Analysis of Strategic Cooperation for Joint Innovation Laboratory Co-construction Between Lizhong Group (300428.SZ) and a Leading New Energy Vehicle Enterprise

Based on the comprehensive data collected, I will conduct an in-depth analysis of the impact of the joint innovation laboratory co-construction between Lizhong Group and a leading new energy vehicle enterprise on its market competitiveness and performance.

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On January 18, 2026, Lizhong Group (Stock Code: 300428.SZ) issued an announcement stating that its wholly-owned subsidiary, Hebei Lizhong Alloy Group Co., Ltd., signed a “Strategic Cooperation Agreement for Joint Innovation Laboratory” with a leading domestic new energy vehicle enterprise to jointly establish a “Joint Innovation Laboratory”[1][2]. This is a framework agreement, and the two parties will conduct in-depth collaboration around the research, development, and application technologies of aluminum alloys for automobiles[3].

Cooperation Field	Specific Content
Material Standard Unification	Standardization of cast aluminum alloy material grades and standards
New Material R&D	Development of integrated heat-free series of recycled aluminum alloy materials
High-End Materials	R&D of high-load, high-precision aluminum alloy materials for automobiles/robots
Testing Standards	Establishment of material performance testing standards and verification system
Circular Economy	Construction of a “Car to Car” closed-loop recycling system
Project Application	Joint application for key national and local government projects

Each party will recommend 1 director and 1 deputy director, jointly forming a 3-6 member management committee for decision-making. New intellectual property rights generated from the cooperation will be jointly owned by both parties in principle[3].

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According to industry research data, automotive lightweighting has become one of the core trends in the development of new energy vehicles. With the increase in the penetration rate of new energy vehicles (reaching 58% as of September 2025), demand for lightweighting continues to rise[4][5].

Year	Market Size of Aluminum for Passenger Vehicles in China
2024	Approximately RMB 120 billion
2025	Approximately RMB 128 billion
2026	Approximately RMB 136.7 billion

Aluminum Usage per Vehicle Forecast:

• Fuel Vehicles: Approximately 188.5kg/vehicle in 2026
• Battery Electric Vehicles: Approximately 238.1kg/vehicle in 2026
• Plug-in Hybrid Electric Vehicles: Approximately 243.7kg/vehicle in 2026

The aluminum usage per new energy vehicle is

than that of traditional fuel vehicles. With the increase in new energy vehicle penetration, the market size of automotive aluminum alloys will continue to expand[5].

Integrated die casting technology is reshaping automotive manufacturing processes. According to estimates by Southwest Securities, the domestic new energy vehicle integrated die casting market is

, with a compound annual growth rate of over 100% from 2024 to 2026[5].

The upstream of this industrial chain consists of heat-free aluminum alloy material manufacturers, die casting machine manufacturers, and die casting mold manufacturers. Enterprises with advanced material preparation capabilities will gain significant competitive advantages[5].

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Lizhong Group will gain the following technological advantages through this cooperation:

• ✅ Share the leading vehicle enterprise’s whole vehicle verification platform to accelerate the material certification process
• ✅ Integrate technical resources of both parties to improve R&D efficiency
• ✅ Participate in material standard setting to enhance industry discourse power

• ✅ Rely on the large-scale mass production demand of the vehicle enterprise to industrialize new materials
• ✅ Establish a closed-loop recycling system to build competitive advantages in circular economy
• ✅ Extend application scenarios to emerging fields such as humanoid robots

Dimension	Before Cooperation	After Cooperation
Customer Structure	Supply to multiple whole vehicle manufacturers	In-depth binding with a leading new energy vehicle enterprise
Technological Discourse Power	Follow industry standards	Participate in standard setting
Order Certainty	Obtained through bidding	Lock in share through joint R&D
Application Scenarios	Traditional automobiles	Dual-drive from automobiles + robots

The strategic significance of this cooperation lies in helping Lizhong Group transform from a

to a . Through co-constructing the laboratory, the company can:

1. Intervene in material R&D for new vehicle models in advance
   to lock in early supply qualifications
2. Obtain real working condition data feedback
   to optimize material performance
3. Establish technical barriers
   to form differentiated competitive advantages

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Based on the latest financial data[0][1]:

Financial Indicator	Value	Industry Comparison
Market Capitalization	RMB 16.614 billion	Medium-sized
P/E (TTM)	18.46x	Lower than industry average
P/S (TTM)	0.54x	At a relatively low level
ROE	11.10%	Above medium
Net Profit Margin	2.72%	Medium in the industry

• Operating Revenue: RMB 22.921 billion
• Net Profit Attributable to Parent Company: RMB 625 million
• Q3 EPS: USD 0.33, representing a year-on-year increase of 83%

Time Dimension	Impact Mechanism	Expected Contribution
Short-term (2026)	Framework agreement, no direct performance contribution	Brand value enhancement, possible positive reaction in stock price
Medium-term (2027-2028)	Conversion of R&D achievements, mass supply of new materials	Gross profit margin improvement, accelerated revenue growth
Long-term (2029+)	Large-scale supply + profit from recycling system	Release of performance elasticity, upward shift in valuation center

