STL(SZ:002648) Guohai Securities·2024-03-03 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company is a leading integrated producer in the light hydrocarbon industry chain in China, focusing on high-quality development of C2 and C3 chains, and continuously innovating in functional chemicals, polymer new materials, new energy materials, hydrogen energy, and carbon dioxide comprehensive utilization [2][4]. - The company is actively expanding its overseas markets in Southeast Asia, Central Asia, Africa, America, and Europe, enhancing its global operational capabilities [2][4]. - The company has a strong commitment to green and low-carbon development, implementing a "4R" green development model (carbon reduction, carbon capture, carbon recycling, carbon substitution) [2][4]. Summary by Sections Recent Performance - The company's stock has outperformed the CSI 300 index, with a 20.6% increase over the past month compared to 9.9% for the index [2]. - The current stock price is 16.61 yuan, with a 52-week price range of 12.42-17.25 yuan [2]. Financial Forecast - The company is expected to achieve net profits of 4.95 billion, 6.39 billion, and 7.89 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding P/E ratios of 11, 9, and 7 [9][19]. - Revenue is projected to grow from 45.99 billion yuan in 2023 to 60.44 billion yuan in 2025, with growth rates of 24%, 17%, and 12% [9][19]. R&D and Innovation - The company plans to invest over 10 billion yuan in R&D over the next five years, focusing on key areas such as industrial catalysts, new energy materials, and functional chemicals [6][7]. - The company has developed a high-carbon α-olefin technology that has been recognized as superior to similar products domestically and internationally, positioning it as a leader in the α-olefin industry chain [6][7]. Shareholder Returns - The company has established a stable dividend mechanism, with cumulative dividends of 1.773 billion yuan from 2021 to 2023, representing 16.52% of the average distributable profits over the last three years [7][19].