STL(002648) 首创证券·2024-10-25 01:40Investment Rating - The report assigns a "Buy" rating for the company [1] Core Insights - The company reported Q3 results that exceeded expectations, with a total revenue of 32.275 billion yuan for the first three quarters, a year-on-year increase of 0.71%, and a net profit attributable to shareholders of 3.693 billion yuan, up 7.64% year-on-year [2] - Q3 single-quarter profit saw a significant increase due to the resumption of production after maintenance and improved product price differentials, with Q3 revenue reaching 12.875 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51% [2] - Capital expenditures continue to grow, with 2.121 billion yuan spent in the first three quarters of 2024, a year-on-year increase of 10.66%, and ongoing projects ensuring the company's growth potential [2] - The company is expected to achieve net profits of 5.677 billion yuan, 6.839 billion yuan, and 8.548 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.69 yuan, 2.03 yuan, and 2.54 yuan, indicating strong growth potential [2] Summary by Sections Financial Performance - For Q3, the company achieved a net profit of 1.637 billion yuan, reflecting a year-on-year increase of 2.08% and a quarter-on-quarter increase of 58.36% [2] - The average price of raw materials such as U.S. MB ethane decreased by 46.46% year-on-year in Q3 2024, while the price differential for ethylene production increased by 33.26% year-on-year [2] Capital Expenditure and Projects - As of the end of Q3 2024, the company's ongoing projects amounted to 3.498 billion yuan, a 9.79% increase from the end of 2023 [2] - The successful launch of the first phase of the 800,000-ton multi-carbon alcohol project is expected to enhance the utilization of propylene resources and lower production costs [2] Future Projections - The company anticipates a revenue growth rate of 12.0% for 2024, with net profit growth rates of 18.5%, 20.5%, and 25.0% for the following years [4]