STL(SZ:002648) ZHESHANG SECURITIES·2025-09-09 07:32Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 23.46 billion yuan in H1 2025, representing 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 [2][4] - The improvement in C3 price spreads and the release of benefits from new projects contributed to the growth in H1 2025 [2][3] - The company is advancing new projects systematically, enhancing its integrated advantages in the C2 and C3 sectors, and focusing on high-value downstream applications [3][4] - The company is committed to technological innovation, with R&D expenditures of 773 million yuan in H1 2025, representing a R&D expense ratio of 3.29% [4][8] Financial Performance Summary - In H1 2025, the company reported a revenue of 234.60 billion yuan and a net profit of 27.44 billion yuan, with a weighted average return on equity of 8.61% [1][2] - The gross profit margin was 20.56%, a decrease of 0.52 percentage points year-on-year, while the net profit margin increased by 1.11 percentage points to 11.69% [1][2] - For Q2 2025, the company achieved a revenue of 111.31 billion yuan, a year-on-year increase of 5.05%, but a quarter-on-quarter decrease of 9.72% [1][2] Earnings Forecast and Valuation - The company is expected to achieve net profits of 6.35 billion yuan, 7.72 billion yuan, and 9.70 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.89 yuan, 2.29 yuan, and 2.88 yuan [9][11] - The current price corresponds to a PE ratio of 10.87 for 2025, 8.95 for 2026, and 7.12 for 2027, indicating significant growth potential [9][11]