STL(002648) 申万宏源·2025-03-01 13:50Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q4 performance exceeded market expectations, driven by the successful launch of new production capacities and a recovery in the acrylic acid and ester industry [7] - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 47.43 billion yuan, representing a year-on-year increase of 14.3% [7] - The report highlights the positive outlook for the company's C2 and C3 segments, with anticipated profitability improvements due to market conditions and new capacity [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 41.49 billion yuan in 2023 to 66.41 billion yuan by 2026, with a compound annual growth rate of approximately 22.6% [6] - The net profit attributable to the parent company is expected to increase from 4.79 billion yuan in 2023 to 8.94 billion yuan in 2026, reflecting a growth rate of 35.7% [6] - The company's earnings per share (EPS) is forecasted to rise from 1.42 yuan in 2023 to 2.65 yuan in 2026 [6] Market Data - As of February 28, 2025, the company's closing price was 21.23 yuan, with a market capitalization of 71.47 billion yuan [2] - The company has a price-to-earnings (P/E) ratio projected to be 11 for 2025 and 8 for 2026, indicating favorable valuation metrics [6][7]