IMDTECL(SZ:002128) Haitong Securities·2024-09-05 08:15Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company's net profit for the first half of 2024 reached 2.94 billion yuan, a year-on-year increase of 14%, with total revenue of 14.13 billion yuan, up 7% year-on-year [3] - The coal segment showed a slight decrease in production but an increase in price, resulting in a gross profit of 2.7 billion yuan, with a gross margin of 58.6% [3] - The power generation segment saw a 15% decrease in thermal power output, while renewable energy generation doubled year-on-year, contributing significantly to revenue growth [3] - The electrolytic aluminum segment achieved a net profit of 1.92 billion yuan, with a significant increase in profit per ton of aluminum, benefiting from integrated coal-electricity-aluminum operations [3] - The company is expected to maintain high profitability in coal and aluminum businesses, with projected net profits of 5.64 billion, 5.84 billion, and 6.03 billion yuan for 2024 to 2026 [3] Financial Summary - The company reported total revenue of 26.846 billion yuan in 2023, with a projected increase to 29.644 billion yuan in 2024, reflecting a year-on-year growth of 10.4% [4] - The net profit for 2023 is estimated at 4.56 billion yuan, with projections of 5.64 billion yuan for 2024, indicating a growth rate of 23.7% [4] - The earnings per share (EPS) is expected to rise from 2.03 yuan in 2023 to 2.52 yuan in 2024 [4] Valuation Metrics - The company is valued at a price-to-earnings (P/E) ratio of 9 to 10 times for 2024, translating to a reasonable value range of 22.65 to 25.17 yuan per share [3] - The average P/E ratio for comparable companies in the coal and aluminum sectors is around 9.7 times [5] Market Performance - The company's stock has shown a relative performance of -1.5% compared to the market index over the past three months [2] - The stock price closed at 16.60 yuan, with a 52-week price range of 13.11 to 23.86 yuan [2]