IMDTECL(SZ:002128) Changjiang Securities·2024-11-18 07:24Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a net profit attributable to shareholders of 4.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 22.73% [6][7]. - In Q3 2024, the net profit attributable to shareholders reached 1.455 billion yuan, an increase of 45.26% year-on-year and 45.55% quarter-on-quarter [6][7]. - The company's performance is supported by the synergy between coal, aluminum, and electricity, with significant growth expected in the coal business due to reduced stripping and increased sales volume [7][8]. Summary by Sections Financial Performance - For Q1 to Q3 2024, the company achieved a net profit of 4.4 billion yuan, up by 8.15 billion yuan from the previous year [6]. - Q3 2024 saw a net profit of 1.455 billion yuan, marking a 45.26% increase year-on-year and a 45.55% increase quarter-on-quarter [6][7]. Business Segments - Coal: The coal business is expected to improve significantly in Q3 2024 due to reduced stripping and increased production and sales volume, with a target of 48 million tons for the year [7]. - Aluminum: The aluminum segment faced some pressure due to a slight decline in aluminum prices and an increase in alumina prices, which may lead to a decrease in profit per ton of aluminum [7]. - Power Generation: The performance of the thermal power segment may be under pressure due to stable market coal prices and challenges in the new energy segment, which is expected to have limited performance release [7]. Growth Prospects - The company is expected to see continued growth in 2024, with projected net profits of 5.65 billion yuan, 5.98 billion yuan, and 6.33 billion yuan for 2024, 2025, and 2026 respectively [8]. - The company has significant expansion plans, including 2.5 GW of wind and solar projects and 350,000 tons of aluminum production capacity, which could further enhance its performance [8].