STL(SZ:002648) Guolian Minsheng Securities·2025-08-13 11:10Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a strong performance in H1 2025, achieving operating revenue of 23.46 billion yuan, a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 2.744 billion yuan, up 33.44% year-on-year [4][14] - In Q2 2025, the company generated operating revenue of 11.131 billion yuan, reflecting a year-on-year increase of 5.05% but a quarter-on-quarter decrease of 9.72%. The net profit for the same period was 1.175 billion yuan, up 13.72% year-on-year but down 25.07% quarter-on-quarter [4][14] - The increase in ethane costs has slightly impacted the company's performance, with the average price of ethane in the U.S. rising by 27.28% year-on-year in Q2 2025 [14] - The C3 product price spread has widened, leading to improved profitability in the C3 segment, with average price spreads for various products showing significant year-on-year increases [15] - The easing of tariffs is expected to stabilize raw material costs, reinforcing the company's cost advantages and strong profitability in core business [16] - The company is projected to achieve net profits of 5.1 billion yuan, 6.6 billion yuan, and 8.2 billion yuan for the years 2025 to 2027, respectively, with corresponding EPS of 1.51 yuan, 1.97 yuan, and 2.43 yuan [17] Financial Data Summary - For H1 2025, the company reported operating revenue of 23.46 billion yuan and a net profit of 2.744 billion yuan [4][14] - The projected operating revenues for 2025, 2026, and 2027 are 54.126 billion yuan, 67.454 billion yuan, and 78.681 billion yuan, respectively, with growth rates of 18.57%, 24.62%, and 16.64% [18] - The projected net profits for the same years are 5.097 billion yuan, 6.622 billion yuan, and 8.183 billion yuan, with growth rates of -16.06%, 29.92%, and 23.58% [18]