STL(SZ:002648) Haitong Securities·2025-03-26 01:16Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company achieved a revenue of 45.648 billion yuan in 2024, representing a year-on-year growth of 10.03%, and a net profit attributable to the parent company of 6.072 billion yuan, which is a year-on-year increase of 26.77% [7] - The company has successfully launched new projects, including a 100,000-ton ethanolamine production facility, enhancing its downstream chemical product layout and forming a complete industrial chain for ethylene oxide derivatives [7] - The company is increasing its R&D investment, with plans to invest 10 billion yuan in the coming years to build a global "1+N" chemical new materials R&D innovation platform [7] - The establishment of a global company aims to accelerate the expansion into overseas markets, with products already recognized by customers in over 160 countries [7] - Profit forecasts for the company indicate net profits of 7.449 billion yuan, 11.059 billion yuan, and 12.640 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.21 yuan, 3.28 yuan, and 3.75 yuan [7] Financial Data and Forecast - The company’s revenue is projected to reach 60 billion yuan in 2026 and 73.211 billion yuan in 2027, with a net profit of 11.059 billion yuan in 2026 and 12.640 billion yuan in 2027 [6][10] - The gross margin is expected to improve from 23.6% in 2024 to 27.6% in 2026, while the net asset return rate is projected to be 22.6% in 2026 [6][10] - The company’s earnings per share (EPS) are forecasted to grow from 1.80 yuan in 2024 to 3.75 yuan in 2027 [6][10]