STL(SZ:002648) Huaxin Securities·2025-03-27 12:31Investment Rating - The report maintains a "Buy" investment rating for the company [4][8]. Core Insights - The company is expected to achieve revenue growth in 2024, driven by increased production and sales of chemical products and new materials, with a projected revenue of 456.48 billion yuan, representing a year-on-year increase of 10.03% [3][4]. - The company successfully launched an 800,000-ton multi-carbon alcohol project, enhancing its market influence in the acrylic acid industry and creating a closed-loop industrial chain [4]. - The company is increasing its R&D investment to overcome key material technology challenges, with R&D expenses rising by 7.69% year-on-year [5]. - The establishment of a 100,000-ton ethanolamine facility and the acceleration of new acrylic acid production capacity in Pinghu and Jiaxing are part of the company's strategy to enhance its product offerings [6]. - The company forecasts significant profit growth, with net profits expected to reach 69.47 billion yuan in 2025, 89.63 billion yuan in 2026, and 114.28 billion yuan in 2027, corresponding to price-to-earnings ratios of 10.5, 8.1, and 6.4 respectively [8][10]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 456.48 billion yuan and a net profit of 60.72 billion yuan, with quarterly performance showing a 41.69% year-on-year increase in Q4 revenue [3][4]. - The company’s chemical and new materials production reached 7.33 million tons, with sales of 7.35 million tons, marking increases of 15.18% and 15.83% year-on-year respectively [4]. R&D and Production Capacity - The company is focusing on increasing R&D investment to drive innovation and reduce reliance on imports, with significant advancements in high-end materials [5]. - The completion of the ethanolamine facility and the ongoing development of new acrylic acid capacities are expected to enhance the company's product matrix and value chain [6]. Profit Forecast - The company anticipates robust profit growth, with net profits projected to grow at rates of 14.4%, 29.0%, and 27.5% from 2025 to 2027 [10].