IMDTECL(002128) 开源证券·2025-04-25 08:59Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance has improved due to increased coal, electricity, and aluminum production, with a focus on the growth potential in coal and aluminum as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.34 billion yuan, up 17.2% year-on-year [3][4] - The report anticipates a steady growth in net profit for 2025-2027, with projections of 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, reflecting year-on-year growth rates of 8.4%, 6.5%, and 5.4% [3][4] Financial Performance Summary - In 2024, the company produced 47.996 million tons of raw coal, a 3.1% increase year-on-year, with a coal price of 221.6 yuan per ton, up 8.6% year-on-year [4] - The company’s aluminum production reached 900,000 tons in 2024, with a selling price of 17,653.8 yuan per ton, reflecting a 6.2% increase year-on-year [4] - The report indicates that the company's cash dividend for 2024 is 1.905 billion yuan, with a dividend payout ratio of 35.67%, an increase of 2.24 percentage points year-on-year [5] Future Outlook - The company is expected to see an increase in coal production capacity, with ongoing projects that will enhance its aluminum production capabilities [5] - The renewable energy segment is projected to grow significantly, with an installed capacity of approximately 5.0076 million kilowatts by the end of 2024, including 4.0504 million kilowatts from wind power and 957,200 kilowatts from solar power [5] - The report emphasizes the potential for continued growth in the company's core businesses while actively pursuing opportunities in the renewable energy sector [3][5]