Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for its stock performance over the next 12 months [30][29]. Core Views - The company achieved a revenue of 23.365 billion yuan in 2023, representing a year-on-year increase of 9.33%, while the net profit attributable to shareholders was 606 million yuan, up 22.98% year-on-year [26][29]. - In Q1 2024, the company reported a revenue of 5.967 billion yuan, a 16.49% increase year-on-year, and a net profit of 274 million yuan, which is a significant 132.47% increase year-on-year [60][59]. - The growth in performance is driven by increased sales volume and improved unit profitability across its three main business segments: casting aluminum alloy, aluminum alloy wheels, and intermediate alloys [38][37]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company is projected to achieve revenues of 28.516 billion yuan in 2024, 33.648 billion yuan in 2025, and 38.965 billion yuan in 2026, with corresponding net profits of 861 million yuan, 1.075 billion yuan, and 1.329 billion yuan respectively [20][29]. - **Earnings Per Share (EPS)**: The EPS is expected to grow from 1.38 yuan in 2024 to 2.12 yuan in 2026, reflecting strong earnings growth [20][29]. - **Valuation Metrics**: The report indicates a PE ratio of 15 for 2024, decreasing to 9 by 2026, suggesting the stock may become more attractive as earnings grow [20][29]. Business Segment Analysis - **Sales Volume Growth**: In 2023, the sales volumes for the three main business segments were 903,500 tons for casting aluminum alloys, 21.2 million units for aluminum alloy wheels, and 76,000 tons for intermediate alloys, with year-on-year growth rates of 10.2%, 21.3%, and 2.3% respectively [38][29]. - **Profitability Improvement**: The unit gross profit for casting aluminum alloys increased by 8.4% to 768 yuan/ton, while aluminum alloy wheels saw a 3.8% increase to 67 yuan/unit [38][29]. Future Outlook - The company is focused on expanding production capacity and developing high-end products, which is expected to drive future growth [29][55]. - The aluminum alloy wheel segment is particularly poised to benefit from the growth in the new energy vehicle market, with a reported 331.15% increase in sales volume in 2023 [29][38].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.11 CNY based on a 20x PE for 2024 [1][2]. Core Insights - The company achieved a revenue of 23.37 billion CNY in 2023, representing a year-on-year increase of 9.3%. The net profit attributable to shareholders was 610 million CNY, up 23.0% year-on-year [1]. - The sales volume of casting aluminum alloys reached 903,500 tons, a 10.2% increase year-on-year, while the sales volume of aluminum alloy wheels was 21.2 million units, up 21.3% year-on-year [1]. - The company is expected to maintain high growth in 2024, with projected revenues of 29.3 billion CNY, reflecting a growth rate of 25% [5]. Summary by Sections Financial Performance - In 2023, the company reported a net profit of 610 million CNY, with a growth rate of 23% compared to the previous year. The earnings per share (EPS) for 2023 was 0.97 CNY [5][12]. - The projected net profits for 2024, 2025, and 2026 are 850 million CNY, 990 million CNY, and 1.1 billion CNY, respectively, indicating a strong growth trajectory [5][12]. Production Capacity and Sales - The company has a casting aluminum alloy capacity of 1.6 million tons, with expectations to increase production to 1.1 million tons in 2024. The aluminum alloy wheel production is expected to reach 23.5 million units in 2024 [1]. - The company has secured multiple projects, including contracts with high-end electric vehicle manufacturers, ensuring sales volume stability [1]. Profitability Forecast - The report anticipates an increase in gross margins for aluminum alloys and wheels, with projected gross margins of 800 CNY/ton for casting aluminum alloys and 70 CNY/unit for aluminum alloy wheels in 2024 [1]. - The company’s net profit margins are expected to remain robust, with a forecasted net profit growth rate of 40.1% in 2024 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [20][22]. Core Insights - The company's main business continues to improve, with a focus on the growth of its non-heat-treated aluminum products and new material projects [5][22]. - The company reported a revenue of 23.365 billion yuan in 2023, a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 606 million yuan, up 22.98% year-on-year [12][19]. - The report highlights the successful development and patenting of non-heat-treated materials, which have reduced costs by 15%-20% and are expected to drive growth in the automotive lightweighting market [5][22]. Financial Performance Summary - The company is projected to achieve revenues of 25.927 billion yuan in 2024, with a year-on-year growth of 11.0%, and a net profit of 865 million yuan, reflecting a significant increase of 42.9% [6][22]. - The gross profit margin is expected to remain stable around 10.5% to 10.1% over the next few years, with a return on equity (ROE) projected to increase from 9.1% in 2023 to 12.4% by 2026 [6][22]. - Earnings per share (EPS) are forecasted to grow from 0.97 yuan in 2023 to 1.86 yuan in 2026, indicating strong profitability growth [6][22]. Business Segment Analysis - The casting aluminum alloy segment is expected to see increased sales volume, with a reported 11.49% year-on-year growth in 2023, achieving a sales volume of 933,200 tons [11][22]. - The aluminum wheel segment also showed robust growth, with sales increasing by 21.28% year-on-year, reaching 21.2 million units sold in 2023 [11][22]. - The functional intermediate alloy segment is gradually expanding, with a slight increase in sales volume and a stable profit margin, indicating a balanced growth across all business areas [11][22]. Future Growth Drivers - The company is set to benefit from the rapid adoption of integrated die-casting technology in the electric vehicle sector, which is expected to enhance demand for its non-heat-treated alloys [5][22]. - The lithium battery materials project is anticipated to create a new growth avenue, with an initial capacity of 34,000 tons planned, contributing to the company's diversification strategy [13][22]. - Overall, the combination of traditional business growth and new material projects positions the company well for future performance improvements [22].

