编号：2025-004 证券简称：立中集团证券代码：300428 债券简称：立中转债 债券代码：123212 立中四通轻合金集团股份有限公司 投资者关系活动记录表 答：公司深耕铝合金产业 40 年，拥有行业领先的材料研发水 平和丰富的材料技术储备。公司持续关注在机器人领域的产业布 局，铝合金作为机器人常用的轻量化材料，在机器人制造中发挥着 优异的轻量化效果，公司现有的高强高屈服免热处理压铸铝合金、 A356 铝合金、6 系和 7 系变形铝合金等产品可用于机器人零部件的 制造。其中，公司的高强高屈服免热处理压铸铝合金凭借优异的综 合性能表现获得关注，并且正在某欧洲机器人关节转轴上进行材料 验证，但目前还未实现营业收入，请注意投资风险。 3、公司产品在航空航天和飞机制造领域有哪些布局？ 答：在航空航天、飞机制造领域，公司研发和生产的铝基稀土 中间合金已应用于大飞机和航天部件铝合金的制造，生产的航空航 天级特种中间合金主要应用于航空航天的钛合金和高温合金领域， 已成功间接用于制造飞机发动机排气塞、发动机扇叶、喷嘴构件、 起落架、制动盘和紧固件等关键部位，并间接在国外某飞行汽车公 司的电动飞机（"空中出租车"）上得到 ...

Core Viewpoint - The company reported a revenue of 7.183 billion yuan in Q1 2025, reflecting a year-on-year increase of 20.39% but a quarter-on-quarter decrease of 8.81%. The net profit attributable to shareholders was 162 million yuan, down 40.96% year-on-year and down 24.24% quarter-on-quarter, while the net profit excluding non-recurring items was 138 million yuan, a year-on-year decrease of 47.62% [1][2]. Financial Performance - The company's Q1 2025 gross margin was 8.83%, showing a year-on-year decline of 0.83 percentage points and a quarter-on-quarter decline of 0.49 percentage points [2]. - The total expense ratio for the first quarter was 6.74%, which increased by 0.14 percentage points quarter-on-quarter, primarily due to a rise in financial expense ratio by 0.26 percentage points [2]. Global Expansion and Market Position - The company's global layout may effectively hedge against tariff impacts, with factories established in Thailand and Mexico. The Thai aluminum alloy project is expected to be operational in 2024, while the Mexican wheel factory is still ramping up production [3]. - The U.S. imposes a 10% tariff on Thailand, which has a relatively minor impact. Mexico is not subject to U.S. tariffs, allowing the company to potentially increase its market share in the U.S. automotive supply chain [3]. Product Development and Innovation - The company is actively developing products in emerging fields, with mass production of non-heat-treated alloy materials already achieved. The high-strength, high-yield non-heat-treated die-casting aluminum alloy is being validated in robotics and drone applications [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 800 million yuan, 1.069 billion yuan, and 1.34 billion yuan for 2025-2027, with corresponding EPS of 1.26, 1.69, and 2.12 yuan [4]. - The average PE ratio for comparable companies in 2025 is projected at 21.1 times, while the company is assigned a target PE of 17 times, resulting in a target price of 21.42 yuan [4].