YIZUMI(300415) 国信证券·2024-11-06 03:35Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a revenue of 3.673 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 24.95%, while the net profit attributable to shareholders increased by 31.71% to 480 million yuan [1][3] - The third quarter of 2024 saw a significant revenue increase of 33.23% year-on-year, driven by a recovery in the injection molding machine industry and an increase in market share [1][3] - The company's gross margin and net margin improved to 34.10% and 13.43% respectively in the first three quarters of 2024, reflecting better cost control and a favorable pricing environment [2][3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 34.10% and a net margin of 13.43%, with improvements of +0.97 and +0.66 percentage points year-on-year respectively [2] - The third quarter gross margin and net margin were 35.01% and 14.36%, showing year-on-year increases of +0.87 and +2.56 percentage points [2] Market and Industry Trends - The domestic downstream sectors are experiencing a recovery, particularly in the automotive industry, which is the largest segment for the company [3] - The company has established a global strategy with over 40 overseas distributors, covering more than 70 countries and regions, leading to faster growth in overseas sales compared to the industry average [3] Investment Recommendations - The company is positioned as a leading supplier of molding equipment in China, benefiting from industry recovery, market share gains, and export growth [3] - The profit forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 622 million, 749 million, and 857 million yuan respectively [3]