LZJT(SZ:300428) China Post Securities·2024-04-26 08:00Investment 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].