Investment Rating - The report maintains a "Buy" rating for the company [19][24]. Core Views - The company is expected to experience rapid revenue growth driven by its aluminum alloy casting and wheel segments, with projected revenues of 28.68 billion, 34.63 billion, and 41.84 billion for 2024, 2025, and 2026 respectively [19][21]. - The net profit for the company is forecasted to reach 938 million, 1.14 billion, and 1.32 billion for the same years, indicating a strong growth trajectory [19][21]. - The company has secured multiple fixed-point projects that will gradually release sales, with total expected sales of approximately 19.4 billion from one project alone [22]. Financial Data Summary - **Stock Data**: Total shares outstanding are 626.02 million, with a market capitalization of 12,313.81 million [1]. - **Revenue and Profit Forecast**: The company’s revenue is projected to grow from 23.37 billion in 2023 to 41.84 billion by 2026, with a net profit increase from 606 million to 1.32 billion over the same period [1][19]. - **Earnings Per Share (EPS)**: The EPS is expected to rise from 0.97 in 2023 to 2.12 by 2026 [2][19]. - **Profitability Metrics**: The gross margin is forecasted to be around 10.5% to 10.9% from 2023 to 2026, while the net profit margin is expected to improve from 2.6% to 3.4% [2][19]. - **Valuation Ratios**: The P/E ratio is projected to decrease from 21.77 in 2023 to 9.30 by 2026, indicating an attractive valuation as earnings grow [2][19].

Investment Rating - The report maintains a "Buy" rating for the company [10][14]. Core Views - The company has demonstrated continuous high growth in performance, with a revenue of 23.365 billion yuan in 2023, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 606 million yuan, up 22.98% year-on-year [12][14]. - The first quarter of 2024 showed a revenue of 5.967 billion yuan, a year-on-year growth of 16.49%, although it experienced a quarter-on-quarter decline of 4.34% [12]. - The company has achieved a remarkable net profit growth of 132.47% year-on-year in Q1 2024, with a net profit of 274 million yuan [12]. - The alloy casting business has seen profitability improvements, with sales of recycled aluminum alloys reaching 933,200 tons in 2023, a year-on-year increase of 11.49% [12]. - The company is expanding its product offerings in the aerospace and new energy sectors, with specialized aluminum-titanium-boron products and high-quality aerospace-grade alloys [12]. Financial Summary - Total shares outstanding are 626 million, with a circulating share count of 529 million [3]. - The total market capitalization is 11.9 billion yuan, with a circulating market value of 10.1 billion yuan [4]. - The company has a debt-to-asset ratio of 63.3% [6]. - The price-to-earnings ratio stands at 19.67 [7]. - The projected net profits for 2024, 2025, and 2026 are 1.066 billion yuan, 1.187 billion yuan, and 1.393 billion yuan, respectively, with corresponding EPS of 1.70 yuan, 1.90 yuan, and 2.22 yuan [14][16].

