YIZUMI(300415) 国海证券·2024-04-23 23:30Investment Rating - The report maintains an "Accumulate" rating for the company [10][22][32] Core Views - The company has shown steady growth in revenue and net profit, with 2023 operating revenue and net profit increasing by 11.30% and 17.66% year-on-year, respectively [19] - The growth in revenue is driven by the rapid increase in die-casting machine income, which rose by 35.44% year-on-year, supported by the launch of new mid-to-high-end products and the development of the automotive industry [19] - The company's gross margin improved to 33.25% in 2023, up by 2.13 percentage points year-on-year, primarily due to new product launches, a decrease in raw material prices, and increased foreign exchange gains from the depreciation of the RMB [9] Summary by Sections Financial Performance - In 2023, the company achieved an operating revenue of 4,096 million and a net profit attributable to shareholders of 477 million, with a year-on-year growth of 11% and 18%, respectively [33] - For Q1 2024, the company reported an operating revenue of 955 million, up 11.72% year-on-year, and a net profit of 116 million, reflecting a 28.83% increase [19][10] Revenue Breakdown - The revenue from injection molding machines was 2,760 million, up 3.86% year-on-year, while die-casting machines generated 780 million, marking a 35.44% increase [19] - The company’s revenue from the automotive sector reached 1,142 million, up 22.85%, and from the 3C industry, it was 554 million, up 33.65% [19] Profitability Metrics - The gross margin for 2023 was 33.25%, with a net profit margin of 11.65%, indicating improved profitability [9] - The company’s return on equity (ROE) is projected to be 19% in 2023, increasing to 21% by 2026 [33] Future Projections - The company is expected to achieve revenues of 4,879 million, 5,601 million, and 6,388 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 15%, and 14% [10][33] - Net profit is projected to reach 612 million, 731 million, and 864 million over the same period, with growth rates of 28%, 19%, and 18% [10][33]