STL(002648) 东方证券·2024-07-18 08:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.72 yuan, adjusted from the previous target of 22.36 yuan [2][4]. Core Insights - The company reported a revenue of 19.4 billion yuan in the first half of 2024, a year-on-year decrease of 4.59%, while the net profit attributable to the parent company was 2.06 billion yuan, a year-on-year increase of 12.51%. The revenue decline was primarily due to extended maintenance at the Lianyungang and Pinghu bases, impacting production and sales. However, the drop in ethane prices contributed to the net profit growth [1]. - With the completion of maintenance at both bases, a significant increase in production and sales is expected in the second half of the year. Additionally, the company's 800,000-ton alcohol project has recently commenced operations, which is anticipated to contribute to revenue growth in the latter half of the year [1]. - The company is advancing new projects, establishing integrated chemical production bases in Lianyungang and Jiaxing, and progressing with the α-olefin comprehensive utilization high-end new materials industrial park project, which will expand its product range and enhance its presence in high-end product sectors [1]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 1.60, 2.01, and 2.13 yuan, respectively. The target price corresponds to an average PE ratio of 16 times for comparable companies in 2024 [2][4]. - The company is expected to achieve revenue growth of 9.6% in 2024, with further increases projected in subsequent years [6].