Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.91 CNY [1][6]. Core Views - The company's revenue for 2024 is projected to be 456.48 billion CNY, representing a year-on-year increase of 10.03%. The net profit attributable to shareholders is expected to reach 60.72 billion CNY, up 26.77% year-on-year [6][7]. - The C2 industry chain is experiencing improved profitability, driven by a stabilization in the global natural gas supply-demand balance and a decrease in ethane prices, which are expected to support the company's growth trajectory [6][7]. - The company has successfully launched a new 100,000 tons/year ethanolamine facility and achieved a successful first run of an 800,000 tons/year multi-carbon alcohol project, enhancing its product portfolio and cost efficiency [6][7]. Financial Summary - The company achieved a gross margin of 23.57% and a net margin of 13.28% in 2024, both showing improvements of 3.73 and 1.75 percentage points year-on-year, respectively [6][7]. - The projected net profit for 2025-2027 is adjusted to 70.96 billion CNY, 96.73 billion CNY, and 111.12 billion CNY, respectively, with corresponding EPS of 2.11 CNY, 2.87 CNY, and 3.30 CNY [6][7]. - The company’s PE ratios for 2025-2027 are projected to be 10x, 8x, and 7x, respectively, indicating a favorable valuation compared to historical averages [6][7].