IMDTECL(SZ:002128) Minsheng Securities·2024-04-28 12:30Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a revenue of 7.345 billion yuan in Q1 2024, representing a year-on-year growth of 7.32%. The net profit attributable to shareholders was 1.944 billion yuan, up 20.21% year-on-year [2]. - The company has a high proportion of long-term coal sales contracts, accounting for 85%, which stabilizes its performance. The current coal production capacity is 48 million tons, with plans for further capacity expansion [2]. - The company is actively expanding its renewable energy business, with a total installed capacity of 4.552 million kilowatts in operation. This segment is expected to become a significant profit growth driver [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 73.45 billion yuan, a 7.32% increase year-on-year. The net profit attributable to shareholders was 19.44 billion yuan, reflecting a 20.21% increase year-on-year. The basic earnings per share (EPS) was 0.87 yuan, up 7.41% [2]. - The company expects to sell 48 million tons of raw coal, generate 12.33 billion kilowatt-hours of electricity, and sell 880,000 tons of electrolytic aluminum in 2024, all showing year-on-year growth [3]. Capacity and Projects - The company is progressing with the Zaha Naoer aluminum alloy project, with an expected electrolytic aluminum production capacity of 1.21 million tons by 2025 [2]. - The company has completed the necessary procedures for land use certificates for the Baiyin Hwa mines, which have a combined capacity of 35 million tons, indicating significant potential for capacity expansion [2]. Renewable Energy Initiatives - The company has been expanding its renewable energy generation business, with projects in regions like Tongliao and Xilingol. The total installed capacity of renewable energy projects is currently 4.552 million kilowatts [2]. - The company is also advancing the construction of a 445,000-kilowatt wind power project in Tuquan County, which is expected to significantly increase its renewable energy capacity during the 14th Five-Year Plan period [2].