STL(002648) 光大证券·2025-02-28 00:17Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved significant growth in Q4 2024, with a total revenue of 152 billion yuan, representing a year-on-year increase of 42% and a quarter-on-quarter increase of 18%. The net profit attributable to shareholders reached 24 billion yuan, up 71% year-on-year and 46% quarter-on-quarter [5][6] - The C3 industry chain profitability has improved significantly, contributing to the strong performance in Q4 2024. The company successfully launched several projects, enhancing its cost advantages and operational efficiency [6][10] - The company is expanding its multi-carbon alcohol project, which includes a production capacity of 80,000 tons of multi-carbon alcohol and aims to strengthen the integration of the C3 industry chain [7][10] - The α-olefin comprehensive utilization project has commenced construction, which is expected to support the company's long-term growth and development in high-end new materials [8][10] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 474 billion yuan, a 14% increase year-on-year, and a net profit of 61 billion yuan, up 27% year-on-year. The Q4 performance was particularly strong, with revenue and net profit showing substantial increases [5][10] Project Developments - The multi-carbon alcohol project has been successfully launched, addressing upstream and downstream raw material supply issues within the C3 industry chain. The second phase of this project is currently in trial production [7] - The α-olefin comprehensive utilization project is set to enhance the company's capabilities in producing high-end materials, with the first phase expected to be completed by the end of 2025 [8] Profitability and Valuation - The report projects a slight increase in the company's profit forecasts for 2024-2026, with net profits expected to be 60.82 billion yuan in 2024, 72.08 billion yuan in 2025, and 91.03 billion yuan in 2026. The corresponding EPS is projected to be 1.81 yuan, 2.14 yuan, and 2.70 yuan respectively [10]