Lizhong Sitong Light Alloys Group (300428 CH): Robust Overseas Demand Sustained Solid Earnings Growth

For 9M26, Lizhong Group posted revenue/attributable net profit of RMB28.85bn/RMB929mn (+25.9/+48.5% YoY). For 3Q26, revenue/attributable net profit stood at RMB10.03bn/RMB351mn (+18.3/+56.8% YoY, -3.3/-7.1% QoQ). Supported by robust overseas aluminum processing momentum, 3Q26 net profit surged YoY, although higher financial and income tax expenses weighed on sequential performance. GPM stood at 10.77% (+1.51pp YoY) for 9M26 and 11.22% (+1.90pp YoY, +0.67pp QoQ) for 3Q26, driven by overseas capacity ramp-up and scaling of high-value-added products. The 3.6mn-unit lightweight wheel project in Mexico is fully operational, with 500k units of forging capacity coming online from 2H26;