三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 38306.99万股，累计占流通股比： 69.47%，较上期变化： -93.64万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 天津东安兄弟有限公司 | 22797.19 | 41.34 | 不变 | | 臧娜 | 3085.76 | 5.60 | 不变 | | 臧亚坤 | 3085.76 | 5.60 | 不变 | | 臧永和 | 2044.84 | 3.71 | 不变 | | 日本金属株式会社 | 1342.64 | 2.43 | -0.80 | | 臧永兴 | 771.46 | 1.40 | 不变 | | 臧永建 | 771.44 | 1.40 | 不变 | | 臧立国 | 646.84 | 1.17 | 不变 | | 臧永奕 | 511.21 | 0.93 | 不变 | | 陈庆会 | 503.35 | 0.91 | 不变 | | 较上个报告期退出前十大股东有 | | | | | 瑞众人寿保险有限责 ...

2024年度，免热合金龙头——立中集团（300428.SZ）向市场交出了一份亮眼的成绩单。在汽车轻量 化、新能源产业链快速发展的背景下，公司功能中间合金、再生铸造铝合金、铝合金车轮三大核心业务 协同发力，营收与净利润均实现双位数增长，展现出强劲的行业竞争力和战略执行力。 24年度扣非净利同比增长17.09%至6.08亿元 拟10派3.37元 根据公司近日披露的2024年度财报，报告期内，公司实现营业收入272.46亿元，同比增长16.61%；净利 润7.07亿元，同比增长16.77%；剔除股权激励费用归属于上市公司股东的净利润为74,723万元，较上年 同期增长5.31%；扣非净利润6.08亿元，同比增长17.09%。 业绩变动，2024年，公司积极应对国内外市场及行业竞争压力，充分发挥产业链协同优势，聚焦主营业 务，提升运营效能，深入开拓市场与客户资源，全力推动高附加值产品的研发与市场开拓，落实降本增 效策略，持续提升公司盈利能力。 需要提及的是，在业绩稳健增长的同时，立中集团还高度重视对投资者的合理回报，坚持与投资者共享 发展成果，实实在在地回报投资者。根据公司同日发布的2024年度利润分配预案，立中集团 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company reported a revenue of 27.246 billion yuan for 2024, representing a year-on-year growth of 16.61%. The net profit attributable to shareholders was 707 million yuan, up 16.77% year-on-year [4]. - The aluminum alloy wheel business faced temporary pressure due to the ramp-up of the Mexican factory and currency depreciation, with revenue of 9.235 billion yuan, a growth of 4.46% [5]. - The recycled aluminum segment saw significant growth, with revenue reaching 15.696 billion yuan, a 25.84% increase, driven by the gradual release of capacity from the Thailand project [5]. - The company is expanding its new energy lithium battery materials business, achieving a revenue of 2.063 million yuan, a remarkable growth of 1963% [6]. - The company is continuously innovating in new materials, with applications in robotics, semiconductors, and low-altitude economy sectors [6]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 30.301 billion yuan, 34.209 billion yuan, and 38.055 billion yuan, respectively, with growth rates of 11.21%, 12.90%, and 11.24% [10]. - The net profit attributable to shareholders is expected to reach 847 million yuan in 2025, 1.035 billion yuan in 2026, and 1.263 billion yuan in 2027, with corresponding growth rates of 19.84%, 22.17%, and 22.01% [10]. - The earnings per share (EPS) are projected to be 1.34 yuan in 2025, 1.63 yuan in 2026, and 1.99 yuan in 2027 [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][8]. Core Insights - The company reported a revenue of 27.246 billion yuan for 2024, representing a year-on-year growth of 16.61%. The net profit attributable to shareholders was 707 million yuan, also showing a growth of 16.77% [4]. - The aluminum alloy wheel business faced temporary pressure due to the ramp-up of the Mexican factory and the depreciation of the Mexican peso, with revenue of 9.235 billion yuan in 2024, a growth of 4.46% [5]. - The recycled aluminum segment saw significant growth, with revenue reaching 15.696 billion yuan, up 25.84%, driven by the gradual release of capacity from the Thailand project [5]. - The company is expanding its new energy lithium battery materials business, achieving a revenue of 2.063 million yuan, a remarkable increase of 1963% [6]. - The company is continuously innovating in new materials, with applications in robotics, semiconductors, and low-altitude economy sectors [6]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 30.301 billion yuan, 34.209 billion yuan, and 38.055 billion yuan, respectively, with growth rates of 11.21%, 12.90%, and 11.24% [10]. - The net profit attributable to shareholders is expected to reach 847 million yuan in 2025, 1.035 billion yuan in 2026, and 1.263 billion yuan in 2027, with corresponding growth rates of 19.84%, 22.17%, and 22.01% [10]. - The earnings per share (EPS) are projected to be 1.34 yuan in 2025, 1.63 yuan in 2026, and 1.99 yuan in 2027 [10].

