20240207-德邦证券-立中集团-300428.SZ-2023年预计业绩高速增长_2024年多个定点项目落地_4页_244kb

Summary of Lingzhong Group (300428SZ) 2023 Annual Performance

• Event: Lingzhong Group disclosed its 2023 annual performance快报, showing substantial revenue and profit growth, with a 1080% year-on-year increase in revenue to 23,679 billion yuan and a 2235% increase in net profit to 602 billion yuan.

• **Growth Drivers`: Sales volumes of products like light-weight aluminum wheels, regenerated casting aluminum alloys, and others increased, driven by automotive industry recovery, while gross margins improved due to new product upgrades, market expansion, and cost efficiencies.

• **Key Orders`: Company secured two major定点 projects: one with a cumulative sales projection of about 194 billion yuan over a four-year period starting in 2025, and another with 25 billion yuan over three years.

• **Financial Projections`: Estimated future performance includes revenue reaching 29,744 billion yuan in 2024 and net profit of 907 billion yuan, with PE ratios declining to 1,076 and 823 times in subsequent years, supporting a "buy" recommendation.

• **Risk Considerations`: Potential risks include slower-than-expected capacity expansion, intensified industry competition, and delays in product development or integration for new projects.