公司简称：立中集团 证券代码：300428 债券简称：立中转债 债券代码：123212 上海荣正企业咨询服务（集团）股份有限公司 关于 立中四通轻合金集团股份有限公司 2022 年限制性股票激励计划 预留授予（第一批次）第二个归属期归属条件 成就相关事项 之 独立财务顾问报告 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次限制性股票激励计划的相关信息。 2024 年 10 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本激励计划的审批程序 6 | | 五、独立财务顾问意见 9 | | （一）本次实施的激励计划与已披露激励计划存在差异的说明 9 | | （二）本激励计划预留授予（第一批次）第二个归属期归属条件成就情况..10 | | （三）本次归属的具体情况 12 | | （四）结论性意见 13 | | 六、备查文件及咨询方式 14 | 一、释义 | 立中集团、本公司、 公司、上市公司 | 指 | 立中四通轻合金集团股份有限公司 | | --- | --- | --- | | 财务顾问、独立财务 | | | | 顾问 | 指 | ...

天津金诺律师事务所 关于立中四通轻合金集团股份有限公司 作废处理 2022 年限制性股票激励计划部分已获授尚未归属 限制性股票及 调整 2022 年限制性股票激励计划授予权益价格及 2022 年限制性股票激励计划预留授予(第一批次)第二个归 属期归属条件成就的 法律意见书 Tel：86-22-23133590 Fax：86-22-23133597 http://www.winlawfirm.com 天津市和平区徐州道 12 号万通中心 23 层 作废处理 2022 年限制性股票激励计划部分已获授尚未归属 限制性股票及 二零二四年十月 调整 2022 年限制性股票激励计划授予权益价格及 | 释义 | 4 | | --- | --- | | 正文 | 6 | | 一、本次归属与本次作废及本次调整的批准与授权 | 6 | | (一)本次归属与本次作废及本次调整的授权情况 | 6 | | (二)本次归属与本次作废及本次调整的批准情况 | 6 | | 二、本次作废的具体情况 | 6 | | 三、本次调整的具体情况 | 7 | | (一)调整事由 | 7 | | (二)调整结果 | 7 | | 四、本次归属的具体情况 | ...

股票代码：300428 股票简称：立中集团 公告编号：2024-116 号 债券代码：123212 债券简称：立中转债 监事会对本次调整 2022 年限制性股票激励计划授予权益价格事项进行核查 后认为： 立中四通轻合金集团股份有限公司 第五届监事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 立中四通轻合金集团股份有限公司（以下简称"公司"）第五届监事会第十八 次会议于2024年10月28日以现场结合通讯方式召开，本次会议已于2024年10月25 日以传真、电子邮件和电话等方式通知全体监事。此次会议应到监事3人，实到 监事3人，公司董事会秘书李志国先生列席了会议。本次会议的召集、召开符合 《中华人民共和国公司法》和《公司章程》的规定，会议合法、有效。 此次会议由监事会主席赵清华先生主持，与会监事认真审议后，以现场表决 的方式审议通过了如下议案： 一、审议《关于作废处理 2022 年限制性股票激励计划部分已获授尚未归属 限制性股票的议案》 监事会对本次作废处理 2022 年限制性股票激励计划部分已获授尚未归属限 制性股票事项进行核查后认为 ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the automotive parts industry, focusing on the company's performance and market conditions in 2024, which are under significant pressure due to economic policies and market dynamics [1][2]. Key Points and Arguments 1. **Revenue Growth**: The company reported a revenue of 19.4 billion yuan for the first three quarters, representing a year-on-year increase of 13%. The third quarter revenue was 6.9 billion yuan, showing a nearly 10% increase year-on-year [1]. 2. **Profitability**: The scale profit for the first three quarters was 493 million yuan, up 19% year-on-year. After excluding stock-based compensation, the scale profit was 533 million yuan, a 6.8% increase year-on-year. However, the third quarter scale profit decreased by 32.85% year-on-year [1][2]. 3. **Impact of Exchange Rates**: The company faced significant pressure on profitability due to exchange rate losses, which have been a continuing issue since the second quarter [1][2]. 4. **Market Expansion**: Despite challenges, the company is actively expanding its market presence and has achieved success in new product launches and project approvals [1]. 5. **Product Segmentation**: The company noted that the demand for passenger vehicle regulation and new materials is recovering, with new production capacities being gradually released [1][2]. 6. **Competitive Pressure**: The engineering alloy business is experiencing increased market competition, impacting profitability. The company aims to stabilize sales and revenue while reducing costs through efficiency improvements [2]. 7. **New Projects**: The company has secured numerous high-end customer projects, particularly in the wheel segment, which are expected to enhance profitability [5][9]. 8. **Production Capacity**: The Mexican factory is in a ramp-up phase, with production expected to increase significantly in the coming quarters. Current production is around 10,000 to 20,000 units per month, projected to rise to 60,000 to 70,000 units [6][8]. 9. **Future Outlook**: The company anticipates a gradual recovery in the automotive parts market in the fourth quarter, driven by seasonal demand and the implementation of various stimulus policies [8][9]. Additional Important Information - **Customer Negotiations**: There have been concentrated negotiations leading to price reductions from some customers, primarily domestic automakers, which have impacted profit margins [6]. - **New Material Development**: The company is focusing on high-end materials for aerospace and other high-tech applications, with ongoing research and development efforts to enhance product offerings [4][8]. - **Sustainability Initiatives**: The company is actively involved in the circular economy, including partnerships for recycling and processing aluminum, which aligns with broader industry trends [8][9]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, market challenges, and strategic initiatives moving forward.

