STL(SZ:002648) Haitong Securities·2024-04-25 05:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant year-on-year increase in net profit for Q1 2024, achieving a net profit of 1.023 billion yuan, which is a 46.55% increase compared to the previous year [6] - The company continues to increase its R&D investment, with R&D expenses reaching 394 million yuan in Q1 2024, up 39.46% year-on-year, primarily due to increased project investments [6] - The company has announced scheduled maintenance for some of its production facilities, which is not expected to significantly impact the overall annual performance [6] - Profit forecasts for the company indicate a net profit of 6.014 billion yuan in 2024, 8.065 billion yuan in 2025, and 9.050 billion yuan in 2026, with corresponding EPS of 1.79 yuan, 2.39 yuan, and 2.69 yuan [6][7] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 8.805 billion yuan, a decrease of 6.95% year-on-year, while net profit increased significantly [6] - The company’s total revenue for 2023 is projected to be 41.487 billion yuan, with a year-on-year growth of 12% [7] - The net profit for 2023 is expected to be 4.789 billion yuan, reflecting a year-on-year increase of 54.7% [7] Valuation Metrics - The estimated reasonable value range for the company's stock is between 21.48 yuan and 25.06 yuan based on a P/E ratio of 12-14 times the 2024 EPS [6] - The company’s average P/E ratio for 2024 is projected to be 9.54, indicating a favorable valuation compared to peers [9] Market Comparison - The company has shown a relative performance increase compared to the CSI 300 index, with absolute gains of 6.7% over 1 month, 13.0% over 2 months, and 27.9% over 3 months [4]