STL(SZ:002648) Capital Securities·2025-10-30 07:08Investment Rating - The investment rating for the company is "Buy" [1][3] Core Insights - The company reported a revenue of 347.71 billion yuan for Q3 2025, a year-on-year increase of 7.73%, and a net profit attributable to shareholders of 37.55 billion yuan, up 1.69% year-on-year. However, Q3 revenue was 113.11 billion yuan, down 12.15% year-on-year and net profit was 10.11 billion yuan, down 38.21% year-on-year [7] - The decline in Q3 performance was attributed to equipment maintenance and non-recurring losses, although the net profit excluding non-recurring items showed a quarter-on-quarter increase [7] - The company is a leader in the C2 and C3 light hydrocarbon cracking sector, demonstrating resilience in operations during the cyclical downturn and potential for earnings recovery during the cyclical upturn [7] Financial Performance Summary - Revenue projections for the company are as follows: 456.48 billion yuan in 2024, 505.91 billion yuan in 2025, 588.46 billion yuan in 2026, and 681.90 billion yuan in 2027, with growth rates of 10.0%, 10.8%, 16.3%, and 15.9% respectively [4] - Net profit attributable to shareholders is forecasted to be 60.72 billion yuan in 2024, 56.88 billion yuan in 2025, 74.98 billion yuan in 2026, and 95.25 billion yuan in 2027, with growth rates of 26.8%, -6.3%, 31.8%, and 27.0% respectively [4] - The earnings per share (EPS) is expected to be 1.80 yuan in 2024, 1.69 yuan in 2025, 2.23 yuan in 2026, and 2.83 yuan in 2027 [4] Market and Price Analysis - The current closing price of the company's stock is 17.90 yuan, with a one-year high of 22.69 yuan and a low of 15.04 yuan [1] - The current price-to-earnings (P/E) ratio is 17.79 and the price-to-book (P/B) ratio is 1.88 [1]