Group 1 - The core point of the article is that Lichong Group's subsidiary has obtained certification for non-heat-treated alloy materials from a leading new energy vehicle company, which is expected to positively impact the company's future operating performance [1] - The certification is anticipated to enhance the company's overall profitability and market share [1]

| | | 立中四通轻合金集团股份有限公司全资子公司安徽立中合金科技有限公司 于近日取得某头部新能源车企的免热处理合金材料的认证。 二、认证的主要内容 1、供应商名称：安徽立中合金科技有限公司 2、认证内容：客户对安徽立中合金供应的一体化压铸免热处理合金材料进 行了评估认证，该材料已通过认证。 立中四通轻合金集团股份有限公司（以下简称"公司"）全资子公司安徽立 中合金科技有限公司（以下简称"安徽立中合金"）于近日取得某头部新能 源车企（限于保密协议，无法披露其名称，以下简称"客户"）免热处理合 金材料的认证证书。 本次公司获得客户免热处理合金材料的认证，预计将对公司未来的经营业绩 产生积极影响，有利于提升公司整体盈利能力和市场占有率。 本次客户认证是客户对公司供应一体化压铸免热处理合金材料技术的最终 认可，若原材料（包括回收料比例和来源）、产线、工艺及其他因素对材料/ 铝锭性能有显著影响，不排除重新认证的可能性。 本次客户认证不构成最终订单或销售合同，产品的实际供货时间、供货价格、 供货数量以正式供货协议或销售订单为准，存在不确定性影响。 立中四通轻合金集团股份有限公司 关于获得客户免热处理合金材料认证的公告 ...

Group 1: Company Performance - In Q3 2024, the company achieved a total revenue of 19.369 billion CNY, representing a year-on-year growth of 13.09% [4] - The net profit attributable to shareholders was 493 million CNY, an increase of 19.09% compared to the same period last year [4] - Excluding stock incentive amortization expenses, the adjusted net profit was 533 million CNY, reflecting a growth of 6.84% year-on-year [4] Group 2: Product Development and Market Expansion - The company has made significant progress in the development and mass production of new materials, including integrated die-casting non-heat-treated alloy materials and low-carbon A356 alloys [4][7] - The company’s silicon-aluminum dispersion composite materials are applicable in aerospace, electronics packaging, and semiconductor fields, enhancing product versatility [5] - The integrated die-casting non-heat-treated materials have gained certification from several leading new energy vehicle manufacturers, indicating strong market acceptance [7] Group 3: Policy and Market Environment - The establishment of the China Resource Recycling Group and the announcement of recycled copper and aluminum import management policies provide positive support for the company’s recycled aluminum alloy business [6] - These policies are expected to alleviate market supply-demand tensions and reduce material costs, thereby enhancing profitability [6] Group 4: International Expansion - The company established its first overseas aluminum alloy wheel factory in Thailand in 2010 to counter EU anti-dumping measures [9] - In 2024, the commissioning of the Mexican aluminum alloy wheel factory further strengthens the company’s global supply chain and strategic partnerships [9][10] - The overseas capacity expansion allows the company to utilize local resource advantages and enhance the recycling of overseas recycled aluminum [10]

