Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a total revenue of 4.096 billion in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million, up 17.66% year-on-year [2] - In Q1 2024, the company reported a revenue of 955 million, a year-on-year increase of 11.72%, and a net profit of 116 million, which is a 28.83% increase year-on-year [2] - The company’s die-casting machine revenue reached 780 million in 2023, with a significant growth of 35.44%, primarily driven by the rapid increase in demand from automotive industry clients [2] - The company is a leading player in the domestic injection molding and die-casting machine market and is expected to benefit from the improving downstream conditions of injection molding machines and an increase in market share [2] - The profit forecasts for 2024-2026 have been adjusted downwards, with new profit estimates for 2026 introduced, projecting net profits of 608 million, 762 million, and 923 million for 2024, 2025, and 2026 respectively [2] Financial Summary - The company's revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E is 3680, 4096, 5147, 6309, and 7600 respectively, with year-on-year growth rates of 4.2%, 11.3%, 25.7%, 22.6%, and 20.5% [3] - The net profit attributable to shareholders (in million) for the same years is 405, 477, 608, 762, and 923, with year-on-year growth rates of -21.4%, 17.7%, 27.5%, 25.3%, and 21.0% [3] - The gross margin for 2023 is 33.3%, an increase of 2.13 percentage points year-on-year, while the net margin is 12.0%, up 0.53 percentage points year-on-year [35] - The company’s R&D expenses reached 54.71 million in Q1 2024, reflecting a year-on-year increase of 33.7% [35] Product Development and Market Expansion - The company launched the LEAP series of ultra-large die-casting machines, including the 7000T and 9000T models, which are designed to compete with foreign products in terms of performance [36] - Strategic partnerships have been established with major automotive manufacturers, including a collaboration with FAW Casting for a comprehensive solution for the 9000T die-casting machine [36] - The company has expanded its overseas market presence, covering over 70 countries and regions with more than 40 distributors [36]

研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 李亦桐 S0350523050007 liyt01@ghzq.com.cn [Table_Title] 压铸机收入快速增长，盈利能力有所提升 ——伊之密（300415）2023 年报&2024 年一季 报点评 相对沪深 300 表现 2024/04/22 压铸机收入快速增长，国外收入占比提升。公司 2023 年营业收入、 归母净利润分别同比+11.30%、+17.66%，业绩稳健增长。分业务来 看，2023 年注塑机收入 27.60 亿元，同比+3.86%；压铸机收入 7.80 亿元，同比+35.44%，中高端系列新产品推出叠加汽车行业发展带 动，压铸机收入增长较快；橡胶机收入 1.83 亿元，同比+31.96%， 主要为海外出口需求拉动；机器人自动化系统收入 0.88 亿元，同比 +56.72%。分区域来看，2023 年国内、国外收入分别为 30.02、10.94 亿元，分别同比+8.42%、+20.07%，国外收入占比 26.72%，同比 +1.95pct，国外收入占比提升。分下游来看，2023 年 ...

保荐总结报告书 华泰联合证券有限责任公司 关于伊之密股份有限公司 2020 年度向特定对象发行股票并在创业板上市 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 号前海深港基金小 128 | | | 镇 B7 栋 401 | | 主要办公地址 | 深圳市福田区莲花街道益田路 号基金大厦 层及 层 5999 27 28 | | 法定代表人 | 江禹 | | 联系人 | 于首祥、袁琳翕 | | 联系电话 | 0755-81902000 | 1 保荐总结报告书 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中 ...

华泰联合证券有限责任公司 关于伊之密股份有限公司 2023 年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：伊之密 | | --- | --- | | 保荐代表人姓名：于首祥 | 联系电话：0755-81902000 | | 保荐代表人姓名：袁琳翕 | 联系电话：0755-81902000 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次，公司募集资金已经使用完毕。 0 | | （2）公司募集资金项目进展是否与信息披 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing continued industry growth, improved profitability, and global expansion as key drivers for long-term performance [36] Core Views - The company's profitability improved significantly in 2024Q1, with revenue reaching 955 million yuan (+11.72% YoY) and net profit attributable to shareholders at 116 million yuan (+28.83% YoY) [4] - The company's gross margin increased to 34.80% in 2024Q1, up 2.51 percentage points YoY, driven by new product launches, lower raw material costs, and favorable exchange rates [4] - The injection molding machine segment is expected to see continued growth, supported by domestic equipment upgrades and export demand [5] - Overseas revenue grew by 20.07% YoY in 2023, accounting for 26.72% of total revenue, with further expansion expected due to improved global market presence [6] Business Performance - In 2023, the injection molding machine segment generated 2.76 billion yuan in revenue (+3.86% YoY), with strong demand from the automotive and 3C industries [5] - The die-casting machine segment saw a 35.44% YoY revenue increase to 780 million yuan, driven by new product platforms and automotive industry demand [5] - The rubber machine segment grew by 31.96% YoY to 183 million yuan, supported by overseas market expansion [5] - The robotics and automation systems segment achieved 88 million yuan in revenue (+56.72% YoY), benefiting from increased demand for die-casting machine integration [5] Financial Projections - Revenue is projected to grow from 4.096 billion yuan in 2023 to 6.79 billion yuan in 2026, with net profit attributable to shareholders expected to increase from 477 million yuan to 919 million yuan over the same period [10] - The company's EPS is forecasted to rise from 1.02 yuan in 2023 to 1.96 yuan in 2026, with a corresponding PE ratio decline from 21.46 to 11.14 [10] Global Expansion - The company has established factories in India and the US, along with R&D and service centers in Germany, India, Brazil, and Vietnam, aiming to further increase its overseas market share [6]

