IMDTECL(002128) 华创证券·2024-11-08 00:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 26.50 CNY, reflecting a 10x PE for 2025 [4][6]. Core Views - The company has shown significant growth in Q3 2024, with a revenue increase of 10.54% year-on-year and a net profit increase of 22.73% [3]. - The coal business is expected to maintain stable profitability due to steady coal prices and strong downstream demand [3]. - The electrolytic aluminum segment is anticipated to benefit from cost advantages and a potential price increase in Q4 [4]. - The company's renewable energy projects are progressing well, with plans for significant capacity additions in the coming years [4]. Financial Summary - Total revenue is projected to grow from 26,846 million CNY in 2023 to 36,470 million CNY by 2026, with year-on-year growth rates of 0.2%, 9.7%, 12.5%, and 10.1% respectively [2][8]. - Net profit attributable to the parent company is expected to rise from 4,560 million CNY in 2023 to 6,387 million CNY in 2026, with growth rates of 14.4%, 25.1%, 4.1%, and 7.6% [2][8]. - Earnings per share (EPS) is forecasted to increase from 2.03 CNY in 2023 to 2.85 CNY in 2026 [2][8]. - The company’s price-to-earnings (PE) ratio is projected to be 11 in 2023 and decrease to 8 by 2026 [2][8].