STL(SZ:002648) Changjiang Securities·2024-10-24 07:40Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported significant improvement in Q3 performance, with a total revenue of 32.275 billion yuan for the first nine months of 2024, representing a year-on-year increase of 0.71%. The net profit attributable to shareholders reached 3.693 billion yuan, up 7.64% year-on-year, and the net cash flow from operating activities was 5.694 billion yuan, an increase of 24.72% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 12.875 billion yuan, reflecting a year-on-year growth of 9.89% and a quarter-on-quarter increase of 21.51%. The net profit attributable to shareholders was 1.637 billion yuan, up 2.08% year-on-year and 58.36% quarter-on-quarter [4][5]. - The company is advancing its new projects, including the successful launch of the α-olefin comprehensive utilization high-end material park project, which is expected to open a second growth curve for the company [6]. Financial Performance Summary - For the first nine months of 2024, the company reported: - Revenue: 32.275 billion yuan - Net profit: 3.693 billion yuan - Operating cash flow: 5.694 billion yuan - Non-recurring net profit: 4.088 billion yuan [4][5]. - In Q3 2024: - Revenue: 12.875 billion yuan - Net profit: 1.637 billion yuan - Non-recurring net profit: 1.854 billion yuan [4][5]. - The company expects net profits for 2024-2026 to be 5.43 billion yuan, 7.69 billion yuan, and 11.54 billion yuan, respectively, with corresponding PE ratios of 11.7X, 8.3X, and 5.5X [6].