STL(SZ:002648) Huaan Securities·2025-03-25 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a significant increase in annual performance for 2024, with operating revenue of 45.648 billion yuan, a year-on-year growth of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% year-on-year [5][6] - The fourth quarter of 2024 saw a strong performance, with operating revenue of 13.373 billion yuan, a year-on-year increase of 26.10%, and a net profit of 2.379 billion yuan, up 70.47% year-on-year [5][6] - The company is accelerating the development of its α-olefin project, which is expected to enhance its production capacity significantly by 2026-2027 [9][10] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 45.648 billion yuan and a net profit of 6.072 billion yuan, with a gross margin of 23.57%, an increase of 3.73 percentage points year-on-year [6][11] - The fourth quarter results showed a net profit of 2.379 billion yuan, reflecting a 45.36% increase from the previous quarter [5][6] Business Segments - The functional chemicals, polymer materials, and new energy materials segments contributed gross profits of 4.417 billion yuan, 4.202 billion yuan, and 0.187 billion yuan respectively, with gross margins improving in the first two segments [6] - The company has successfully launched several projects, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project, enhancing its supply chain [7][9] Future Growth Drivers - The company plans to invest 10 billion yuan in R&D to strengthen its position in high-end new materials and reduce reliance on imports [8][9] - The α-olefin comprehensive utilization high-end new materials industrial park is under construction, with a total investment of approximately 26.6 billion yuan, expected to double the company's ethylene equivalent capacity upon completion [9][10]