YIZUMI(300415) 东吴证券·2025-04-23 09:02Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 aligns with expectations, with total revenue reaching 5.063 billion yuan, a year-on-year increase of 23.61%, and net profit attributable to shareholders at 608 million yuan, up 27.42% [2] - The growth in revenue is primarily driven by the high increase in injection molding machine sales, with domestic revenue at 3.668 billion yuan, a 22.19% increase, and overseas revenue at 1.395 billion yuan, up 27.51% [2] - The gross margin slightly declined due to changes in accounting policies, with a gross margin of 31.95% in 2024, down 1.30 percentage points year-on-year [4] - The company has seen improvements in net cash flow from operating activities, which reached 358 million yuan in 2024, a significant increase of 104.88% year-on-year [5] - The injection molding machine product line continues to evolve, with the launch of the new A6 series high-end intelligent injection molding machine, enhancing product competitiveness [6] Financial Summary - Total revenue projections for the company are as follows: 5.063 billion yuan in 2024, 5.869 billion yuan in 2025, 6.786 billion yuan in 2026, and 7.906 billion yuan in 2027, with respective year-on-year growth rates of 23.61%, 15.92%, 15.63%, and 16.50% [1][12] - Net profit attributable to shareholders is projected to be 607.9 million yuan in 2024, 704.95 million yuan in 2025, 832.81 million yuan in 2026, and 979.31 million yuan in 2027, with growth rates of 27.42%, 15.97%, 18.14%, and 17.59% respectively [1][12] - The latest diluted EPS is expected to be 1.30 yuan in 2024, 1.50 yuan in 2025, 1.78 yuan in 2026, and 2.09 yuan in 2027 [1][12]