Core Viewpoint - The company achieved a revenue of 27.25 billion yuan in 2024, representing a year-on-year increase of 16.6%, with a net profit attributable to shareholders of 710 million yuan, up 16.8% year-on-year, and a non-recurring net profit of 610 million yuan, up 17.1% year-on-year, indicating that the performance in 2024 met expectations [1] Revenue Growth - The recovery of the automotive markets in China and the U.S. contributed to a quarter-on-quarter revenue growth in Q4 2024 [2] - Key factors for revenue growth in Q4 2024 include: 1) Rising aluminum prices, with the average price of A00 aluminum ingots increasing by 6.7% year-on-year in 2024 and by 8.1% quarter-on-quarter in Q4 2024 2) Improved automotive sales, with domestic passenger car sales in China increasing by 10.8% quarter-on-quarter and 31.9% year-on-year, and U.S. passenger car sales up by 7.3% quarter-on-quarter and 8.5% year-on-year [2] - Revenue breakdown by business for Q4 2024: - Casting aluminum alloy: 15.01 billion yuan, up 25.3% year-on-year - Wheels: 8.79 billion yuan, up 3.8% year-on-year - Intermediate alloys: 2.1 billion yuan, up 12.6% year-on-year - Others: 1.17 billion yuan, up 29.0% year-on-year [2] Profitability Improvement - Multiple factors contributed to the quarter-on-quarter recovery of profitability in Q4 2024 [3] - Gross margin and net margin for 2024 were 9.6% and 2.6%, respectively, showing a year-on-year decrease of 0.9 and 0.0 percentage points; for Q4 2024, gross margin and net margin were 9.3% and 2.7%, respectively, down 1.3 and 0.4 percentage points year-on-year [3] - The casting aluminum alloy business benefited from higher-margin non-heat-treated alloys, scale effects, and an increased proportion of recycled aluminum, with profit per ton rising from approximately 160 yuan/ton to about 230 yuan/ton [3] - The wheel hub business faced profitability pressure due to overseas ramp-up and exchange rate fluctuations [3] - Looking ahead, the company expects further recovery in profitability driven by product structure optimization in the casting aluminum alloy business and improved capacity utilization in the wheel hub business [3] R&D and New Industry Layout - The company is accelerating research and development in aluminum alloy materials and expanding into emerging industries [3] - Key developments include: 1) Non-heat-treated alloys for the one-piece die-casting field in new energy vehicles, with strategic customer approvals obtained 2) Weldable die-casting aluminum alloys for automotive thermal management systems and expansion into energy storage and computing centers 3) Aluminum-based rare earth intermediate alloys and aerospace-grade special intermediate alloys used in aerospace and low-altitude economy 4) Silicon-aluminum dispersion composite materials for chip packaging and semiconductor equipment manufacturing [3] Earnings Forecast and Valuation - Due to the short-term negative impact of U.S. tariffs on demand, the company has lowered its 2025 profit forecast by 9.0% to 860 million yuan, while maintaining the 2026 profit forecast at 1.11 billion yuan [4] - The current stock price corresponds to a P/E ratio of 12.0x for 2025 and 9.3x for 2026, maintaining an outperform rating [4] - The target price is set at 21 yuan, corresponding to P/E ratios of 15.5x for 2025 and 12.0x for 2026, indicating a potential upside of 28.8% from the current stock price [4]