According to a professional valuation model, Lizhong Group’s current valuation is significantly undervalued[0]:

Valuation Scenario	Intrinsic Value	Upward Potential
Conservative Scenario	RMB 62.49	+156.8%
Base Scenario	RMB 114.57	+370.9%
Optimistic Scenario	RMB 316.54	+1,201%
Probability-Weighted Value	RMB 164.53	+576.3%

Valuation assumptions are based on:

• Historical revenue CAGR: 19.4%
• 5-year average EBITDA margin: 5.9%
• WACC: 5.3%

This strategic cooperation is expected to drive the company to evolve towards the

or even the , releasing valuation potential.

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Based on technical analysis results[0]:

RMB 24.33 (Closing price on January 16, 2026)

Indicator	Status	Interpretation
MACD	No crossover (bullish-leaning)	Medium-term trend is upward
KDJ	K:46.3, D:54.2 (bearish-leaning)	Short-term adjustment pressure exists
RSI	Normal range	No overbought or oversold situation
Trend Judgment	Sideways consolidation	Awaiting direction selection

Price Level Type	Price Range	Significance
Support Level	RMB 23.53	Support from the 20-day moving average
Resistance Level	RMB 24.71	Short-term resistance level
Strong Support	RMB 22-23	Upper edge of the previous consolidation platform

• ✅ Announcement of strategic cooperation with a leading new energy vehicle enterprise
• ✅ Sustained growth in demand for new energy vehicle lightweighting
• ✅ Demand for material upgrading brought by the promotion of integrated die casting technology
• ✅ The company’s valuation is at a historical low

• ⚠️ The agreement is a framework agreement, with uncertainty in specific implementation
• ⚠️ Limited contribution to short-term performance
• ⚠️ Risk of raw material price fluctuations
• ⚠️ Intensified market competition

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Evaluation Dimension	Conclusion	Confidence Level
Technological Competitiveness	Significantly enhanced	High
Market Share	Expected to expand	Medium-High
Short-term Performance	Limited impact	High
Long-term Performance	Positive	Medium-High
Valuation Enhancement	Large room	High

This cooperation is of

to Lizhong Group:

1. Identity Upgrade
   : From “supplier” to “technical partner”, enhancing discourse power in the industrial chain
2. Technical Empowerment
   : Leverage the leading vehicle enterprise’s R&D platform to accelerate the development and verification of new materials
3. Business Expansion
   : Extend to emerging fields such as robots to open a second growth curve
4. Valuation Reshaping
   : The market may re-evaluate the company’s growth and profit prospects

• Execution Risk
  : The framework agreement requires further negotiation, with uncertainty in the implementation of specific projects
• Long Performance Realization Cycle
  : It is not expected to have a significant impact on 2026 operating performance
• Intensified Competition
  : There are many competitors in the lightweight material track, requiring continuous technological leadership
• Macroeconomic Fluctuations
  : Fluctuations in production and sales in the automotive industry may affect upstream material demand

Investment Dimension	Recommendation
Investment Logic	Core target in the new energy vehicle lightweighting track, with dual barriers of technology and customers
Risk Preference	Suitable for medium-to-long-term investors; patience is required for performance realization in the short term
Valuation Level	Current P/E of 18.46x is at a historical low, with sufficient safety margin
Catalysts	Pay attention to the subsequent implementation of specific cooperation agreements and the industrialization progress of R&D achievements

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[1] Sina Finance - “Lizhong Group’s Subsidiary Co-Constructs Joint Innovation Laboratory with a Leading Domestic New Energy Vehicle Enterprise” (https://finance.sina.cn/2026-01-18/detail-inhhtphv7649137.d.html)

[2] Eastmoney - “Reaches Strategic Cooperation with a Leading New Energy Vehicle Enterprise to Focus on R&D and Application of Automotive Aluminum Alloys” (https://finance.eastmoney.com/a/202601183622661393.html)

[3] Yicai Global - “Lizhong Group: Wholly-Owned Subsidiary Plans to Co-Construct Joint Innovation Laboratory with a Leading Domestic New Energy Vehicle Enterprise” (https://www.yicai.com/brief/103009893.html)

[4] Zheshang Securities - “Continuous Promotion of Passenger Vehicle Lightweighting; Material Lightweighting is the Main Direction” (https://finance.sina.com.cn/stock/hkstock/ggscyd/2025-12-24/doc-inhcwhpt4691617.shtml)

[5] Southwest Securities - “In-Depth Research on the Automotive Aluminum Die Casting Industry: Integrated Die Casting and Lightweighting Large Market Emerges” (https://www.deyipm.com/news/35.html)

[0] Jinling AI Financial Database - Company fundamentals, financial analysis, technical analysis, DCF valuation data