STL(SZ:002648) Shanxi Securities·2025-03-27 12:01Investment Rating - The report maintains a "Buy-B" rating for the company [1][9] Core Views - The company has enhanced its integrated advantages in the industrial chain through new capacity and continuous R&D investment [2] - In 2024, the company achieved total revenue of 45.648 billion yuan, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% year-on-year [3] - The company’s overall sales gross margin and net margin improved to 23.57% and 13.28%, respectively, reflecting quality enhancement and differentiated product development [5] Financial Performance - In 2024, the company’s functional chemicals, polymer materials, and new energy materials generated revenues of 21.707 billion, 11.987 billion, and 0.841 billion yuan, respectively, with new energy materials growing rapidly by 80.77% year-on-year [5] - The company’s R&D investment reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, with a focus on key strategic materials and cutting-edge new materials [7] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 2.19, 2.45, and 2.66 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [8][9] Capacity Expansion and R&D - The company has made significant progress in its production capacity, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project, enhancing its competitive edge in the acrylic acid and ester industry [6][7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on catalyst, new energy materials, and polymer new materials [7]