IMDTECL(002128) 开源证券·2025-04-25 09:25Investment 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 sectors as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, representing 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, indicating 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 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 company's electricity generation from coal was 5.53 billion kWh, a decrease of 1.4% year-on-year, while renewable energy generation surged by 94.7% to 6.03 billion kWh [4] Dividend and Growth Potential - The company plans to increase its coal production capacity and has ongoing projects in aluminum production, which are expected to contribute positively to its earnings [5] - The total cash dividend for 2024 is projected at 1.905 billion yuan, with a dividend payout ratio of 35.67%, indicating a year-on-year increase [5] - The report emphasizes the company's commitment to enhancing its dividend policy in line with market expectations and its growth trajectory [5]