卫星化学股份有限公司（以下简称"公司"）第五届董事会第一次独立董事 专门会议通知于 2025 年 3 月 10 日以电话方式送达公司全体独立董事。本次会议 于 2025 年 3 月 14 日以通讯表决的方式召开，本次会议应出席的独立董事 4 人， 实际出席的独立董事 4 人。经独立董事共同推举吴依女士为本次会议的召集人和 主持人。 卫星化学股份有限公司 会议的召开和表决程序符合《上市公司独立董事管理办法》等法律、行政法 规、部门规章和《卫星化学股份有限公司章程》（以下简称《公司章程》）、《独 立董事工作制度》等规定。 第五届董事会第一次独立董事专门会议决议 二、会议审议情况 一、会议召开情况 1、审议通过了《关于 2025 年度日常关联交易预计的议案》 公司 2025 年度预计发生的日常关联交易为公司正常经营业务所需的交易， 符合公司正常生产经营的客观需要。本次关联交易遵循了公平、公正、公开的原 则，价格定价公允、合理，未对公司独立性构成不利影响，不存在损害公司及中 小股东利益的情形，符合相关法律法规及《公司章程》的有关规定。全体独立董 事一致同意公司关于 2025 年度日常关联交易预计的议案，并同意将该事项 ...

卫星化学股份有限公司 2024 年年度报告全文 卫星化学股份有限公司 2024 年年度报告 2025-004 2025 年 3 月 25 日 1 卫星化学股份有限公司 2024 年年度报告全文 2024 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人杨卫东、主管会计工作负责人郦珺及会计机构负责人（会计 主管人员）陈蕴玉声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利 预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者注意 投资风险。 公司在本报告第三节之"十一、公司未来发展的展望"中详细阐述了可 能面对的风险，敬请投资者注意阅读。 公司经本次董事会审议通过的利润分配预案为：以 3,368,645,690 为基 数，向全体股东每 10 股派发现金红利 5 元（含税），送 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-006 卫星化学股份有限公司（以下简称"公司"）于2025年3月24日召开第五届 董事会第八次会议，以9票同意、0票反对、0票弃权的表决结果审议通过了《关 于2024年度利润分配方案的议案》。本次利润分配方案尚需提交公司2024年度股 东大会审议。 二、利润分配方案的基本情况 （一）本次利润分配方案的基本内容 1、根据天健会计师事务所（特殊普通合伙）出具的2024年年度审计报告（天 健审〔2025〕852号），公司2024年度实现归属于上市公司股东的净利润为 6,071,835,708.47元，按照《中华人民共和国公司法》和《卫星化学股份有限公司 章程》（以下简称《公司章程》）的规定，提取法定公积金20,307,114.26元。截 至 2024 年 12 月 31 日 ， 公 司 总 股 本 为 3,368,645,690 股 ， 未 分 配 利 润 为 21,518,205,377.14元。 2、公司综合考虑投资者的合理回报和公司的长远发展，在保证公司正常经 营、业务发展及新项目建设的前提下，董事会拟定如下利润分配方案：公司拟以 未来实施分配方 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][18]. Core Views - The company is projected to achieve a revenue of 47.426 billion yuan in 2024, representing a year-on-year growth of 14.32%. Operating profit is expected to reach 7.067 billion yuan, up 31.40% year-on-year, while net profit is forecasted at 6.082 billion yuan, a 26.99% increase year-on-year [3][8]. - The company benefits from a solid cost advantage in the light hydrocarbon sector, with new project capacities contributing to revenue growth. The production of multi-carbon alcohols and ethanol amines is set to enhance business scale and competitiveness [3][7]. - In Q4 2024, the company is expected to report a revenue of 15.151 billion yuan, a 42.87% increase year-on-year, and a net profit of 2.389 billion yuan, reflecting a 71.13% year-on-year growth [7][8]. - The company has a robust pipeline of new projects scheduled for production from 2025 to 2027, which will further drive growth and enhance its competitive position in the market [8]. Summary by Sections Financial Performance - The company reported a significant increase in Q4 2024 revenue and net profit, driven by improved product prices and new project contributions [7]. - The projected earnings per share (EPS) for 2024 and 2025 are 1.81 yuan and 2.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.76 and 10.33 [8][9]. Market Position - The company operates primarily in the C3 and C2 industrial chains, focusing on propylene and ethylene production, benefiting from low raw material costs [3][8]. - The light hydrocarbon processing route offers a significant cost advantage compared to oil-based processes, supported by favorable tariff policies [7][8]. Future Growth - The company has a strong project reserve, with several key projects expected to come online in the coming years, providing a solid foundation for future growth [8].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q4 performance exceeded market expectations, driven by the successful launch of new production capacities and a recovery in the acrylic acid and ester industry [7] - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 47.43 billion yuan, representing a year-on-year increase of 14.3% [7] - The report highlights the positive outlook for the company's C2 and C3 segments, with anticipated profitability improvements due to market conditions and new capacity [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 41.49 billion yuan in 2023 to 66.41 billion yuan by 2026, with a compound annual growth rate of approximately 22.6% [6] - The net profit attributable to the parent company is expected to increase from 4.79 billion yuan in 2023 to 8.94 billion yuan in 2026, reflecting a growth rate of 35.7% [6] - The company's earnings per share (EPS) is forecasted to rise from 1.42 yuan in 2023 to 2.65 yuan in 2026 [6] Market Data - As of February 28, 2025, the company's closing price was 21.23 yuan, with a market capitalization of 71.47 billion yuan [2] - The company has a price-to-earnings (P/E) ratio projected to be 11 for 2025 and 8 for 2026, indicating favorable valuation metrics [6][7]

