LZJT(SZ:300428) China Post Securities·2024-06-20 05:30Investment Rating - The report maintains a "Buy" rating for the company [2][13]. Core Views - The company has achieved significant milestones in obtaining certifications for heat-treated alloy materials from leading new energy vehicle manufacturers, enhancing its competitive edge in the integrated die-casting market [2]. - The integrated die-casting market is expected to grow rapidly, with the heat-treated alloy market projected to reach 9.91 billion CNY domestically and 17.28 billion CNY globally by 2025, positioning the company to increase its market share [2]. - The company has secured substantial historical orders in its wheel business, with total sales expected to reach approximately 9.155 billion CNY, indicating a strong potential for profitability enhancement [2]. Financial Summary - The company's projected revenues for 2024-2026 are 30.293 billion CNY, 37.367 billion CNY, and 43.162 billion CNY, respectively, with growth rates of 29.7%, 23.4%, and 15.5% [26]. - The net profit attributable to the parent company is forecasted to be 1.066 billion CNY, 1.186 billion CNY, and 1.391 billion CNY for the years 2024-2026, reflecting growth rates of 76.1%, 11.2%, and 17.3% [26]. - The earnings per share (EPS) are expected to be 1.69 CNY, 1.87 CNY, and 2.20 CNY for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 11.41, 10.26, and 8.74 [26][31].