STL(SZ:002648) Haitong Securities·2024-07-19 06:31Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 19.4 billion yuan for H1 2024, a year-on-year decrease of 4.59%, while the net profit attributable to shareholders was 2.056 billion yuan, reflecting a year-on-year increase of 12.51% [5] - The successful commissioning of the 800,000-ton multi-carbon alcohol project has established a closed-loop integration of the C3 industrial chain, enhancing the resilience and quality of the company's core business [5] - The α-olefin comprehensive utilization project has commenced construction, with a planned total investment of approximately 26.6 billion yuan, aiming to develop high-end polyolefins and achieve carbon reduction goals [5][6] - R&D investment reached 795 million yuan in H1 2024, a year-on-year increase of 10.25%, with 115 patent applications filed and 63 patents granted [6] Financial Summary - The company expects net profits for 2024, 2025, and 2026 to be 6.014 billion yuan, 8.030 billion yuan, and 9.015 billion yuan respectively, with corresponding EPS of 1.79 yuan, 2.38 yuan, and 2.68 yuan [6][9] - The projected revenue for 2024 is 44.343 billion yuan, with a year-on-year growth rate of 6.9% [7] - The gross profit margin is expected to improve from 19.8% in 2023 to 23.3% in 2024 [9] Valuation - The reasonable value range for the company's stock is estimated to be between 21.48 yuan and 25.06 yuan based on a P/E ratio of 12-14 times the 2024 EPS [6]