STO(SZ:002468) Shenwan Hongyuan Securities·2025-05-06 03:16Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a total revenue of 47.169 billion yuan in 2024, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 1.04 billion yuan, showing a significant increase of 205.2% [7]. - In Q4 2024, the company achieved a revenue of 13.679 billion yuan, with a year-on-year growth of 18.05%, and a net profit of 387 million yuan, reflecting a year-on-year increase of 223.83% [7]. - For Q1 2025, the company reported a revenue of 11.999 billion yuan, up 18.4% year-on-year, and a net profit of 236 million yuan, which is a 24% increase compared to the same period last year [7]. - The company’s business volume reached 22.729 billion pieces in 2024, growing by 29.83% year-on-year, with a market share increase to 12.98% [7]. - The report highlights the company's strong performance amid intense competition, with a business volume growth of 26.6% in Q1 2025, surpassing the industry average of 21.6% [7]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 57.483 billion yuan, with a year-on-year growth rate of 21.9% [2]. - The net profit forecast for 2025 is 1.383 billion yuan, indicating a growth of 33% compared to 2024 [2]. - The earnings per share (EPS) for 2025 is estimated at 0.90 yuan, with a projected price-to-earnings (PE) ratio of 12 [2]. - The report anticipates continued growth in net profit for 2026 and 2027, with estimates of 1.685 billion yuan and 2.003 billion yuan respectively [2].