IMDTECL(SZ:002128) Tianfeng Securities·2025-05-14 12:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company achieved stable revenue growth in 2024, with operating income reaching 29.859 billion yuan, a year-on-year increase of 11.23%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.15% [1]. - The coal and power integration business remains profitable, with coal sales prices increasing against the trend, supporting overall revenue growth [2]. - The aluminum price has increased year-on-year, leading to a recovery in the electrolytic aluminum segment's performance [3]. - There is significant growth potential across various segments, including coal, electrolytic aluminum, and renewable energy [4]. Summary by Sections Financial Performance - In 2024, the company reported operating income of 29.859 billion yuan, a growth rate of 11.23%, and a net profit of 5.342 billion yuan, reflecting a 17.15% increase [5]. - For Q1 2025, the company recorded operating income of 7.537 billion yuan, a year-on-year increase of 2.63%, but a net profit decrease of 19.82% to 1.559 billion yuan [1]. Coal and Power Segment - The company generated 55.28 billion kWh of electricity in 2024, a decrease of 1.38%, with a tax-inclusive on-grid electricity price of 0.344 yuan/kWh, down 2.67% [2]. - Coal production reached 47.996 million tons, a year-on-year increase of 3.11%, with coal prices rising to 213 yuan/ton, up 9% [2]. Aluminum Segment - The company produced 900,000 tons of electrolytic aluminum in 2024, a 2.85% increase, with an average domestic aluminum price of 19,922 yuan/ton, up 6.53% [3]. - The electrolytic aluminum segment achieved operating income of 15.663 billion yuan, a 9.51% increase, and a gross profit of 2.769 billion yuan, up 24.86% [3]. Growth Potential - The company is positioned as the sole platform for coal, thermal power, and electrolytic aluminum resource integration in Inner Mongolia, with potential asset injections from the parent group [4]. - The company is advancing the Zhahe No. 2 project for green aluminum, which will increase capacity by 40.7% [4]. - By the end of 2024, the company's renewable energy capacity reached 5.0076 million kW, a 10.01% increase, with ongoing projects expected to further enhance capacity [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 5.649 billion, 6.057 billion, and 6.218 billion yuan, reflecting year-on-year increases of 5.76%, 7.22%, and 2.66% respectively [4]. - The corresponding price-to-earnings ratios are projected at 7.08, 6.61, and 6.43 times [4].