Financial Performance - The company's operating revenue for Q1 2025 was ¥7,183,363,169.55, representing a 20.39% increase compared to ¥5,966,821,005.81 in the same period last year[5] - Net profit attributable to shareholders decreased by 40.96% to ¥161,946,837.42 from ¥274,308,729.80 year-on-year[5] - The company’s basic earnings per share decreased by 40.91% to ¥0.26 from ¥0.44 in the same period last year[5] - The company recorded a 47.62% decline in net profit after deducting non-recurring gains and losses, amounting to ¥137,569,362.77 compared to ¥262,612,777.82 last year[5] - Net profit decreased to ¥165,564,789.89 from ¥281,472,344.42, a decline of about 41.2% compared to the previous period[20] - The company’s total profit amounted to ¥194,291,153.26, down from ¥335,757,924.33, a decline of about 42% year-over-year[20] - Total comprehensive income for the period was ¥187,120,429.09, compared to ¥252,442,378.43, a decrease of about 26%[21] Cash Flow and Assets - The net cash flow from operating activities improved by 58.05%, reaching -¥178,669,434.72, compared to -¥425,896,342.76 in the previous year[5] - The company's cash and cash equivalents increased to ¥3,349,284,551.86 from ¥2,719,857,964.00, reflecting a growth of 23.2%[16] - Cash flow from operating activities showed a net outflow of ¥178,669,434.72, an improvement from the previous outflow of ¥425,896,342.76[24] - Cash and cash equivalents at the end of the period increased to ¥2,923,082,298.51 from ¥2,564,206,300.64, marking a rise of about 14%[25] - The total assets of the company reached ¥23,103,897,019.01, compared to ¥21,426,082,559.42 at the beginning of the period, marking an increase of 7.8%[18] - Total current assets amounted to ¥16,913,472,768.82, up from ¥15,439,347,643.93, indicating a rise of 9.5%[17] - The total liabilities increased to ¥15,429,747,711.52 from ¥13,960,816,048.85, which is a rise of 10.6%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,978[10] - The largest shareholder, Tianjin Dong'an Brothers Co., Ltd., holds 35.99% of the shares, totaling 227,971,910 shares[10] - The top three individual shareholders, Zang Yongxing, Zang Yongjian, and Zang Na, each hold 4.87% of the shares, with holdings of 30,858,300, 30,857,605, and 30,857,600 shares respectively[10] - The company has no preferred shareholders with restored voting rights[10] - The report indicates that 0 shares are subject to restrictions on sale among the top shareholders[10] - There are no changes in the top 10 shareholders or the top 10 unrestricted circulating shareholders due to securities lending[12] - The report does not indicate any changes in the number of preferred shareholders or their holdings[12] - The company has not reported any significant changes in restricted shares during the period[12] Operational Costs and Expenses - Total operating costs increased to ¥7,052,149,861.67 from ¥5,870,360,145.79, representing a growth of approximately 20.1% year-over-year[20] - Research and development expenses rose to ¥216,694,221.82, up from ¥178,285,169.84, indicating a growth of approximately 21.5%[20] Market Value Management - The company has established a market value management system to enhance its market value management practices[12] - The company plans to disclose further details regarding the market value management system on January 14, 2025[12] Financial Assets - The company reported a significant increase of 33491.10% in trading financial assets, amounting to ¥425,718,873.00, due to increased cash management[8] - The company has pledged 3,135,900 shares, which accounts for 0.73% of the shares held by the controlling shareholder and 0.50% of the total share capital[13] - The company reported a decrease of 210 convertible bonds in the first quarter, resulting in a conversion of 1,100 shares[14]

| 股票代码：300428 | 股票简称：立中集团 | 公告编号：2025-042 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 第五届监事会第二十三次会议决议公告 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"）第五届监事会第二 十三次会议于2025年4月25日以现场结合通讯方式召开，本次会议已于2025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。 此次会议由监事会主席赵清华先生主持，与会监事认真审议后，以现场表决 的方式审议通过了如下议案： 一、审议《2025 年第一季度报告的议案》 经审议，公司 2025 年第一季度报告的编制和审议符合《公司法》、《证券法》、 《公司章程》和《企业会计准则》的规定；公司 2025 年第一季度报告公允地反 映了公司202 ...

立中四通轻合金集团股份有限公司（以下简称"公司"）第五届董事会第二十 八次会议于 2025 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 会第二十八次会议的通知。本次会议于 2025 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《2025 年第一季度报告的议案》 经审议，公司 2025 年第一季度报告的编制和审议符合《公司法》《证券法》、 《公司章程》和《企业会计准则》的规定。公司 2025 年第一季度报告公允地反 映了公司2025年第一季度末的财务状况和2025年第一季度的经营成果和现金流 量，不存在任何虚假记载、误导性陈述或重大遗漏，我们对其内容的真实性、准 确性、完整性承担个别及连带责任。 | 股票代码：300428 | 股票简称：立中集团 | ...

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 ...

Core Insights - In 2024, Lichung Group (300428.SZ) reported strong financial performance with double-digit growth in both revenue and net profit, driven by the rapid development of the automotive lightweight and new energy industries [1] Financial Performance - The company achieved an operating revenue of 27.246 billion yuan, a year-on-year increase of 16.61%, and a net profit of 707 million yuan, up 16.77% [2] - The non-recurring net profit was 608 million yuan, reflecting a growth of 17.09% compared to the previous year [2] - The company proposed a cash dividend of 3.37 yuan per 10 shares, totaling 213 million yuan [2] Business Segments - The functional intermediate alloy segment maintained its industry-leading position with revenue of 2.295 billion yuan, a year-on-year increase of 11.94% [3] - The recycled casting aluminum alloy business experienced significant growth, achieving sales revenue of 15.696 billion yuan, up 25.84%, contributing 57.6% to total revenue [4] - The aluminum alloy wheel segment generated revenue of 9.235 billion yuan, reflecting a growth of 4.46% [5] Strategic Initiatives - The company focused on high-end emerging industries and enhanced its global market expansion efforts, particularly in high-value products like rare earth intermediate alloys and aerospace-grade special intermediate alloys [3] - Lichung Group emphasized operational efficiency and cost control through optimized production processes and strengthened internal management [4] - The company is actively developing its aluminum recycling supply chain and has established partnerships with new energy vehicle manufacturers to enhance the circular economy in the automotive industry [7]

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 ...