另一方面，卫星化学则依托全产业链体系，持续推进战略转型。卫星化学于2024年投资建成年产10万吨 的乙醇胺装置、完善环氧乙烷下游化学品发展矩阵；顺利投产新材料新能源一体化项目，实现C3产业 链耦合闭环，新材料产业链进一步提质升级。从整体来看，卫星化学不断延链、强链、补链，推进绿色 低碳高质量发展，将产业链向高端化、绿色化迈进。 相关机构人士向《证券日报》记者表示，卫星化学的绿色全产业链战略，契合全球化工行业向低碳、可 持续转型的大趋势，极具前瞻性。在"双碳"目标与环保政策趋严的背景下，传统化工企业面临能源结构 调整、污染物减排等多重压力，而卫星化学将绿色理念贯穿产业链上下游，从原料选择、工艺革新到产 品应用，构建起全链条的绿色化体系，这不仅是应对外部挑战的关键之举，更是抢占未来市场竞争制高 点的重要布局。 中关村物联网产业联盟副秘书长袁帅对《证券日报》记者表示，高分红传递出卫星化学管理层对公司发 展的积极预期，有助于提升公司市场形象与品牌价值，为长远发展筑牢根基。 从外部环境来看，卫星化学的业绩增长并非"顺水行舟"。根据石化联合会报告，2024年石化行业营收同 比增长2.1%，利润总额却同比下降8.8%；其中 ...

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 5.00 RMB per 10 shares for all shareholders, with a total distribution amount of approximately 1.68 billion RMB [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on April 14, 2025, and will be based on the total share capital as of the record date [1]. - The total number of shares eligible for distribution is 3,356,567,311 shares, leading to a total cash dividend of 1,678,283,655.50 RMB [1][4]. - The cash dividend per share after the distribution will be calculated as 0.4982072 RMB per share [1][4]. Group 2: Adjustments and Conditions - The distribution amount will be adjusted if there are changes in the total share capital due to share buybacks or other corporate actions before the record date [2]. - The company will not issue new shares or bonus shares this year, and any undistributed profits will be carried forward to future distributions [1][2]. - The record date for the dividend distribution is set for June 6, 2025, with the ex-dividend date on June 9, 2025 [3]. Group 3: Taxation and Distribution Method - The cash dividend will be subject to different tax rates based on the type of shareholder, with specific provisions for Hong Kong investors and domestic investors [2][3]. - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies [3][4].

证券代码：002648 证券简称：卫星化学 公告编号：2025-028 卫星化学股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元/股（含）。按回购上限价格和拟回 购金额的上、下限测算，预计本次回购股份的数量为6,779,661股-13,559,322股， 约占公司目前已发行总股本的0.20%-0.40%，具体回购股份的数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通 过本回购方案之日起不超过十二个月。具体内容详见公司在《证券时报》《中国 证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方案 的公告暨回购报告书》（ ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-029 卫星化学股份有限公司 2024 年度分红派息实施公告 卫星化学股份有限公司（以下简称"公司"）2024年度分红派息方案已获2025 年4月14日召开的2024年度股东大会审议通过，现将分红派息事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、2024年度股东大会审议通过的分配方案的具体内容： 公司拟以未来实施分配方案时股权登记日的总股本为基数，按照"分配比例 固定"的原则，向全体股东每10股派发现金红利5.00元（含税）。本年度公司不 以资本公积金转增股本，不送红股，剩余未分配利润滚存至以后年度分配。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、公司2024年度利润分配方案为：以公司现有总股本剔除已回购股份 12,078,379股后的3,356,567,311股为基数，向全体股东每10股派5.00元人民币现金 （含税）。 2、鉴于公司回购专用账户中的股份不参与分红派息，本次实际现金分红的 总金额=实际参与分配的总股本×分配比例，即3,356,567,311股×0 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-027 卫星化学股份有限公司 9号——回购股份》等相关规定。 1、公司未在下列期间回购公司股份： 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元/股（含）。按回购上限价格和拟回 购金额的上、下限测算，预计本次回购股份的数量为6,779,661股-13,559,322股， 约占公司目前已发行总股本的0.20%-0.40%，具体回购股份的数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通 过本回购方案之日起不超过十二个月。具体内容详见公司在《证券时报》《中国 证券报》和巨潮资讯网（www.cninfo. ...

Group 1 - Satellite Chemical (002648.SZ) reported its Q1 2025 financial results, with 152 institutional investors holding a total of 1.852 billion shares, representing 54.99% of the total share capital [1] - The top ten institutional investors collectively hold 51.98% of the shares, with a slight decrease of 0.05 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 49 funds increased their holdings, accounting for a 0.25% increase, while 40 funds decreased their holdings, representing a 0.36% decrease [2] - A total of 35 new public funds were disclosed this period, while 493 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.31%, while Kuwait Investment Authority slightly reduced its holdings [2]

