STL(002648) 天风证券·2025-02-26 11:58Investment Rating - The investment rating for the company is "Buy" with a target price not specified [9]. Core Views - The company's net profit attributable to shareholders for 2024 is projected to be 6.08 billion yuan, representing a year-on-year increase of 27% [1]. - The average profit from ethane cracking is significantly higher compared to other methods, with ethane prices expected to remain low [2]. - The average price of acrylic acid is forecasted to increase, leading to improved profit margins [3]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [4]. - Profit forecasts for 2024, 2025, and 2026 have been revised upwards to 6.08 billion, 7.53 billion, and 9.53 billion yuan respectively, with corresponding EPS of 1.81, 2.24, and 2.83 yuan per share [5]. Financial Data and Valuation - The company's revenue is projected to grow from 41.49 billion yuan in 2023 to 72.75 billion yuan in 2026, with a compound annual growth rate of approximately 30% [7]. - The net profit margin is expected to improve from 11.54% in 2023 to 13.10% in 2026 [15]. - The company's P/E ratio is forecasted to decrease from 14.59 in 2023 to 7.33 in 2026, indicating a potentially undervalued stock [7][15]. - The company's total assets are projected to increase from 64.58 billion yuan in 2023 to 76.44 billion yuan in 2026 [15].