天津金诺律师事务所 关于立中四通轻合金集团股份有限公司 2022 年限制性股票激励计划 作废处理部分已获授尚未归属限制性股票 及首次授予部分第二个归属期归属条件成就 及预留授予(第二批次)第一个归属期归属条件成就的 法律意见书 Tel：86-22-23133590 Fax：86-22-23133597 http://www.winlawfirm.com 天津市和平区徐州道 12 号万通中心 23 层 二零二四年四月 | 目录 1 | | --- | | 释义 6 | | 正文 8 | | 一、本次作废与归属的授权与批准 8 | | (一)授权情况 8 | | (二)批准情况 8 | | 二、本次作废的具体情况 9 | | (一)本次激励计划的相关规定 9 | | (二)本次作废的情况 9 | | 三、首次授予第二个归属期归属的具体情况 10 | | (一)关于归属期 10 | | (二)关于归属条件 11 | | (三)关于归属条件成就情况 12 | | 四、第二批次第一个归属期归属的具体情况 15 | | (一)关于归属期 15 | | (二)归属条件 15 | | (三)关于归属条件成就情况 17 | | ...

| 股票代码：300428 | 股票简称：立中集团 | 公告编号：2024-059 号 | | --- | --- | --- | | 债券代码：123212 | 债券简称：立中转债 | | 立中四通轻合金集团股份有限公司 第五届董事会第十七次会议决议公告 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。 立中四通轻合金集团股份有限公司（以下简称"公司"）第五届董事会第十七 次会议于 2024 年 4 月 22 日以通讯或邮件方式向全体董事传达召开第五届董事会 第十七次会议的通知。本次会议于 2024 年 4 月 25 日以现场和通讯方式召开。本 次会议应出席董事 7 名，实际出席董事 7 名，其中独立董事 3 人。本次会议由董 事长臧永兴先生主持，公司全体监事、高级管理人员列席会议。本次会议的召集、 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《立中四通轻 合金集团股份有限公司章程》（以下简称"《公司章程》"）的规定。 与会董事经认真讨论审议通过了如下议案： 一、审议《2024 年第一季度报告的议案》 经审议，公司 2024 年第一季度报告的编 ...

股票代码：300428 股票简称：立中集团 公告编号：2024-057 号 债券代码：123212 债券简称：立中转债 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二 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： 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 2024 年 4 月 25 日召开了第五届董事会第十七次会议和第五届监事会第十五次会议，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二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 ...

