YIZUMI(300415) 天风证券·2024-11-07 00:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.9 yuan [6] Core Views - The company's Q3 2024 performance exceeded expectations, with significant growth in revenue and net profit [1][2] - The company's gross margin and net profit margin improved year-over-year, indicating strong profitability [1][2] - The company's plastic injection molding machine business is leading the industry, with a high market share and growth potential [3] - The company's die-casting machine business is well-positioned to benefit from the growing demand for large-scale die-casting machines in the automotive industry, particularly for new energy vehicles [4] Financial Performance Summary Q3 2024 Performance - Revenue reached 13.04 billion yuan, up 33.23% YoY and down 7.87% QoQ [2] - Net profit attributable to the parent company was 1.81 billion yuan, up 59.78% YoY and down 1.17% QoQ [2] - Gross margin was 35.01%, up 0.87 percentage points YoY and 2.21 percentage points QoQ [2] 2024E-2026E Financial Forecast - Revenue is expected to grow from 5.16 billion yuan in 2024E to 6.82 billion yuan in 2026E, with a CAGR of 15.2% [5] - Net profit attributable to the parent company is forecasted to increase from 650.83 million yuan in 2024E to 911.29 million yuan in 2026E, with a CAGR of 18.4% [5] - The company's PE ratio is expected to decline from 17.52x in 2024E to 12.52x in 2026E, indicating potential undervaluation [5] Industry Analysis Plastic Injection Molding Machines - The global plastic injection molding machine market is projected to reach 141.4 billion yuan by 2028, with a CAGR of 4.5% from 2020 to 2028 [3] - The domestic market in China has achieved import substitution, with the company holding a leading market share of over 40% [3] Die-Casting Machines - The die-casting machine market is primarily driven by the automotive industry, accounting for over 60% of downstream applications [4] - The demand for large-scale die-casting machines (over 6000T) is increasing due to the adoption of integrated die-casting technology in the automotive sector [4] - The company has a competitive advantage in the die-casting machine market, with a product portfolio that includes machines with a maximum clamping force of 9000T [4] Valuation and Financial Ratios - The company's P/E ratio is expected to decrease from 17.52x in 2024E to 12.52x in 2026E, indicating potential undervaluation [5] - The company's P/B ratio is forecasted to decline from 3.78x in 2024E to 2.84x in 2026E, suggesting a more attractive valuation [5] - The company's EV/EBITDA ratio is expected to decrease from 11.83x in 2024E to 8.16x in 2026E, further supporting the undervaluation thesis [5]