STL(SZ:002648)2025-04-07 00:42Group 1: Impact of Tariffs - The announcement of tariffs on imported goods from the U.S. is a strategy to protect national interests, with the company developing three response plans [3] - If ethane is included in the tariff list, the company will seek exemptions and has already seen a reduction in the tariff rate from 2% to 1% for ethane, which is classified as a green energy source [3] - The potential impact of a 34% tariff on ethane could increase costs by 3%-5% if the company adopts a processing model, but overall operations are not expected to be fundamentally affected [3] Group 2: Price Fluctuations and Market Dynamics - Propane FEI prices dropped from $618/ton to $518/ton, a decrease of $100/ton, following the tariff announcement [4] - China imports approximately 2.38 million tons of polyethylene from the U.S. annually; tariffs may reduce imports, leading to domestic supply shortages and potential price increases [4] - The company aims to become a world-class chemical new materials technology company, focusing on high-end chemical projects to reduce reliance on imports and gain market advantages [4] Group 3: Oil Price and Product Pricing - Despite significant fluctuations in oil prices in 2024, ethylene and downstream product prices remained relatively stable due to low historical prices and recovering demand [5] - High-cost production capacities may reduce supply through shutdowns or maintenance, which could support chemical product prices [5] Group 4: Short-term Performance Outlook - The company is confident that the tariff measures will not impact short-term performance, as the tariffs have not yet been officially implemented [6][7] - Long-term effects on the company's performance are also expected to be minimal [7]