IMDTECL(SZ:002128) Xin Lang Cai Jing·2025-10-25 08:32Core Viewpoint - In Q3 2025, the company reported a revenue of 22.4 billion yuan, a year-on-year increase of 2.7%, while net profit attributable to shareholders decreased by 6.4% to 4.1 billion yuan, indicating a mixed performance amid stable coal prices and rising aluminum prices [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 22.4 billion yuan, with a net profit of 4.1 billion yuan, reflecting a year-on-year decline in profitability [1] - In Q3 2025, the company recorded a revenue of 7.9 billion yuan, up 3% year-on-year and 15% quarter-on-quarter, while net profit attributable to shareholders was 1.3 billion yuan, down 9% year-on-year but up 8% quarter-on-quarter [1] Group 2: Business Segments - In the coal and aluminum business, stable coal prices and rising aluminum prices are expected to contribute positively to profits, with the price of coal in Inner Mongolia at 346 yuan/ton, down 7% year-on-year, while aluminum prices increased by 6% year-on-year [2] - The power generation business is expected to maintain year-on-year growth, with coal power and renewable energy accounting for 4.3% and 12.5% of gross profit structure respectively [2] Group 3: Cost Management - The company has effectively controlled operating costs, achieving an operating cost of 5.1 billion yuan in Q3 2025, which remained stable year-on-year, and a gross margin of 36%, up 2 percentage points year-on-year [3] - The company plans to acquire 100% equity of Baiyinhu Coal Power, which will enhance its integrated operations in coal, power, and aluminum [3] Group 4: Future Outlook - Revenue projections for 2025-2027 are 30.4 billion, 35.6 billion, and 37.3 billion yuan respectively, with net profits expected to be 5.2 billion, 5.8 billion, and 6.2 billion yuan, indicating a stable growth trajectory [4] - The company maintains a "buy" rating based on the expected growth in coal, aluminum, and electricity businesses [4]