Industry Trends - In 2025, the die-casting machine industry is expected to experience trends such as technological innovation and intelligent upgrades, diversified demand and customized services, as well as green manufacturing and sustainable development [2] - The industry faces challenges including global economic uncertainty, fluctuations in raw material prices, intense market competition, and talent shortages [2] Market Insights - The Asia-Pacific region is identified as the largest market, with strong demand from countries like China and India [2] - North America and Europe are developing steadily in high-end and intelligent manufacturing, while South America and Africa also show significant potential [2] Company Developments - The company has been committed to technological innovation and product research and development in the die-casting machine sector [2] - The LEAP series of large die-casting machines has achieved significant results in integrated die-casting, utilizing advanced injection technology, intelligent control technology, and servo compensation technology to greatly enhance the quality and stability of die-cast parts [2] - The company has successfully developed heavy die-casting machines in the LEAP series, including 7000T and 9000T ultra-large die-casting machines, which possess high competitiveness in the market [2]

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]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has achieved steady growth in performance, with revenue of 5.06 billion yuan in 2024, representing a year-on-year increase of 23.6%, and a net profit of 610 million yuan, up 27.4% year-on-year [1] - The introduction of new products and expansion into overseas markets are expected to support future growth [1][2][3] - The company plans to repurchase shares worth 15 to 25 million yuan, indicating confidence in long-term development [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 31.9%, a decrease of 1.3 percentage points year-on-year, and a net margin of 12.4%, an increase of 0.4 percentage points [1] - For Q1 2025, revenue reached 1.19 billion yuan, a 24.3% increase year-on-year, with a net profit of 130 million yuan, up 14.3% [1] Business Segments - Injection molding machine revenue was 3.56 billion yuan in 2024, up 28.8%, driven by industry recovery [2] - Die-casting machine revenue reached 890 million yuan, a 14.5% increase, supported by strong sales of new products [2] - Rubber machine revenue was 220 million yuan, growing 21.4%, due to full order books and rapid overseas expansion [2] Overseas Market Expansion - The company's overseas revenue was 1.39 billion yuan in 2024, a 27.4% increase, accounting for 27.5% of total revenue [3] - The company has over 40 overseas distributors, covering more than 70 countries and regions, with production facilities in the USA and India to support its global strategy [3]