Group 1 - The core viewpoint of the news is that the China Securities Oil and Gas Industry Index has experienced a decline in recent months, indicating a challenging environment for companies in the oil and gas sector [2][4] - The China Securities Oil and Gas Industry Index has decreased by 4.40% in the past month, 4.46% in the past three months, and 7.29% year-to-date [2] - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production, reflecting the overall performance of listed companies in the oil and gas industry [2][3] Group 2 - The top ten weighted companies in the index are: China National Petroleum (10.39%), China National Offshore Oil (10.28%), Sinopec (9.63%), Guanghui Energy (5.03%), China Merchants Energy (3.8%), Jereh Group (3.67%), Hengli Petrochemical (3.2%), Satellite Chemical (3.18%), COSCO Shipping Energy (2.8%), and Dongfang Shenghong (2.74%) [2] - The index's holdings are primarily listed on the Shanghai Stock Exchange (71.55%) and the Shenzhen Stock Exchange (28.45%) [2] - The industry composition of the index shows that energy accounts for 61.85%, materials for 20.41%, industrials for 14.82%, finance for 1.75%, and utilities for 1.17% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 45.65 billion yuan (up 10% year-on-year) and net profit attributable to shareholders reaching 6.07 billion yuan (up 27% year-on-year) [7] - The increase in performance is primarily attributed to the production launch of a 100,000-ton ethanolamine project and an 800,000-ton polyol project [7] - The company has initiated a share buyback program, purchasing 350,000 shares at a maximum price of 18.90 yuan per share, totaling 6.59 million yuan [7] - The decline in ethane prices due to lower natural gas prices in the U.S. has improved profitability, with an average ethane price of 143 USD/ton in 2024 (down 35 USD/ton year-on-year) [7] - New projects are progressing steadily, including the first phase of the Lianyungang α-olefin high-end new materials industrial park, with a total investment of 26.6 billion yuan, expected to be completed by the end of 2025 [7] - The company has adjusted its net profit forecasts for 2025 and 2026 to 7 billion yuan and 9.1 billion yuan, respectively, with a new forecast for 2027 at 10.7 billion yuan [7] Financial Summary - Total revenue projections for the company are as follows: 53.77 billion yuan in 2025, 63.11 billion yuan in 2026, and 71.31 billion yuan in 2027, with year-on-year growth rates of 17.78%, 17.38%, and 12.99% respectively [1] - Net profit attributable to shareholders is projected to be 7.04 billion yuan in 2025, 9.08 billion yuan in 2026, and 10.75 billion yuan in 2027, with growth rates of 15.93%, 29.00%, and 18.38% respectively [1] - The latest diluted EPS is expected to be 2.09 yuan in 2025, 2.70 yuan in 2026, and 3.19 yuan in 2027 [1] - The P/E ratios based on the closing price on April 25, 2025, are projected to be 9, 7, and 6 times for 2025, 2026, and 2027 respectively [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 12.329 billion yuan for Q1 2025, representing a year-on-year increase of 40.03% - The net profit attributable to shareholders was 1.568 billion yuan, up 53.38% year-on-year - The net profit after deducting non-recurring items was 1.692 billion yuan, reflecting a 59.17% increase year-on-year - The net cash flow from operating activities reached 1.599 billion yuan, a significant increase of 141.91% year-on-year [2][6] Financial Performance - The average price of ethane in Q1 2025 was 205 USD/ton, a 26.20% increase from the previous quarter - The average prices for ethylene, HDPE, ethylene glycol, and epoxy ethane in Q1 2025 were 6,279, 8,474, 4,658, and 6,967 yuan/ton respectively, with changes of +1.28%, -3.50%, -0.90%, and -0.38% [12] - The company has invested in a 100,000-ton ethanolamine facility, enhancing its product matrix and achieving a total capacity of 1.82 million tons of ethylene glycol and other derivatives [12] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.45 billion yuan, 9.52 billion yuan, and 12.26 billion yuan respectively, with corresponding PE ratios of 10.0X, 6.8X, and 5.3X [12]

Investment Rating - The report maintains a "Strong Buy" rating for Satellite Chemical, with a target price of 25.32 CNY [2][8]. Core Views - Satellite Chemical reported a significant year-on-year revenue increase of 40.03% in Q1 2025, achieving a total revenue of 12.329 billion CNY. The net profit attributable to shareholders reached 1.568 billion CNY, marking a 53.38% increase year-on-year [2][8]. - The company is expected to continue its high-quality growth, driven by the successful launch of new production lines and cost reduction initiatives [2][8]. Financial Performance Summary - For 2024A, the projected main revenue is 45.648 billion CNY, with a year-on-year growth rate of 10.0%. By 2025E, revenue is expected to rise to 50.435 billion CNY, reflecting a growth rate of 10.5% [4]. - The net profit attributable to shareholders is forecasted to be 6.072 billion CNY in 2024A, increasing to 7.096 billion CNY in 2025E, which corresponds to a growth rate of 16.9% [4]. - The earnings per share (EPS) is projected to grow from 1.80 CNY in 2024A to 2.11 CNY in 2025E [4]. Market and Industry Insights - The report highlights that the company has successfully launched new products, including a 100,000-ton/year ethanolamine plant and an 800,000-ton multi-carbon alcohol project, contributing to significant revenue growth [2][8]. - The report notes that the price of ethane has shown a downward trend, which is expected to alleviate cost pressures for the company [2][8]. - The company is expanding its industrial chain, with a total investment of 26.6 billion CNY in the alpha-olefins project, which is anticipated to enhance profitability through the production of high-value-added products [2][8].