STL(SZ:002648) Guotai Junan Securities·2024-10-22 23:36Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 22.10 CNY, while the current price is 18.29 CNY [4][10]. Core Insights - The company's Q3 performance exceeded market expectations, with revenue of 12.875 billion CNY, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51%. Net profit reached 1.637 billion CNY, up 2.08% year-on-year and 58.36% quarter-on-quarter [10]. - The company has successfully commenced its α-olefin high-end new materials industrial park, with multiple projects contributing to incremental growth [2][10]. - The price spreads of major products have expanded, indicating a recovery in chemical product prices, supported by recent economic stimulus policies [10]. Financial Summary - Revenue for 2024 is projected to be 51.731 billion CNY, reflecting a growth of 24.7% compared to 2023. Net profit is expected to reach 5.720 billion CNY, a 19.4% increase [11]. - The company reported a net asset value per share of 7.80 CNY, with a current price-to-book ratio of 2.3 [6]. - The company’s R&D investment for the first three quarters of 2024 was 1.293 billion CNY, a year-on-year increase of 4.30% [10].