IMDTECL(SZ:002128) Minsheng Securities·2024-10-24 00:39Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported significant year-on-year and quarter-on-quarter growth in earnings for Q3 2024, with a notable increase in revenue and net profit, indicating strong performance in the renewable energy sector [1][2]. - The company is actively expanding its renewable energy projects, with plans for substantial increases in wind and solar power capacity in the coming years, which is expected to drive future growth [2][3]. - The projected net profits for 2024-2026 are estimated at 54.69 billion, 58.99 billion, and 62.07 billion respectively, with corresponding EPS of 2.44, 2.63, and 2.77 yuan per share [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 218.10 billion yuan, a year-on-year increase of 10.54%, and a net profit of 44.00 billion yuan, up 22.73% year-on-year [1]. - In Q3 2024, the company reported revenue of 76.83 billion yuan, a 17.81% increase year-on-year and a 13.28% increase quarter-on-quarter, with a net profit of 14.55 billion yuan, reflecting a 45.26% year-on-year growth [1]. Project Developments - The company plans to invest in a new 10MW wind power project in Dongsheng District, with a total investment of 37.99 million yuan, which is below the industry standard cost [2]. - The company has a wind power installed capacity of approximately 3.4 million kilowatts and a solar power capacity of about 1.05 million kilowatts, with plans to add around 700,000 kilowatts in 2024 and 2 million kilowatts in 2025 [2]. Earnings Forecast - The forecast for the company's net profit for 2024-2026 is 54.69 billion, 58.99 billion, and 62.07 billion yuan, with corresponding EPS of 2.44, 2.63, and 2.77 yuan per share, indicating a positive growth trajectory [3][5].