IMDTECL(SZ:002128) Guohai Securities·2024-10-25 15:30Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Insights - The company reported significant profit growth in Q3 2024, with revenue reaching 76.83 billion yuan, a year-on-year increase of 17.81% and a quarter-on-quarter increase of 13.28% [3] - The net profit attributable to shareholders for Q3 2024 was 14.55 billion yuan, reflecting a year-on-year increase of 45.26% and a quarter-on-quarter increase of 45.55% [3] - The company’s overall revenue for the first three quarters of 2024 was 218.1 billion yuan, up 10.54% year-on-year, with a net profit of 44.00 billion yuan, up 22.73% year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 286.4 billion yuan, 297.7 billion yuan, and 358.4 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 7%, 4%, and 20% [6][7] - The forecasted net profit attributable to shareholders for the same years is 54.9 billion yuan, 58.4 billion yuan, and 67.3 billion yuan, with growth rates of 20%, 6%, and 15% respectively [6][7] Business Segments Performance - The coal business is expected to maintain stable profitability, with a high proportion of long-term contracts reducing market volatility impact [4] - The aluminum segment is benefiting from rising aluminum prices, contributing positively to the company's performance [3][4] - The power generation business is anticipated to recover, with industrial power generation increasing by 8.9% year-on-year in September 2024 [3][4] Market Performance - The company's stock has outperformed the CSI 300 index, with a 12-month return of 55.1% compared to the index's 12.9% [3] - The current stock price is 20.29 yuan, with a 52-week price range of 13.19 to 23.86 yuan [4]