STL(002648) 申万宏源·2025-03-25 11:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant performance growth, with successful progress in its ethane new materials project, indicating promising growth potential [1][6] - The financial forecast for 2025 has been adjusted upwards, reflecting improved profitability in both C2 and C3 segments, with expected net profits of 6.875 billion [6][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 41.487 billion in 2023 to 53.971 billion in 2025, representing a year-on-year growth rate of 18.2% [5][8] - The net profit attributable to the parent company is expected to increase from 4.789 billion in 2023 to 6.875 billion in 2025, with a year-on-year growth rate of 13.2% [5][8] - The gross profit margin is anticipated to be 22.6% in 2025, with a return on equity (ROE) of 19.5% [5][8] Market and Product Insights - The company is expected to benefit from a favorable cost structure in its C2 segment due to stable ethane prices and improved product price differentials [6] - The new material products are set to be gradually launched, with significant capacity additions planned for 2025, enhancing revenue potential [6] - The C3 segment is projected to see profitability improvements due to new production capacities and a tightening supply-demand balance in the propionic acid and ester markets [6]