据证券之星公开数据整理，近期伊之密(300415)发布2025年中报。截至本报告期末，公司营业总收入 27.46亿元，同比上升15.89%，归母净利润3.45亿元，同比上升15.15%。按单季度数据看，第二季度营 业总收入15.59亿元，同比上升10.2%，第二季度归母净利润2.12亿元，同比上升15.7%。本报告期伊之 密公司应收账款体量较大，当期应收账款占最新年报归母净利润比达243.37%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率31.08%，同比减2.97%，净利率12.9%，同比减 0.1%，销售费用、管理费用、财务费用总计3.4亿元，三费占营收比12.37%，同比减6.19%，每股净资产 6.52元，同比增14.77%，每股经营性现金流0.35元，同比减5.81%，每股收益0.74元，同比增15.62% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 23.7亿 | 27.46亿 | 15.89% | | 归母净利润(元) | 2.99亿 | 3.45亿 | 15.15% | | 扣非净利润 ...

伊之密 20250827 摘要 伊之密对 2025 年上半年经营状况表示满意，尽管面临内外经济形势的 不利影响。全球化战略是重点，海外事业部成立并加速推进全球布局， 目标是到 2028 年海外收入占比达到 35%，长期达到 50%。 注塑机业务方面，2025 年 1-6 月国内订单强劲，海外订单较弱，但 7 月起海外订单增速显著提升。公司判断下半年海外市场景气度将高于国 内，尤其看好印度、南美及非洲等欠发达地区的增长潜力。 镁合金成型业务迎来拐点，受益于镁合金价格下降，车载应用量显著增 加，设备订单爆发性增长。公司交付 6,600 吨设备并与 DGS 合作，巩 固了市场地位，预计未来几年将显著贡献收入。 海外订单加速增长的原因包括：公司全球化战略的推进，对海外市场投 入加大；注塑机等行业国内市场进入成熟期，海外发展中国家潜力巨大； 中国装备海外竞争力增强，优于部分面临经营压力的国外巨头。 国内市场方面，公司将继续增强核心竞争力，扩大市场份额。预计未来 两到三年，公司将在国内外两个市场保持相对可观增速，但海外增速会 更快。 Q&A 2025 年上半年伊之密公司整体经营情况如何？ 2025 年上半年，伊之密公司继 ...

证券研究报告·公司点评报告·专用设备 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,096 | 5,063 | 5,869 | 6,786 | 7,906 | | 同比（%） | 11.30 | 23.61 | 15.92 | 15.63 | 16.50 | | 归母净利润（百万元） | 477.09 | 607.90 | 704.95 | 832.81 | 979.31 | | 同比（%） | 17.66 | 27.42 | 15.97 | 18.14 | 17.59 | | EPS-最新摊薄（元/股） | 1.02 | 1.30 | 1.50 | 1.78 | 2.09 | | P/E（现价&最新摊薄） | 24.55 | 19.27 | 16.62 | 14.07 | 11.96 | 伊之密（300415） 2025 年半年报点评：三大业务齐头并进，关 注镁合金压铸的新场景 2025H1 公司实现营收 ...

伊之密分析师会议 调研日期：2025年08月27日 调研行业：专用设备 参与调研的机构：中国银河证券股份、中泰证券股份、中信证券 股份、Grand Alliance Asset Management、柏駿資本管理(香 港)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 Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆 ...

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：2025-07 4、问：请介绍一下公司在技术研发创新方面的优势？ 答：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。2025 年上半年，公司研发总投 入 133,408,139.49 元，同比增长 8.00%。 经验丰富的研发团队是伊之密具备较高综合研发能力的 根本。公司自 2002 年成立以来，一直注重技术团队的建设与 发展，并结合自身的技术优势，设立了机械、电气、自动控制、 节能、新材料和新工艺、软件开发等不同方向的专业技术部门， 现拥有超过 900 人的研发队伍，专利技术成果超过 400 项，其 中发明专利为 82 项。伊之密的主要研发团队在各行业拥有多 年的行业实践经验，具备了较强的研发、设计以及技术改善能 力，为企业的成长奠定了良好的基础。 | | 招商证券股份有限公司 | 胡育杰 | | --- | --- | --- | | | 华西证券股份有限公司 | 王宁 | | | ...

