Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 32.98 billion yuan for 2024, a year-on-year increase of 13%, and a net profit of 6.34 billion yuan, also up 12% year-on-year. In Q4 alone, the revenue was 8.71 billion yuan, with a net profit of 1.80 billion yuan, showing a quarter-on-quarter increase of 46% [1][3] - The company is a leader in the domestic coal-to-olefins industry, with significant cost advantages. The production capacity from the Inner Mongolia project is expected to enhance earnings elasticity [3][5] - The company anticipates net profits of 11.40 billion yuan, 13.25 billion yuan, and 15.44 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 79.81%, 16.27%, and 16.53% [3][5] Financial Summary - The company achieved a total revenue of 32.98 billion yuan in 2024, with a projected revenue of 50.05 billion yuan in 2025, reflecting a growth rate of 51.75% [4][6] - The gross margin for the year was 33.1%, an increase of 2.7 percentage points year-on-year, while the net margin was 19.2%, a slight decrease of 0.2 percentage points [5][6] - The company’s polyethylene and polypropylene revenues were 8.05 billion yuan and 7.80 billion yuan respectively, with year-on-year changes of +36% and +53% [5][6] Production Capacity and Future Growth - The Inner Mongolia project, with a capacity of 2.6 million tons per year, is set to begin production in November 2024, making it the largest coal-to-olefins project globally. Once fully operational, the company's total olefins capacity will reach 5.2 million tons per year [5][6] - The company is also planning a coal-to-olefins project in Xinjiang, which could add approximately 3.9 million tons of capacity, contributing significantly to future earnings growth [5][6]