9月2日，立中四通轻合金集团股份有限公司接待了开源证券徐剑锋、华夏久盈周峥的现场参观调研。上 市公司接待人员包括立中集团副总裁、董事会秘书李志国，立中车轮集团国内销售总监蔡国辉，以及立 中集团证券事务代表冯禹淇 。以下为本次投资者关系活动的主要内容： 保持和突破盈利水平的策略 高端铝合金车轮业务布局 公司积极扩展锻造和铸旋等高端铝合金车轮在泰国和墨西哥的海外产能建设。项目建成后，全球范围内 锻造铝合金车轮产能超100万只，铸旋铝合金车轮产能超1000万只。凭借领先工艺与全产业链制造优 势，提升生产效率、质量性能，降低成本与碳排放，获高端客户认可。 新兴领域业务布局 公司依托创新研发与产业协同，加速新兴市场布局与产品结构升级，聚焦新能源汽车等人形机器人等领 域，推进铝合金新材料应用。 -免热处理合金：在新能源汽车一体压铸领域规模化量产，高强高屈服免 热处理压铸铝合金在机器人关节转轴及无人机结构件验证。 -再生低碳A356合金：75%废旧铝替代电解 铝，应用于汽车零部件生产。 -高导热/高导电材料：在新能源汽车、5G基站等结构部件量产应用。 -可 钎焊压铸铝合金：低导热产品在汽车热管理系统验证应用，高导热产品拓展 ...

Core Viewpoint - The company reported strong financial performance in 1H25, with revenue and net profit growth driven by overseas business expansion and favorable exchange rate effects [1][3]. Financial Performance - In 1H25, the company achieved revenue of 14.443 billion yuan, a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 401 million yuan, up 5.0% year-on-year [1]. - For 2Q25, revenue reached 7.260 billion yuan, reflecting a quarter-on-quarter increase of 10.9% and a year-on-year increase of 1.1%. Net profit for the same period was 239 million yuan, with a significant quarter-on-quarter increase of 121.7% and a year-on-year increase of 47.8% [1]. - The growth in 2Q25 was better than expected, primarily due to exchange rate gains [1]. Business Development Trends - The release of domestic and international production capacity supported the revenue growth in 2Q25. Revenue from various segments in 1H25 included 7.871 billion yuan from aluminum alloy casting, 4.799 billion yuan from aluminum alloy wheels, and 1.128 billion yuan from intermediate alloys, with year-on-year growth rates of 15.2%, 13.8%, and 16.0% respectively [2]. - The company noted that the revenue growth of aluminum alloy wheels was slightly below expectations due to the impact of tariffs in North America, which affected production capacity release [2]. - Domestic revenue was 10.75 billion yuan, up 13.6% year-on-year, while overseas revenue was 3.69 billion yuan, up 21.12% year-on-year, indicating strong growth in overseas markets [2]. Profitability and Globalization - The gross margin for 2Q25 was 9.6%, with a year-on-year decrease of 0.5 percentage points but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 3.3%, reflecting a quarter-on-quarter increase of 1.6 percentage points and a year-on-year increase of 1.0 percentage points [3]. - The improvement in profitability was attributed to faster revenue growth in overseas markets, where the gross margin for wheel products (15.87%) was higher than that for domestic products (6.94%) [3]. - The stabilization and appreciation of the Mexican peso contributed to exchange rate gains exceeding 100 million yuan in 2Q25, leading to a decrease in financial expense ratio [3]. R&D and New Industry Layout - The company is advancing research in aluminum alloy materials, focusing on applications in new energy vehicles, robotics, and aerospace [4]. - Key developments include heat-treated alloys for one-piece die-casting in electric vehicles, and new materials for semiconductor packaging and components [4]. Profit Forecast and Valuation - The company maintains profit forecasts of 860 million yuan and 1.111 billion yuan for 2025 and 2026, respectively. The current stock price corresponds to a P/E ratio of 14.8x for 2025 and 11.5x for 2026, with a target price of 21 yuan, indicating a potential upside of 5.3% from the current price [5].

铝合金材料纵深研发，新兴产业布局提速。1）免热处理合金，①新能源汽车一体压铸领域，2024/6/19 以及2024/11/20 分别获得某战略客户/某国有大型车企定点；②在机器人及无人机，正在欧洲某机器人 关节转轴及国内某知名无人机的结构件上验证；2）可钎焊压铸铝合金，对接汽车热管理系统流道板上 的验证和应用，并积极拓展储能、算力中心等领域；3）铝基稀土中间合金和航空航天级特种中间合 金，已间接用于航空航天、低空经济；4）硅铝弥散复合新材料，用于芯片封装壳体及半导体设备零部 件制造等领域。 盈利预测与估值 考虑美国加关税对需求端短期负面影响，我们下调25 年盈利预测9.0%至8.6亿元，基本维持26 年盈利预 测11.1 亿元，当前股价对应25/26 年 12.0/9.3xP/E 维持跑赢行业评级，考虑汽车板块估值中枢提升，维 持目标价21元 ，对应 25/26 年 15.5/12.0xP/E，较当前股价有 28.8%的上行空间。 风险 2024 年业绩符合我们预期 2024 年实现营业收入272.5 亿元，同比+16.6%；归母净利润7.1 亿元，同比+16.8%；扣非净利润6.1 亿 元，同比增长17.1 ...