STL(SZ:002648) Tianfeng Securities·2024-04-23 05:30Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's net profit attributable to shareholders for Q1 2024 is 1.023 billion yuan, representing a year-on-year increase of 46.55%, primarily benefiting from the widening oil-gas price spread [1] - The increase in ethane cracking profit due to the oil-gas price spread is significant, with Q1 2024 ethane cracking profit at 2,937 yuan/ton, up 548 yuan/ton year-on-year [2] - The price of ethylene has risen to 4,588 yuan/ton in Q1 2024, an increase of 440 yuan/ton year-on-year, contributing positively to the company's Q1 performance [3] - New projects are entering the environmental assessment phase, with expectations that the ethylene production capacity from the ethane route will increase from 2.5 million tons to 5 million tons after the completion of two phases [4] - The profit forecast for the company is maintained at 5.72 billion yuan, 6.77 billion yuan, and 8.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 2.01, and 2.59 yuan per share [5] Financial Data Summary - The company's revenue for 2024 is projected to be 51.31 billion yuan, with a growth rate of 23.67% [6] - The net profit attributable to shareholders for 2024 is forecasted at 5.72 billion yuan, reflecting a growth rate of 19.45% [6] - The company's EPS for 2024 is estimated at 1.70 yuan per share, with a P/E ratio of 11.41 [6] - The company's total assets are expected to be 57.93 billion yuan in 2024, with a debt-to-asset ratio of 38.79% [9]