证券研究报告 | 2024年04月22日 2024 年一季度归母净利润同比增长 28.8%，盈利能力稳中有升 核心观点 公司研究·财报点评 证券分析师：吴双 0755-81981362 wushuang2@guosen.com.cn S0980519120001 基础数据 投资评级 买入(维持) 合理估值 收盘价 22.86 元 总市值/流通市值 10711/9694 百万元 52 周最高价/最低价 23.69/12.90 元 近 3 个月日均成交额 136.43 百万元 市场走势 相关研究报告 《伊之密（300415.SZ）-注塑机有望景气向上，一体化压铸打开 新成长空间》 ——2023-11-22 《伊之密（300415.SZ）-上半年业绩同比+4.73%，注塑机行业下 行周期仍稳健增长》 ——2023-08-31 《伊之密（300415.SZ）-逆周期扩张产能，23 年有望底部反转向 上》 ——2023-04-17 《伊之密（300415.SZ）-2022 三季报点评：业绩同比下降 24%， 一体化压铸机获客户认可》 ——2022-10-26 《伊之密（300415.SZ）-注塑机中标比亚迪超 3 亿元 ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------------------------------------------------------------------|-------------------------------------|---------------------------|---------------|--------------------------------------------------------------|----------|------------------------------------------------------------|-----------------------|-----------------------|------------------------| | | [Table_Title] 伊之密 (300415) | | | | [ ...

伊之密 240419_原文 2024年04月22日 11:13 发言人 1 00:00 去年的整个上半年，整个行业应该是比较大的一个下滑。下半年的话开始逐步的回暖。在这种 相对比较困难的一个情况下吧，就是去年公司还是有了一个不错的一个经营表现。我们去年的 整个公司的收入应该是首次突破了 40 40 个亿的大的关口，同比增长也有双位数。净利润端的 话也有接近 4.8 个亿，同比增长 17%。 发言人 1 00:41 如果拆开来看的话，等 2023 年度就我们公司两大主营业务注塑机和压缩机。注塑机的话还是 一个由于行业，由于竞争对手的一个态势在发展。但是去年压缩机的话应该是公司的亮点所在， 去年整个的销收入应该是有超过 30 的增长。 发言人 1 01:12 进入 2024 年度，就是株式机和压缩机那个的板块也是都有一个不错的一个表现，特别是朱时 期，从今年的三月份开始，其实出现了比较明显的一些订单的复苏。当然我们 2024 年度的一 季度的话，整个的经营表现的话也还是非常不错。营业收入的话也达到了 9.5 亿元，同比增长 超 11%，利润端的一个增速更快一些，有 1.16 亿的一个利润，同比增长接近 30。在目 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.65 CNY per share, compared to the current price of 21.85 CNY [5][4]. Core Insights - The company reported a revenue of 4.096 billion CNY for 2023, representing a year-on-year growth of 11.3%, and a net profit attributable to shareholders of 477 million CNY, up 17.66% year-on-year [2][3]. - The automotive sector remains robust, with revenue from this segment reaching 1.142 billion CNY in 2023, a growth of 22.85% year-on-year, driven by demand for high-end injection molding and die-casting machines due to the rise of electric vehicles [3]. - The company has seen a significant improvement in gross margins, attributed to a better product mix and a decrease in raw material prices, with the gross margin for injection molding machines at 33.3%, up 2.83 percentage points year-on-year [3][4]. Financial Performance Summary - For 2023, the company achieved a revenue of 4.096 billion CNY, with a growth rate of 11.3% [9]. - The net profit for 2023 was 477 million CNY, reflecting a growth rate of 17.7% [9]. - The company expects net profits to reach 601 million CNY, 782 million CNY, and 967 million CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 26.0%, 30.1%, and 23.7% [4][9]. - The earnings per share (EPS) for 2023 was 1.02 CNY, with projections of 1.28 CNY, 1.67 CNY, and 2.06 CNY for the next three years [9].

2024 年 4 月 20 日 公司研究 业绩稳健增长，未来海外市场份额有望持续提升 23 年及 24Q1 业绩均实现同比稳健增长 伊之密 2023 年实现营业收入 41.0 亿元，同比增长 11.3%；归母净利润 4.8 亿元，同比增长 17.7%；每股收益 1.02 元。净利润增长主要由于：1）推出新 产品，订单量增长；2）原材料价格下降；3）海外收入毛利率提升及汇兑收益 增加。公司 23 年毛利率 33.3%，同比上升 2.2 个百分点；净利率 12.0%，同比 上升 0.5 个百分点。23 年经营性现金净流入 1.8 亿元，同比下降 49.1%。公司 拟分红每股 0.40 元，分红率为 39%。 公司 24Q1 保持较快增长，实现营业收入 9.5 亿元，同比增长 11.7%；归母 净利润 1.2 亿元，同比增长 28.8%；毛利率为 34.8%，同比上升 2.5 个百分点； 净利率为 12.4%，同比上升 2.0 个百分点。 敬请参阅最后一页特别声明 -1- 证券研究报告 | --- | --- | --- | --- | --- | --- | |-------------------------- ...