STL(SZ:002648) Guohai Securities·2025-10-27 10:07Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Insights - The company achieved a revenue of 34.771 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 7.73%. The net profit attributable to the parent company was 3.755 billion yuan, up 1.69% year-on-year [5][7]. - In Q3 2025, the company reported a revenue of 11.311 billion yuan, a decrease of 12.15% year-on-year, while the net profit attributable to the parent company was 1.011 billion yuan, down 38.21% year-on-year [6][8]. - The company is expanding its high-end olefin projects, which are expected to drive long-term growth [11][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a net profit of 3.755 billion yuan, with a cash flow from operating activities of 6.621 billion yuan, an increase of 16.28% year-on-year [5][7]. - In Q3 2025, the company’s net profit was 1.011 billion yuan, with a significant decline in cash flow from operating activities to 1.569 billion yuan, down 56.16% year-on-year [6][10]. Product Pricing and Market Conditions - The average price of propane in Q3 2025 was 573 USD/ton, down 12.46% year-on-year, while the average price of acrylic acid was 6,675 yuan/ton, down 5.29% year-on-year [8][19]. - The company’s sales gross margin was 20.71% for the first three quarters, a decrease of 1.39 percentage points year-on-year [5][7]. Growth Prospects - The α-olefin comprehensive utilization project is progressing well, with a total planned investment of approximately 26.6 billion yuan, expected to enhance the company's production capacity and support long-term growth [11][12]. - The company plans to launch several new projects in 2025, including a production capacity of 200,000 tons of refined acrylic acid and 80,000 tons of neopentyl glycol [11][12].