IMDTECL(SZ:002128) KAIYUAN SECURITIES·2025-05-07 13:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure year-on-year due to rising alumina prices, but the potential for growth through group asset injection is promising [1] - The company reported Q1 2025 revenue of 7.54 billion yuan, a year-on-year increase of 2.6%, but a quarter-on-quarter decrease of 6.4%. The net profit attributable to shareholders was 1.56 billion yuan, down 19.8% year-on-year but up 65.5% quarter-on-quarter [1][4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, reflecting year-on-year growth of 8.4%, 6.5%, and 5.4% [1][4] Summary by Sections Financial Performance - In Q1 2025, the average market price of aluminum ingots in China was 20,433 yuan/ton, up 7.2% year-on-year but down 0.5% quarter-on-quarter. The average price of alumina in Inner Mongolia was 3,794 yuan/ton, up 13.4% year-on-year but down 28.9% quarter-on-quarter [5] - The company has a coal production capacity of 48 million tons and is expected to see an increase in coal production capacity due to the planned asset injection from the group [6] Growth Potential - The company is actively advancing its new energy business, with a planned installed capacity of approximately 700,000 kilowatts in 2024, aiming for a total installed capacity of 5,007,600 kilowatts by the end of 2024 [6] - The planned acquisition of 100% equity in Inner Mongolia Baiyinhu Coal Power Co., which has a coal production capacity of 15 million tons per year and a large-scale aluminum production line, is expected to open up growth opportunities for the company [6] Dividend Policy - The company announced a total cash dividend of 1.905 billion yuan for 2024, with a dividend payout ratio of 35.67%, an increase of 2.24 percentage points year-on-year. The current dividend yield is 4.8% [6]