IMDTECL(SZ:002128) Minsheng Securities·2025-04-25 03:53Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - In 2024, the company achieved an operating revenue of 29.859 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.1% year-on-year [1]. - The company plans to distribute a dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 35.67% and a dividend yield of 4.6% based on the closing price on April 24, 2025 [2]. - The coal business saw an increase in both volume and price, with a gross margin improvement of 3.7 percentage points to 58.2% [2]. - The power segment benefited from the growth of renewable energy, with total electricity sales increasing by 32.8% year-on-year, although the gross margin decreased by 2.7 percentage points to 31.9% [3]. - The aluminum segment experienced a rise in prices, leading to a gross margin increase of 2.2 percentage points to 17.7% [4]. Financial Summary - The company forecasts net profits of 5.841 billion yuan, 6.216 billion yuan, and 6.703 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.61 yuan, 2.77 yuan, and 2.99 yuan [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 7, 7, and 6 respectively [5]. - The company expects operating revenues to grow to 31.205 billion yuan in 2025, reflecting a growth rate of 4.5% [5].