应用空间广阔，有望在新能源车、人形机器人、电动垂直起 降飞行器等领域得到更广泛的应用，率先在镁合金产业链上下游布局的企业，有望赢得发展红利。" 理想的轻量化材料 （文章来源：证券日报） 重庆鑫源智造科技股份有限公司相关负责人近日在交易所互动平台表示，该公司也在加大与高校专业团 队的合作，与客户积极研究镁合金轻量化材料在智能机器人、无人机等新兴领域的应用 ...

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]

伊之密（300415.SZ）9月10日在投资者互动平台表示，公司目前有半固态镁合金注射成型机等镁合金相 关产品，目前，该设备主要应用于生产新能源汽车用零部件，如新能源汽车的电机零件、中控仪表盘横 梁等，以及消费电子领域零部件、自行车前叉、两轮电动车轮毂等部件的制造等。随着应用技术的进一 步发展，该设备的应用场景有望进一步扩展。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司目前有哪些镁合金加工设备？供货哪些大型企 业？ ...

格隆汇9月10日丨伊之密(300415.SZ)在互动平台表示，公司目前有半固态镁合金注射成型机等镁合金相 关产品，目前，该设备主要应用于生产新能源汽车用零部件，如新能源汽车的电机零件、中控仪表盘横 梁等，以及消费电子领域零部件、自行车前叉、两轮电动车轮毂等部件的制造等。随着应用技术的进一 步发展，该设备的应用场景有望进一步扩展。 ...

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]

伊之密（300415.SZ）9月4日在投资者互动平台表示，目前，公司半固态镁合金注射成型机产品可应用 于汽车零部件、消费电子领域零部件、自行车前叉、两轮电动车轮毂等部件的制造等。随着应用技术的 进一步发展，该设备的应用场景有望进一步扩展。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司半固态镁合金注射成型设备能应用于消费电子领 域吗？ ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company achieved a revenue of 2.746 billion yuan in H1 2025, representing a year-on-year increase of 15.89%. The net profit attributable to the parent company was 345 million yuan, up 15.15% year-on-year [2][6] - In Q2 2025, the revenue was 1.559 billion yuan, with a year-on-year growth of 10.20%, and the net profit attributable to the parent company was 212 million yuan, reflecting a year-on-year increase of 15.70% [2][6] - The company is experiencing accelerated growth in injection molding machine exports, with overseas markets gradually expanding, indicating a more complete global layout [2][6] - The magnesium alloy business is expected to become a new growth point for the company, with significant advantages in lightweight applications and a broad market outlook [2][6] Financial Performance - In H1 2025, the revenue from injection molding machines, die-casting machines, and rubber machines was 1.932 billion yuan (up 13.09%), 556 million yuan (up 33.29%), and 119 million yuan (up 23.85%) respectively [12] - The company's inventory value increased by 13.12% year-on-year, indicating that the actual operating conditions are better than reported [12] - The gross profit margin for Q2 2025 was 31.42%, with a year-on-year increase in net profit margin of 0.7 percentage points [12] Future Outlook - The company is expected to continue benefiting from the trend of injection molding machine exports, with a projected net profit attributable to the parent company of 721 million yuan, 839 million yuan, and 977 million yuan for 2025-2027 [12] - The company maintains a leading position in the magnesium alloy injection molding machine sector, with a promising market outlook due to its unique technology and applications in various fields [12]

Core Viewpoint - Liken Technology (00558) has initiated a strategic collaboration with four companies specializing in magnesium alloy and humanoid robot development, aiming to advance the joint research project on magnesium alloy humanoid robots, which is expected to revolutionize both weight reduction and manufacturing efficiency in robotics [1] Group 1: Company Developments - Liken Technology's stock surged over 13% in late trading, currently up 10.33% at HKD 5.98, with a trading volume of HKD 646 million [1] - The joint research project will focus on overcoming key technical challenges such as magnesium alloy shell forming, process optimization, and lightweight structural design [1] Group 2: Industry Insights - According to Zhongtai Securities, lightweight materials are crucial for enhancing the endurance and response speed of robots, with magnesium-aluminum alloys being ideal due to their low density and high strength [1] - Everbright Securities highlighted that lightweighting has become an irreversible trend in the automotive industry, with magnesium alloys playing a significant role in electric drive systems, and the demand for magnesium alloys in humanoid robots is also increasing [1] - The semi-solid magnesium alloy injection molding machine is expected to open new growth opportunities for companies in this sector [1]