STL(SZ:002648) Shanxi Securities·2025-03-27 12:23Investment Rating - The report maintains a "Buy-B" rating for the company [1][9] Core Views - The company has enhanced its integrated supply chain advantages 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 sales gross margin and net margin improved to 23.57% and 13.28%, respectively, reflecting quality enhancement and product differentiation [5] Financial Performance - In 2024, the company’s revenue from functional chemicals, polymer materials, and new energy materials reached 21.707 billion, 11.987 billion, and 0.841 billion yuan, with growth rates of 1.96%, 0.60%, and 80.77% respectively [5] - The company’s R&D investment in 2024 was 1.75 billion yuan, a 7.7% increase, with a R&D expense ratio of 3.8% [7] - The company’s projected EPS for 2025-2027 are 2.19, 2.45, and 2.66 yuan, with corresponding P/E ratios of 10, 9, and 8 times [8][9] Capacity and Production - The company has established a complete industrial chain for acrylic acid and esters, enhancing its market influence [6] - New production capacities are being steadily deployed, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project [6][7] Market Data - As of March 27, the closing price was 22.21 yuan, with a market capitalization of 74.818 billion yuan [5][6]