Report Summary 1. Research Information - **Research Date**: April 21, 2025 [1] - **Research Industry**: Automotive parts [2] - **Research Object**: Lizhong Group [8] - **Reception Personnel**: Vice President and Secretary of the Board of Directors Li Zhiguo, and Securities Affairs Representative Feng Yuqi [8] - **Participating Institutions**: More than 60 institutions including Puhou Momentum, Jiashi Private Equity, and Ruijun Asset Management [9][10][11] 2. Company's 2024 Performance and Business Operations - **Overall Performance**: The company achieved a cumulative operating income of 27.24637 billion yuan in 2024, a year - on - year increase of 16.61%. The net profit attributable to shareholders of listed companies was 707.12 million yuan, a year - on - year increase of 16.77%. Excluding equity incentive expenses, the net profit was 747.23 million yuan, a year - on - year increase of 5.31% [15] - **Functional Intermediate Alloy Business**: Maintained its leading position in the industry. The sales volume and income increased steadily, with an annual operating income of 2.295 billion yuan, a year - on - year increase of 11.94% [16] - **Recycled Cast Aluminum Alloy Business**: The demand increased, and new production capacity was gradually released. The annual sales revenue was 15.696 billion yuan, a year - on - year increase of 25.84% [17] - **Aluminum Alloy Wheel Business**: Orders were sufficient, and the number of project awards increased. The annual operating income was 9.235 billion yuan, a year - on - year increase of 4.46%. However, the Mexican factory was in the production ramp - up stage, and exchange losses affected the performance [19] - **New Energy Lithium - Battery New Materials Business**: The first - phase project was put into operation, and the annual operating income was 20.63 million yuan, a year - on - year increase of 1963% [20] 3. Long - Term Development Goals and Strategies - **Focus on Core Business**: Focus on the three main businesses of recycled cast aluminum alloy, aluminum alloy wheels, and functional intermediate alloy materials, and deepen the high - end application of aluminum alloy [21] - **Strengthen Technological Leadership**: Continuously increase R & D investment, develop new products and technologies, and cultivate new productive forces [23] - **Focus on Green Industry Chain**: Promote the circular utilization of recycled aluminum resources, build a green supply chain, and achieve sustainable development [24] - **Emphasize Shareholder Returns**: Implement a stable cash dividend policy and strengthen investor relations management [25] 4. Progress in Material R & D and Emerging Industry Layout - **Material R & D**: Developed a series of materials such as heat - treatment - free alloy materials, brazable die - cast aluminum alloys, silicon - aluminum dispersion composite materials, and aluminum - based rare - earth intermediate alloys [26] - **Application and Verification**: Some materials have been certified and mass - produced, while others are in the verification or small - batch supply stage [26][27] 5. Overseas Layout and Progress - **Early Overseas Factories**: Built Thai factories in 2010 and 2019, expanding overseas aluminum alloy wheel production capacity [29] - **New Overseas Projects in 2024**: The Mexican and Thai projects were put into operation, strengthening the global strategic layout [29] - **Recent Thai Plan**: Purchased land and factories in Thailand to build a third aluminum alloy wheel factory [29] 6. Layout in Recycled Aluminum Recycling and Utilization - **Recycling System**: Improved the "domestic and international dual - cycle" procurement system for recycled aluminum [30] - **Aluminum Recycling Industry Chain**: Cooperated with new energy vehicle companies to develop the automotive disassembly business and promote the circular utilization of vehicle materials [30]

立中四通轻合金集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日 以通讯方式接待了机构调研，现将主要情况公告如下: 一、调研情况 1、调研时间：2025 年 4 月 21 日 | | | 立中四通轻合金集团股份有限公司 关于接待投资者调研活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2、调研形式：线上路演 3、参会人员：立中集团副总裁、董事会秘书李志国；立中集团证券事务代表 冯禹淇。 | 序号 | 机构名称 | 姓名 | | --- | --- | --- | | 1 | 中邮证券 | 魏欣 | | 2 | 中信证券 | 陈彦龙、梁爽 | | 3 | 中金公司 | 厍静兰、崔力丹、王畅舟 | | 4 | 甬兴证券 | 魏亚军 | | 5 | 兴业证券 | 赵远喆 | | 6 | 申万宏源证券 | 孙妍 | | 7 | 山西证券 | 刘斌 | | 8 | 民生证券 | 唐梦涵 | | 9 | 华鑫证券 | 黎江涛 | | 10 | 华泰证券 | 张智杰 | | 11 | 华福证券 | 魏征宇 | | 12 | 华创证券 | 李昊 ...

