IMDTECL(SZ:002128) KAIYUAN SECURITIES·2024-10-24 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant quarter-on-quarter increase in Q3 performance, with a focus on dividend enhancement and green energy transformation [1] - For the first three quarters of 2024, the company achieved operating revenue of 21.81 billion yuan, a year-on-year increase of 10.54%, and a net profit attributable to shareholders of 4.40 billion yuan, up 22.73% year-on-year [1] - The company is expected to achieve its annual coal production and sales target of 48 million tons, with an upward revision of profit forecasts for 2024-2026 [1] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 7.68 billion yuan, a quarter-on-quarter increase of 13.28%, and a net profit attributable to shareholders of 1.46 billion yuan, up 45.55% quarter-on-quarter [1] - The company’s net profit forecasts for 2024-2026 are revised to 6.11 billion, 6.34 billion, and 6.85 billion yuan respectively, with year-on-year growth rates of 33.9%, 3.8%, and 8.0% [1][2] Business Segments - The coal business is expected to show significant improvement, with the company being a leading producer of lignite in the Inner Mongolia and Northeast regions [1] - The company plans to increase its renewable energy capacity, targeting an installed capacity of approximately 1 million kilowatts by the end of the 14th Five-Year Plan [1] - The electrolytic aluminum business is facing pressure from declining aluminum prices and rising raw material costs, which may narrow profitability in Q3 [1] Dividend and Growth Potential - The company has announced its first interim dividend, proposing a cash distribution of 0.5 yuan per 10 shares, with a dividend payout ratio of 3.81% [1] - The dividend payout ratio for 2023 was 33.43%, indicating potential for future increases in dividend levels [1]