质量回报双提升，坚定科技创造未来

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has launched a dual quality return enhancement action plan focusing on core business, innovation leadership, governance solidification, compliance information disclosure, and shared results [1]. - The company has developed a high-carbon α-olefin technology that has achieved superior purity levels compared to domestic and international peers, filling a domestic technology gap and securing raw material support for high-end polyethylene and other advanced lubricants [1]. - The company plans to invest over 10 billion RMB in R&D over the next five years, with additional incentives for technological innovation [1]. - The company aims to establish a sustainable and stable dividend return mechanism for investors, with a projected net profit for 2023 expected to be between 4.6 billion and 5.2 billion RMB, representing a year-on-year growth of 48% to 67% [1]. Financial Summary - The company’s revenue is projected to grow from 37.04 billion RMB in 2022 to 54.18 billion RMB in 2024, with a compound annual growth rate (CAGR) of 25% [3]. - The net profit is expected to increase from 3.06 billion RMB in 2022 to 6.26 billion RMB in 2024, reflecting a significant recovery and growth trajectory [3]. - The earnings per share (EPS) is projected to rise from 0.91 RMB in 2022 to 1.86 RMB in 2024 [3]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 18.6 in 2022 to 9.1 in 2024, indicating improved valuation attractiveness [3]. Profitability and Cost Analysis - The company benefits from low-cost ethane prices, with a year-on-year decrease of 24% in Nymex US ethane swap contracts, maintaining a strong cost advantage [2]. - The profitability of the C2 segment remains at a historically favorable level, while the C3 segment shows potential for upward rebound due to low product prices [2]. Future Profit Forecast - The company’s projected net profits for 2023, 2024, and 2025 are 4.98 billion, 6.26 billion, and 7.20 billion RMB respectively, with corresponding P/E ratios of 11.5, 9.1, and 7.9 [2].