YIZUMI(300415) 东吴证券·2025-01-10 13:17Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a revenue of 5.05 billion yuan in 2024, representing a year-on-year growth of 23.30%. The forecasted net profit attributable to shareholders is between 585 million and 646 million yuan, with a year-on-year growth of 22.53% to 35.45%, and a median of 615 million yuan, which is a 29% increase [2] - The company's profitability is anticipated to improve significantly, with a projected net profit margin of 12.19% for 2024, an increase of 0.54 percentage points year-on-year. The net profit margin for the adjusted net profit is expected to be 11.83%, up by 0.40 percentage points [3] - The injection molding machine industry is experiencing a recovery, which is expected to drive revenue growth. The company is also expanding its overseas market presence, enhancing its competitive edge [4] Summary by Sections Revenue and Profit Forecast - The company forecasts total revenue of 4.853 billion yuan for 2024, with a year-on-year increase of 18.49%. The net profit attributable to shareholders is projected at 625.24 million yuan, reflecting a growth of 31.05% [1][5] - For Q4 2024, the company anticipates revenue of 1.156 billion yuan, a 19% increase year-on-year, and a net profit of 1.35 billion yuan, which is a 20% increase [2] Profitability Improvement - The expected net profit margin for 2024 is 12.19%, which is an improvement from the previous year. The increase in profitability is attributed to a higher overall gross margin driven by strong domestic orders and successful overseas business expansion [3] Market Dynamics - The injection molding machine market is showing signs of recovery, with the company increasing its sales efforts and enhancing its market presence. The company has also made significant strides in the integrated die-casting sector, particularly in the context of the growing electric vehicle market [4]