IMDTECL(002128) 民生证券·2025-04-25 05:05Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.2%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.1% year-on-year [1]. - The company plans to distribute a dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 35.67% and a dividend yield of 4.6% based on the closing price on April 24, 2025 [2]. - The coal business saw an increase in both volume and price, with a gross margin improvement of 3.7 percentage points to 58.2% [2]. - The power segment benefited from the growth of renewable energy, with total electricity sales increasing by 32.8% year-on-year, although the gross margin decreased by 2.7 percentage points to 31.9% [3]. - The electrolytic aluminum segment experienced a rise in prices, leading to a gross margin increase of 2.2 percentage points to 17.7% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.05 billion yuan, with a quarter-on-quarter increase of 13.1%, but a net profit decline of 3.4% [1]. - The company’s coal production reached 47.996 million tons, a 3.1% increase year-on-year, with a sales volume of 47.759 million tons, up 2.8% [2]. - The company’s electricity sales from coal decreased slightly, while renewable energy sales surged by 94.7% year-on-year [3]. - The projected net profits for 2025-2027 are 5.841 billion yuan, 6.216 billion yuan, and 6.703 billion yuan, respectively, with corresponding EPS of 2.61 yuan, 2.77 yuan, and 2.99 yuan [4][5]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 7 for 2025, 7 for 2026, and 6 for 2027 [5]. - The price-to-book (PB) ratio is expected to decline from 1.2 in 2024 to 0.9 by 2027 [5].