Investment Rating - The report maintains a "Buy" rating for Lizhong Group (300428 SZ) [1] Core Views - Lizhong Group's Q3 2024 profits declined year-over-year, with net profit attributable to shareholders dropping by 32 85% to 111 million yuan [2] - The company's Q1-Q3 2024 revenue reached 19 37 billion yuan, up 13 09% year-over-year, while net profit attributable to shareholders increased by 19 09% to 493 million yuan [2] - Lizhong Group is a leader in the recycled aluminum industry, with recycled aluminum procurement volume reaching 351 3 thousand tons in H1 2024, up 28 68% year-over-year [3] - The company recently secured a large order worth 5 53 billion yuan, which is expected to contribute to future performance [3] - The company's non heat treatment alloy materials have received certifications and project approvals from major new energy vehicle manufacturers, potentially boosting profitability [3] Financial Performance and Forecast - The report forecasts Lizhong Group's revenue for 2024-2026 to be 27 46 billion yuan, 31 47 billion yuan, and 35 98 billion yuan, respectively [3] - Net profit attributable to shareholders is projected to be 712 million yuan, 1 01 billion yuan, and 1 16 billion yuan for 2024-2026, respectively [3] - The company's PE ratio is expected to be 16 53x, 11 71x, and 10 15x for 2024-2026 [3] Industry and Market Position - Lizhong Group is one of the largest recycled casting aluminum alloy producers in China, with a strong focus on green development [3] - The company benefits from national policies promoting large-scale equipment updates and consumer goods replacement, which are expected to drive the recycled metal industry [3] - Lizhong Group has expanded its overseas aluminum alloy production capacity, leveraging its global layout for dual-cycle development in recycled aluminum resource utilization [3] Key Developments - The company's non heat treatment alloy materials have entered the mass production phase, with further R&D efforts to expand their application in various fields [3] - Subsidiaries have received significant orders for aluminum wheel projects, with expected sales of 5 24 billion yuan and 290 million yuan over their respective project lifecycles [3]

Financial Performance - In Q3 2024, the company achieved a total revenue of 19.369 billion CNY, representing a year-on-year increase of 13.09% [1] - The net profit attributable to shareholders was 4.93 billion CNY, up 19.09% compared to the same period last year [1] - The adjusted net profit, excluding stock incentive amortization, was 5.33 billion CNY, reflecting a growth of 6.84% year-on-year [1] Business Development - The company actively responded to domestic and international market competition, enhancing market expansion efforts and achieving good progress in new products and projects [1] - The demand for recycled aluminum alloy casting business continued to grow, although market competition increased [2] - The company has successfully developed new materials such as integrated die-casting non-heat-treated alloy materials and low-carbon A356 alloys, which have entered large-scale production [1][2] Product Innovation - The company has developed silicon-aluminum dispersion composite materials suitable for aerospace, electronics packaging, and semiconductor applications, which offer advantages like low expansion and high thermal conductivity [2] - New products in the aluminum alloy wheel sector have been developed, focusing on high-end, large-size, and low-carbon products, with several projects secured from international automotive manufacturers [2][4] Strategic Initiatives - The establishment of a recycling company for waste materials and the management of recycled copper and aluminum imports by the government provide positive policy support for the company's recycled aluminum alloy business [3] - The company has expanded its overseas presence by establishing factories in Thailand and Mexico to meet growing demand and mitigate trade barriers [4] Research and Development - The company emphasizes R&D in new products and technologies, achieving significant advancements in various high-performance aluminum alloys [3][4] - Recent innovations include low-carbon A356 wheels and various rare earth and high-entropy alloys, enhancing the company's competitive edge in the market [4]

证 券 研 究 报 告 立中集团（300428）2024 年三季报点评 强推（维持） 3Q 营收续创新高，业绩短期承压 目标价：22.3 元 当前价：18.59 元 事项： 公司发布 2024 年三季报，前三季度营收 194 亿元、同比+13%，归母净利 4.93 亿元、同比+19%。 评论： 3Q 营收续创历史新高，同比表现好于行业，环比与行业基本一致。3Q24 公司 实现营收 69 亿元、同环比+10%/+5%，同期国内乘用车批发 664 万辆、同环比 -2%/+7%（铸造铝合金业务占比超 50%，近 100%为国内），3Q 沪铝均价同环 比+4%/-5%。估计营收同比增长受益于量、铝价，环比基本符合行业表现。 产能爬坡或影响毛利、墨西哥比索汇率依然有压力。3Q24 公司实现归母净利 1.11 亿、同比-33%、环比+3%，不含股权激励费用归母 1.21 亿元、同环比36%/+5%，扣非归母 0.83 亿元、同环比-46%/-6%，具体地： 1) 毛利率：9.4%、同同环比-1.6PP/-0.7PP，也是业绩低于预期的主要原因，具体 估计： ① 墨西哥产能爬坡初期折旧压力可能较大； ② 3Q CFII 运 ...