STL(SZ:002648) ZHESHANG SECURITIES·2025-03-25 04:37Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 45.648 billion yuan in 2024, representing a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% year-on-year [6][8] - The fourth quarter of 2024 saw a significant performance boost, with revenue reaching 13.373 billion yuan, a year-on-year increase of 41.69%, and a net profit of 2.379 billion yuan, up 75.09% year-on-year [6][8] - The company is advancing its α-olefin high-end new materials project, which is expected to support long-term growth [6][7] - The company is increasing its R&D investment, which reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, focusing on key strategic materials and new materials [6][7] - The company is actively expanding its overseas market presence, establishing partnerships with over 160 countries and regions [7] Financial Summary - In 2024, the company reported a gross profit margin of 23.57%, an increase of 3.73 percentage points year-on-year, and a net profit margin of 13.28%, up 1.75 percentage points year-on-year [6][8] - The forecast for net profit attributable to shareholders for 2025-2027 is 7.495 billion, 10.102 billion, and 12.592 billion yuan, respectively, with corresponding EPS of 2.22, 3.00, and 3.74 yuan [8][9] - The company is projected to maintain a strong growth trajectory, with revenue expected to grow by 22.39% in 2025 and 24.79% in 2026 [9]