LZJT(300428) 华创证券·2024-06-20 05:31Investment Rating - The report maintains a "Strong Buy" rating for the company [1]. Core Views - The company has secured a significant project for heat-free materials, with a total transaction value of 1.5 billion and a production volume of 75,000 tons over three years, starting from July 2024 [1]. - The company has made substantial progress in the mass production of heat-free materials, with recent certifications from leading new energy vehicle manufacturers [1]. - The company is expected to see steady growth across its three main business segments: die-casting aluminum alloys, aluminum alloy wheels, and intermediate alloys, with projected annual growth rates of 10-15% for the intermediate alloys segment [1]. Financial Summary - Total revenue is projected to grow from 23.365 billion in 2023 to 32.496 billion by 2026, with a compound annual growth rate (CAGR) of 15.5% [3]. - Net profit attributable to the parent company is expected to increase from 606 million in 2023 to 1.187 billion by 2026, reflecting a growth rate of 55.4% in 2024 [3]. - Earnings per share (EPS) is forecasted to rise from 0.96 in 2023 to 1.88 by 2026 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 20 in 2023 to 10 by 2026, indicating improved valuation [3]. Business Growth - The die-casting aluminum segment is expected to recover and grow due to the increasing demand for integrated die-casting materials [1]. - The aluminum alloy wheel segment is anticipated to achieve over 20% growth in 2023, driven by strong orders from domestic new energy and overseas high-end markets [1]. - The intermediate alloy segment is projected to maintain a stable growth rate of 10-15% annually, reinforcing the company's position as a global leader [1].