立中四通轻合金集团股份有限公 司相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【335】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有， ...

Core Viewpoint - The company has established unique core competitive advantages through long-term efforts and comprehensive development across various business segments, enhancing its resilience and market position [1][2]. Group 1: Competitive Advantages - The company has achieved synergistic development across its business segments, leading to shared sales channels, centralized procurement for cost savings, and improved risk resistance [1]. - The company possesses strong production capabilities and a diversified global capacity layout and sales network, highlighting its scale and regional advantages [1]. Group 2: Future Strategy - The company will continue to position itself as a global supplier of aluminum alloy new materials and lightweight automotive components, enhancing its international competitiveness [2]. - The company aims to expand its presence in the new energy vehicle market and accelerate the transition to high-value-added wheel products such as spun, forged, and large-sized wheels [2]. - The company plans to leverage its supply chain advantages to increase its market share in low-carbon and green aluminum alloy wheels, ensuring sustainable development through global resource support [2]. - The company will focus on developing high-performance new materials for applications in new energy vehicles, 3C products, low-altitude economy, humanoid robots, and semiconductor chips [2]. - The company intends to increase research and market development efforts for high-end functional intermediate alloy materials to boost market share in this segment [2].

Core Viewpoint - The company is actively engaging in product development and market expansion, particularly in the fields of aluminum alloy wheels and new materials, while addressing investor concerns regarding financial health and market positioning [1][2][3]. Group 1: Company Performance and Financials - The company's accounts receivable balance as of December 31, 2024, was 5.503 billion, an increase of 36.48% from 4.032 billion at the end of 2023, primarily due to rising aluminum prices and increased sales of recycled aluminum alloys and functional intermediate alloys [1]. - In the first quarter of 2025, the company achieved revenue of 7.183 billion, a year-on-year increase of 20.39%, and a net profit attributable to shareholders of 162 million, reflecting a growth of 16.45% compared to the previous year [12][13]. Group 2: Market Position and Strategy - The company is recognized as one of the largest manufacturers of aluminum alloy wheels in China, focusing on the research and production of green and lightweight aluminum alloy components [9]. - The company is expanding its overseas production capacity in Mexico and Thailand to mitigate international trade risks and meet increasing orders for aluminum alloy wheels [4][9]. Group 3: Product Development and Innovation - The company has successfully developed a series of heat treatment-free aluminum alloys and low-carbon A356 alloys, which are being applied in high-end manufacturing sectors, including new energy vehicles and robotics [2][10]. - The company is committed to enhancing its research and development capabilities, with a focus on high-performance aluminum alloys and intermediate alloys, to meet the demands of the high-end manufacturing market [10][14]. Group 4: ESG and Sustainability Efforts - The company has been actively promoting sustainable development practices, including recycling aluminum resources and implementing low-carbon strategies, and has been recognized for its ESG efforts [5][6]. - The company has published its ESG report for three consecutive years and aims to further enhance its ESG performance in line with national carbon neutrality goals [5][6]. Group 5: Future Outlook - The company anticipates that its market value will be driven by industry trends, strategic execution, and market conditions, particularly in the context of lightweight and low-carbon development policies [11]. - The company is focused on expanding its presence in emerging markets and enhancing its international competitiveness through a diversified production capacity [10][11].