LZJT(SZ:300428) Dong Jian Yan Bao·2025-04-21 14:28Report 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]