SPC(600688) 光大证券·2025-03-26 07:45Investment Rating - The report maintains an "Overweight" rating for both A-shares and H-shares of the company [6]. Core Views - The company turned a profit in 2024, achieving a net profit of 320 million yuan, a significant increase of 1.72 billion yuan year-on-year, despite a 6% decline in revenue to 87.1 billion yuan [1][2]. - The company is increasing its investment in new materials, particularly in carbon fiber projects, to enhance its competitive edge and sustainable development capabilities [3]. - The report projects improved profitability for the company in the coming years, with net profits expected to reach 899 million yuan in 2025, 1.57 billion yuan in 2026, and 1.85 billion yuan in 2027, reflecting substantial growth rates [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 87.1 billion yuan, down 6% year-on-year, but achieved a net profit of 320 million yuan, up 1.72 billion yuan from the previous year [1][2]. - The fourth quarter of 2024 saw a revenue of 21.1 billion yuan, a decrease of 9% year-on-year, but a net profit of 280 million yuan, an increase of 970 million yuan year-on-year [1]. Sales and Pricing - The company experienced a recovery in gasoline and aviation kerosene demand, with sales volumes of 3.44 million tons for gasoline, 2.86 million tons for diesel, and 1.42 million tons for aviation kerosene in 2024 [2]. - Average selling prices for gasoline, diesel, and aviation kerosene were 8,545 yuan/ton, 6,892 yuan/ton, and 5,437 yuan/ton, respectively [2]. Investment in New Materials - The company is investing approximately 3.196 billion yuan in a new carbon fiber project, which will include 60,000 tons/year of precursor and 30,000 tons/year of carbon fiber capacity [3]. - The company aims to strengthen its core industries in high-end new materials, focusing on carbon fiber and other advanced materials [3]. Profitability Forecast - The report forecasts net profits of 899 million yuan for 2025, 1.57 billion yuan for 2026, and 1.85 billion yuan for 2027, with corresponding EPS of 0.09, 0.15, and 0.18 yuan [4][5]. - The company’s average oil processing cost in 2024 was 4,282 yuan/ton, down 2% year-on-year, contributing to improved profitability [2].