证券简称：立中集团 证券代码：300428 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 63 家机构，具体内容详见附件。 时间 2025 年 4 月 21 日 上市公司接待 人员姓名 立中集团副总裁、董事会秘书李志国；立中集团证券事务代表冯 禹淇。 投资者关系活 动主要内容介 绍 1、公司 2024 年业绩和各业务板块的经营情况如何？ 答：2024 年，公司积极应对国内外市场及行业竞争压力，充 分发挥产业链协同优势，聚焦主营业务，提升运营效能，深入开 拓市场与客户资源，全力推动高附加值产品的研发与市场开拓， 落实降本增效策略，持续提升公司盈利能力。2024 年累计实现营 业收入 2,724,637 万元，较上年同期增长 16.61%，累计实现归属 于上市公司股东的净利润为 70,712 万元，较上年同期增长 16.77%，剔除股权激励费用归属于上市公司股东的净利润为 74,723 万元，较上年同期增长 5.31%。 （1）功能中间合金业务 功能中间合金业务始终保持行业龙头优势，公司积极布局高 端新兴产业， ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.8 CNY [2][8]. Core Views - The company's 2024 performance aligns with expectations, showing a revenue of 27.2 billion CNY, a year-on-year increase of 17%, and a net profit attributable to shareholders of 710 million CNY, also up 17% year-on-year [2][4]. - The company is seeking breakthroughs in new fields for 2025, particularly in the areas of robotics and drones, as well as in the development of new materials for automotive applications [8][9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 27,246 million CNY, with a growth rate of 16.6% [4]. - Net profit attributable to shareholders: 707 million CNY, with a growth rate of 16.8% [4]. - Earnings per share: 1.12 CNY [4]. - **2025-2027 Financial Projections**: - Expected revenue for 2025: 30,628 million CNY, with a growth rate of 12.4% [4]. - Expected net profit for 2025: 759 million CNY, with a growth rate of 7.3% [4]. - Projected earnings per share for 2025: 1.20 CNY [4]. - **Valuation Metrics**: - Price-to-earnings ratio for 2025: 13 times [4]. - Price-to-book ratio for 2025: 1.3 times [4]. Market Performance - The company has shown a significant performance improvement in Q4 2024, achieving a revenue of 79 billion CNY, which is a 26% increase quarter-on-quarter and a 15% increase year-on-year [8]. - The net profit for Q4 2024 reached 214 million CNY, reflecting a 12% increase quarter-on-quarter and a 92% increase year-on-year [8]. Strategic Developments - The company has successfully launched its heat-free materials in the market, with significant partnerships and certifications from leading new energy vehicle manufacturers [8][9]. - The company is actively exploring applications for its materials in various sectors, including energy storage and computing centers [8].

| | | 立中四通轻合金集团股份有限公司 关于公司2022年限制性股票激励计划首次授予部分第三个归 属期归属条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属股票数量：5,715,641 股。 2、本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 3、本次归属的限制性股票在相关手续办理完成后、上市流通前，公司将发布 相关提示性公告，敬请投资者注意。 立中四通轻合金集团股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第五届董事会第二十七次会议和第五届监事会第二十二次会议，审议通 过《关于公司 2022 年限制性股票激励计划首次授予部分第三个归属期归属条件成 就的议案》，具体如下： 一、2022 年限制性股票激励计划实施情况概要 （一）股权激励计划简述 1、股权激励方式：第二类限制性股票。 2、授予数量：2022 年限制性股票激励计划（以下简称"本激励计划"）拟 向激励对象授予权益总计不超过 2,855.00 万股，约占本激励计划草案公告时公司 股本总额 61,695.6965 万 ...