STL(002648) 东海证券·2024-05-09 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][41]. Core Insights - The company achieved a revenue of 41.487 billion yuan in 2023, representing a year-on-year increase of 12.00%, and a net profit attributable to shareholders of 4.789 billion yuan, up 54.71% year-on-year [2][5]. - The company benefits from significant cost advantages in raw materials, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year [2][13]. - The company is undergoing continuous upgrades in its industrial chain, with new production facilities for various chemicals and materials coming online, contributing to a substantial increase in production and sales [2][36]. - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new energy materials, which is expected to support its growth trajectory [2][41]. Summary by Sections Company Growth - The company is on a high-quality growth trajectory, with a net profit margin improvement from 15.39% in 2020 to 11.59% in Q1 2024, indicating a positive trend in profitability [5][41]. Cost Improvement - The company has seen a significant reduction in raw material costs, with ethane prices continuing to decline into 2024, which is expected to further enhance profitability [2][13][23]. Demand Outlook - The report anticipates an increase in downstream demand, supported by the company's strategic investments and product expansions [2][36]. Industrial Upgrade - The company has completed the construction of several new production facilities, enhancing its competitive position in high-performance materials and new energy materials [2][36][41].