STL(002648) 中原证券·2025-03-04 05:39Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][18]. Core Views - The company is projected to achieve a revenue of 47.426 billion yuan in 2024, representing a year-on-year growth of 14.32%. Operating profit is expected to reach 7.067 billion yuan, up 31.40% year-on-year, while net profit is forecasted at 6.082 billion yuan, a 26.99% increase year-on-year [3][8]. - The company benefits from a solid cost advantage in the light hydrocarbon sector, with new project capacities contributing to revenue growth. The production of multi-carbon alcohols and ethanol amines is set to enhance business scale and competitiveness [3][7]. - In Q4 2024, the company is expected to report a revenue of 15.151 billion yuan, a 42.87% increase year-on-year, and a net profit of 2.389 billion yuan, reflecting a 71.13% year-on-year growth [7][8]. - The company has a robust pipeline of new projects scheduled for production from 2025 to 2027, which will further drive growth and enhance its competitive position in the market [8]. Summary by Sections Financial Performance - The company reported a significant increase in Q4 2024 revenue and net profit, driven by improved product prices and new project contributions [7]. - The projected earnings per share (EPS) for 2024 and 2025 are 1.81 yuan and 2.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.76 and 10.33 [8][9]. Market Position - The company operates primarily in the C3 and C2 industrial chains, focusing on propylene and ethylene production, benefiting from low raw material costs [3][8]. - The light hydrocarbon processing route offers a significant cost advantage compared to oil-based processes, supported by favorable tariff policies [7][8]. Future Growth - The company has a strong project reserve, with several key projects expected to come online in the coming years, providing a solid foundation for future growth [8].