STL(002648) 国盛证券·2025-03-27 10:23Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company continues to show strong performance, with a projected net profit growth of 26.8% in 2024 and further growth expected in the following years [4][10] - The C2 chain benefits from low raw material costs, with the average price of ethane in 2024 at $0.1906 per gallon, down 22.37% year-on-year, enhancing profitability [2][6] - The C3 chain is entering a recovery phase, supported by the successful launch of 800,000 tons of butanol production and positive price signals for key products [2][3] Financial Performance - The company reported a revenue of 41.487 billion in 2023, with a projected increase to 45.648 billion in 2024, representing a year-on-year growth of 10% [6] - The net profit for 2023 was 4.789 billion, expected to rise to 6.072 billion in 2024, marking a 26.8% increase [6] - Earnings per share (EPS) are projected to grow from 1.42 in 2023 to 1.80 in 2024 [6] Production Capacity and Market Expansion - The company is expanding its C2 production capacity, with phase three expected to be completed by the end of 2025 and phase four by the end of 2026 [3] - There is a significant market opportunity in high-end polyethylene, with an annual import volume exceeding 13 million tons in China, indicating a supply gap [3]