Financial Performance - Total operating revenue for the current period reached ¥5,966,821,005.81, an increase of 16.49% compared to ¥5,122,339,108.08 in the same period last year[11] - Net profit attributable to shareholders of the listed company was ¥274,308,729.80, up 132.47% from ¥117,995,888.97 in the previous year[11] - Net profit excluding non-recurring gains and losses attributable to shareholders was ¥262,612,777.82, a significant increase of 220.78% from ¥81,867,517.70 in the same period last year[11] - Basic earnings per share for the current period was ¥0.44, representing a 131.58% increase from ¥0.19 in the same period last year[11] - The total comprehensive income for the current period is 252,442,378.43, compared to 137,448,993.92 in the previous year, representing an increase of about 83.5%[56] - The total net profit for the first quarter is 281,472,344.42, compared to 117,177,048.95 in the previous year, representing an increase of approximately 140.5%[56] - The operating profit for the current period is 335,497,622.76, up from 135,813,312.26 in the same period last year, indicating a growth of about 147.5%[56] Cash Flow - The net cash flow from operating activities was -¥425,896,342.76, a decrease of 27.29% compared to -¥334,592,489.96 in the previous year[11] - The net cash flow from investing activities improved by 37.14%, amounting to -¥179,968,219.67 compared to -¥286,289,111.97 in the previous year[2] - The net cash flow from financing activities increased by 168.62% to ¥426,171,653.80, up from ¥158,650,734.85 in the previous year[2] - The total cash flow from financing activities amounted to ¥3,562,096,563.55, compared to ¥2,814,283,905.12 in the previous period, indicating a strong inflow of funds[49] - The company’s cash and cash equivalents at the end of the period were ¥2,564,206,300.64, down from ¥2,736,085,208.40 at the beginning of the period[49] - Cash flow from operating activities shows a net outflow of -425,896,342.76, worsening from -334,592,489.96 in the previous year[58] - The cash received from other operating activities is 332,345,836.08, significantly higher than 111,152,226.54 in the previous year, indicating a growth of about 198.5%[58] Assets and Liabilities - Total assets at the end of the current period were ¥19,215,074,651.08, an increase of 2.64% from ¥18,720,346,529.08 at the end of the previous year[11] - The total liabilities reached ¥12,085,168,577.31, up from ¥11,845,107,501.08, indicating an increase of about 2.02%[71] - The company’s equity increased to ¥4,189,122,273.49 from ¥3,914,813,543.69, representing a growth of approximately 7.02%[71] - The company’s long-term equity investments decreased slightly to 80,630,360.67 from 81,237,431.73, a decline of about 0.7%[56] - The company’s inventory balance increased to 3,775,426,845.83 from 3,747,271,006.04, showing a rise of approximately 0.8%[56] - The company’s short-term borrowings were reported at ¥5,290,273,297.63, slightly up from ¥5,261,692,422.41, indicating a marginal increase[71] Research and Development - The company's R&D expenses amounted to ¥178,285,169.84, up from ¥148,254,618.85 in the previous year[5] - Research and development expenses surged by 170.66% to ¥2,153,930.75, reflecting significant investment in new product development during the reporting period[33] Strategic Initiatives - The company signed a strategic cooperation agreement with Shuaiyichi New Materials Group Co., Ltd. on December 29, 2023, to enhance market competitiveness in integrated die-casting non-heat-treated alloys and promote business cooperation in recycled casting aluminum alloys[18] - The company held the fifth board meeting on January 11, 2024, to revise and establish several governance systems, including information disclosure management and related party transaction management[19] - The company approved changes to accounting policies and estimates on April 24, 2024, which will not significantly impact its financial status, operating results, or cash flows[20] - The company plans to continue expanding its product structure and customer base to enhance profitability[33] - The company plans to implement a share repurchase program, which was approved in the recent board meetings[70] - The company has completed its share repurchase program, which contributed to an increase in treasury shares by 56.25% to ¥49,997,695.84[33] - The company issued convertible bonds on August 16, 2023, with a conversion period starting from February 2, 2024, to July 26, 2029, to support future growth initiatives[41] Financial Adjustments - Financial expenses rose by 47.83% to ¥75,079,234.52, mainly due to a decrease in exchange gains[33] - The company reported a credit impairment loss of ¥165,248,499.54, a significant increase of 1369.19%, attributed to changes in the estimated provision for bad debts[33] - The deferred income tax assets decreased from ¥97,596,827.11 to ¥71,036,762.22, showing a reduction of approximately 27.3%[71] - The company’s total revenue from non-operating income was reported at ¥11,695,951.98 after accounting for various expenses and taxes[62] - The company is set to adopt new accounting standards starting from 2024, which may impact financial reporting[72]

债券代码：123212 债券简称：立中转债 股票代码：300428 股票简称：立中集团 公告编号：2024-060 号 立中四通轻合金集团股份有限公司 第五届监事会第十五次会议决议公告 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。 立中四通轻合金集团股份有限公司（以下简称"公司"）第五届监事会第十 五次会议于2024年4月25日以现场结合通讯方式召开，本次会议已于2024年4月22 日以传真、电子邮件和电话等方式通知全体监事。此次会议应到监事3人，实到 监事3人，公司董事会秘书列席了会议。本次会议的召集、召开符合《中华人民 共和国公司法》和《公司章程》的规定，会议合法、有效。 表决结果：同意票数为 3 票，反对票数为 0 票，弃权票数为 0 票。 三、审议《关于公司 2022 年限制性股票激励计划首次授予部分第二个归属 期归属条件成就的议案》 根据《上市公司股权激励管理办法》、公司《2022 年限制性股票激励计划实 施考核管理办法（修订稿）》及公司 2022 年限制性股票激励计划等相关规定，公 司 2022 年限制性股票激励计划首次授予部分第二个归属期归属条 ...