Group 1 - The shareholder Peng Huiping pledged a total of 5.4913 million shares to China Merchants Securities, accounting for 1.17% of the total share capital [1] - As of the announcement date, shareholder Jiazhuo Holdings has pledged a total of 10 million shares, representing 7.28% of its total holdings, while Peng Huiping has pledged all of her holdings, totaling 5.4913 million shares [1] - The cumulative pledged shares of the top ten shareholders of Yizhiming after this pledge are detailed in the accompanying chart [1] Group 2 - Yizhiming's Q1 2025 financial report shows a main revenue of 1.187 billion yuan, an increase of 24.32% year-on-year; net profit attributable to shareholders is 132 million yuan, up 14.29% year-on-year; and net profit after deducting non-recurring items is 126 million yuan, an increase of 13.57% year-on-year [3] - The company has a debt ratio of 57.1%, investment income of 13.029 million yuan, financial expenses of 1.3995 million yuan, and a gross profit margin of 30.64% [3] - Yizhiming's main business includes the design, research and development, production, sales, and service of injection molding machines, die-casting machines, rubber machines, high-speed packaging systems, molds, and robotic automation systems [3]

Group 1: Company Overview - The company operates in the molding equipment industry, focusing on high molecular materials and metal forming, with main products including injection molding machines, die-casting machines, and rubber machines [2] - The company has a strong emphasis on innovation and R&D, with a stable and capable team driving growth in the injection molding machine sector since 2010 [7] Group 2: Market Performance - In 2020 and 2021, the injection molding machine market experienced high demand, but by the second half of 2021, demand stabilized [2] - The injection molding machine industry saw a decline in 2022 but rebounded in 2023, with expectations for steady growth in 2024 [2] - The company anticipates a significant increase in sales revenue for injection molding machines, outpacing the overall industry growth [2] Group 3: Production Capacity - The company has multiple production facilities in China, including a headquarters in Guangdong Shunde with a total area of 80,000 square meters, and additional factories dedicated to various types of molding machines [3] - A new production base in Zhejiang Nanxun, covering approximately 110,000 square meters, is planned to enhance service to the surrounding industrial cluster [3] Group 4: Supply Chain Management - The company has established a dedicated supply chain management center to address the growing procurement scale and ensure production needs are met [3] Group 5: Industry Trends - The automotive industry is the largest downstream sector for the company, driven by the growth of new energy vehicles and lightweight trends [4] - The 3C industry is expected to maintain steady growth in 2025, supported by global economic recovery and consumer demand for smart devices [4] Group 6: Automation and Smart Manufacturing - The company is investing heavily in automation and smart manufacturing, integrating technologies such as IoT, big data, and cloud computing to enhance production efficiency and reduce costs [5] - The company has successfully implemented smart manufacturing solutions in its third factory, which is operating at an advanced level within the industry [5] Group 7: International Expansion - The company has over 40 overseas distributors, covering more than 90 countries, and is focused on expanding its market share in strategic regions like North America and Europe [6] - The company has established manufacturing facilities in India and a research center in Germany to enhance its international competitiveness [6] Group 8: Product Development - The company is committed to the development of all-electric injection molding machines, with a continuous growth trend expected in 2024 [8] - The LEAP series of die-casting machines has achieved significant market success due to its advanced technology and high-quality output [9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - **Revenue Forecast**: - 2023: 4.096 billion CNY - 2024: 5.063 billion CNY (23.6% growth) - 2025: 5.847 billion CNY (15.5% growth) - 2026: 6.705 billion CNY (14.7% growth) - 2027: 7.741 billion CNY (15.4% growth) [6][12] - **Net Profit Forecast**: - 2023: 477 million CNY - 2024: 608 million CNY (27.4% growth) - 2025: 751 million CNY (23.6% growth) - 2026: 907 million CNY (20.7% growth) - 2027: 1.101 billion CNY (21.4% growth) [6][12] - **Profitability Ratios**: - Gross Margin: Expected to improve from 31.5% in 2023 to 33.2% in 2027 - Net Margin: Expected to increase from 11.6% in 2023 to 14.2% in 2027 [6][12]. - **Earnings Per Share (EPS)**: - 2023: 1.02 CNY - 2024: 1.30 CNY - 2025: 1.60 CNY - 2026: 1.93 CNY - 2027: 2.35 CNY [6][12]. Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 25.6 CNY, maintaining the current rating [2][4]. Core Views - The company is experiencing robust growth in performance, driven by globalization and new product launches. The revenue for 2024 is projected to reach 5.063 billion CNY, reflecting a year-on-year increase of 23.6% [2][10]. - The company has successfully implemented a global strategy, with overseas revenue growing by 27.45% in 2024, accounting for 27.54% of total revenue [10]. - The injection molding machine sector is seeing a recovery, with revenue from this segment reaching 3.555 billion CNY, a year-on-year increase of 28.8% [10]. Financial Performance Summary - Revenue (CNY million): - 2023A: 4,096 - 2024A: 5,063 (23.6% YoY growth) - 2025E: 5,847 (15.5% YoY growth) - 2026E: 6,705 (14.7% YoY growth) - 2027E: 7,741 (15.4% YoY growth) [6][12] - Net Profit Attributable to Parent Company (CNY million): - 2023A: 477 - 2024A: 608 (27.4% YoY growth) - 2025E: 751 (23.6% YoY growth) - 2026E: 907 (20.7% YoY growth) - 2027E: 1,101 (21.4% YoY growth) [6][12] - Gross Margin (%): - 2023A: 31.5% - 2024A: 31.9% - 2025E: 32.5% - 2026E: 32.9% - 2027E: 33.2% [6][12] - Net Margin (%): - 2023A: 11.6% - 2024A: 12.0% - 2025E: 12.8% - 2026E: 13.5% - 2027E: 14.2% [6][12] Market Performance - The company's stock price as of May 29, 2025, is 20.84 CNY, with a 52-week high of 28.91 CNY and a low of 16.28 CNY [2].

