STL(002648) 太平洋·2024-05-11 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Insights - The company's performance is driven by significant growth in its polymer materials business, with a notable increase in revenue and profit margins. In Q1 2024, the company reported revenue of 8.804 billion yuan, a year-on-year decrease of 6.95%, while net profit attributable to shareholders increased by 46.55% to 1.023 billion yuan [4]. - In 2023, the company achieved a total revenue of 41.487 billion yuan, up 12.00% year-on-year, and a net profit of 4.789 billion yuan, reflecting a 54.71% increase. The polymer materials segment saw a revenue increase of 61.92% to 11.916 billion yuan, with a gross margin of 29.56% [4][5]. - The company has successfully completed the acquisition of Jiahong New Materials, adding significant production capacity, and has made advancements in its C2/C3 product lines, enhancing its green development initiatives [4][6]. Financial Summary - The company’s projected financials for 2024-2026 include revenues of 47.291 billion yuan, 54.900 billion yuan, and 65.598 billion yuan, with respective growth rates of 13.99%, 16.09%, and 19.49% [5]. - Net profit forecasts for the same period are 5.967 billion yuan, 6.875 billion yuan, and 8.566 billion yuan, with growth rates of 24.59%, 15.22%, and 24.59% [5]. - The diluted earnings per share (EPS) are expected to be 1.77 yuan, 2.04 yuan, and 2.54 yuan for 2024, 2025, and 2026, respectively [5].