IMDTECL(SZ:002128) Minsheng Securities·2024-08-27 03:38Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a revenue of 14.127 billion yuan in the first half of 2024, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 2.944 billion yuan, up 13.99% year-on-year [1]. - The company expects net profits for 2024-2026 to be 5.029 billion, 5.430 billion, and 5.714 billion yuan, respectively, with corresponding EPS of 2.24, 2.42, and 2.55 yuan per share [1][2]. - The report highlights the increase in aluminum prices and the reduction in costs, leading to an improved gross margin of 24.82% for the electrolytic aluminum business [1]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 6.782 billion yuan, a year-on-year increase of 6.55%, but a quarter-on-quarter decrease of 7.66%. The net profit for Q2 was 1 billion yuan, up 3.56% year-on-year but down 48.57% quarter-on-quarter [1]. - The company’s coal production in H1 2024 was 22.675 million tons, a decrease of 2.94% year-on-year, while coal sales were 22.215 million tons, down 4.01% year-on-year [1]. - The gross margin for the coal business increased by 2.29 percentage points to 57.92% [1]. Business Segments - The electricity sales volume increased significantly, with a total of 55.56 billion kWh sold in H1 2024, up 24.83% year-on-year [1]. - The gross margin for the electricity business decreased by 2.45 percentage points to 43.60% [1]. - The electrolytic aluminum production reached 447,900 tons, a year-on-year increase of 4.36%, with a gross margin increase of 8.02 percentage points [1]. Dividends and Shareholder Returns - The company proposed a cash dividend of 0.5 yuan per share, resulting in a total cash distribution of 112 million yuan, leading to a dividend yield of 0.28% based on the closing price on August 26, 2024 [1].