Core Viewpoint - The company, Yizhim, has reported strong performance in 2024, driven by increased demand in downstream industries such as automotive, home appliances, 3C electronics, and daily necessities, with a significant rise in revenue and net profit [2][3]. Financial Performance - In 2024, Yizhim achieved operating revenue of 5.063 billion yuan, a year-on-year increase of 23.61% - The net profit attributable to shareholders reached 608 million yuan, reflecting a year-on-year growth of 27.42% - For Q1 2024, the company reported operating revenue of 1.187 billion yuan, up 24.32% year-on-year, and a net profit of 132 million yuan, an increase of 14.29% [2]. Industry Demand and Trends - The automotive sector is the largest contributor to the company's downstream demand, with strong performance in the domestic new energy vehicle market - The home appliance industry is experiencing a positive start due to policy support, particularly the "old-for-new" policy that stimulates consumer demand - The 3C electronics sector is also maintaining steady growth amid global economic recovery and increasing consumer demand for smart devices [3]. Product Innovation and Capacity Expansion - Yizhim has made significant advancements in capacity construction and product innovation, transitioning towards an Industry 4.0 manufacturing model - New product launches include the NEXT2 two-plate die-casting machine, A6 high-end intelligent injection molding machine, and A3 series rubber injection molding machine - Key projects such as the UN2400D1M MultiPro seven-material injection molding machine and 3200T semi-solid magnesium alloy injection molding machine have been successfully delivered, supporting the development of new energy vehicles [3][4]. Market Opportunities - The demand for magnesium alloy lightweight components is growing in line with the trend towards lightweight development in new energy vehicles - The semi-solid magnesium alloy injection molding machine combines die-casting and injection molding processes, primarily used for producing large key components for new energy vehicles - The company's early technological investments in this area are expected to yield performance results as the demand for lightweight solutions increases [4]. Industry Outlook - The molding equipment industry in China is accelerating its development, with companies enhancing their competitiveness through technological upgrades and scale improvements - The global market for this industry is vast, and there is a need for continuous innovation and improvement in product quality and service levels [5].