STL(002648) 天风证券·2025-02-26 12:25Investment Rating - The investment rating for the company is "Buy" with a target price not specified [9]. Core Views - The company's net profit attributable to shareholders for 2024 is projected to be 6.08 billion yuan, representing a year-on-year increase of 27% [1]. - The average profit from ethane cracking is significantly higher compared to other methods, with ethane prices expected to remain low [2]. - The average price of acrylic acid is forecasted to increase, leading to improved profit margins [3]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [4]. - Profit forecasts for 2024, 2025, and 2026 have been revised upwards to 6.08 billion, 7.53 billion, and 9.53 billion yuan respectively, with corresponding EPS of 1.81, 2.24, and 2.83 yuan per share [5]. Financial Data Summary - Revenue is expected to grow from 41.49 billion yuan in 2023 to 47.43 billion yuan in 2024, reflecting a growth rate of 14.32% [7]. - The net profit margin is projected to improve, with net profit increasing from 4.79 billion yuan in 2023 to 6.08 billion yuan in 2024, a growth rate of 26.99% [7]. - The company's P/E ratio is expected to decrease from 14.59 in 2023 to 11.49 in 2024, indicating a more attractive valuation [7].