Investment 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]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [9]. Core Views - The company's net profit attributable to shareholders for 2024 is projected to be 6.08 billion yuan, representing a year-on-year increase of 27% [1]. - The average profit from ethane cracking is significantly higher compared to other methods, with ethane prices expected to remain low [2]. - The average price of acrylic acid is forecasted to increase, leading to improved profit margins [3]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [4]. - Profit forecasts for 2024, 2025, and 2026 have been revised upwards to 6.08 billion, 7.53 billion, and 9.53 billion yuan respectively, with corresponding EPS of 1.81, 2.24, and 2.83 yuan per share [5]. Financial Data Summary - Revenue is expected to grow from 41.49 billion yuan in 2023 to 47.43 billion yuan in 2024, reflecting a growth rate of 14.32% [7]. - The net profit margin is projected to improve, with net profit increasing from 4.79 billion yuan in 2023 to 6.08 billion yuan in 2024, a growth rate of 26.99% [7]. - The company's P/E ratio is expected to decrease from 14.59 in 2023 to 11.49 in 2024, indicating a more attractive valuation [7].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [9]. Core Views - The company's net profit attributable to shareholders for 2024 is projected to be 6.08 billion yuan, representing a year-on-year increase of 27% [1]. - The average profit from ethane cracking is significantly higher compared to other methods, with ethane prices expected to remain low [2]. - The average price of acrylic acid is forecasted to increase, leading to improved profit margins [3]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [4]. - Profit forecasts for 2024, 2025, and 2026 have been revised upwards to 6.08 billion, 7.53 billion, and 9.53 billion yuan respectively, with corresponding EPS of 1.81, 2.24, and 2.83 yuan per share [5]. Financial Data and Valuation - The company's revenue is projected to grow from 41.49 billion yuan in 2023 to 72.75 billion yuan in 2026, with a compound annual growth rate of approximately 30% [7]. - The net profit margin is expected to improve from 11.54% in 2023 to 13.10% in 2026 [15]. - The company's P/E ratio is forecasted to decrease from 14.59 in 2023 to 7.33 in 2026, indicating a potentially undervalued stock [7][15]. - The company's total assets are projected to increase from 64.58 billion yuan in 2023 to 76.44 billion yuan in 2026 [15].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [2][5]. Core Insights - The company is expected to achieve a revenue of 47.426 billion RMB in 2024, representing a year-over-year increase of 14.32%. The net profit is projected to be 6.082 billion RMB, up 26.99% year-over-year [5]. - The fourth quarter of 2024 showed significant growth, with revenue reaching 15.150 billion RMB, a year-over-year increase of 42.86%, and a net profit of 2.389 billion RMB, up 71.20% year-over-year [5]. - The company is benefiting from new capacity releases and price recovery in certain products, which have contributed to the unexpected profit growth in Q4 [5]. - The company is positioned as a leader in the domestic light hydrocarbon cracking industry, focusing on high-value-added products in the C2 and C3 industrial chains [5]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 69.451 billion RMB and a share price of 20.63 RMB as of February 25, 2025 [1]. Financial Performance - The company reported a net profit of 6.082 billion RMB for 2024, with projections of 7.393 billion RMB for 2025 and 8.957 billion RMB for 2026, reflecting growth rates of 21.55% and 21.16% respectively [7]. - The earnings per share (EPS) are expected to be 1.81 RMB in 2024, 2.19 RMB in 2025, and 2.66 RMB in 2026 [7]. Revenue and Cost Structure - The projected revenue for 2024 is 47.426 billion RMB, with operating costs estimated at 37.075 billion RMB, leading to an operating profit of 7.067 billion RMB [10]. - The company is investing in new projects, including a 25.7 billion RMB high-end new materials industrial park, which is expected to enhance the value of its C2 industrial chain [5]. Market Position and Strategy - The company is expanding its production capacity with multiple projects set to launch in 2025 and 2026, which will drive rapid growth in performance [5]. - The company has established a closed-loop industrial chain for propylene, propylene acid, and propylene acid esters, which helps in reducing production costs and increasing profitability [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [2][5]. Core Insights - The company is expected to achieve a revenue of 47.426 billion RMB in 2024, representing a year-over-year increase of 14.32%. The net profit is projected to be 6.082 billion RMB, reflecting a growth of 26.99% [5]. - The fourth quarter of 2024 showed significant growth, with revenue reaching 15.150 billion RMB, a year-over-year increase of 42.86%, and a net profit of 2.389 billion RMB, up 71.20% year-over-year [5]. - The company is benefiting from new capacity releases and price recovery in certain products, which has led to an unexpected increase in profits for Q4 [5]. - The company is positioned as a leader in the domestic light hydrocarbon cracking industry, focusing on high-value-added products in the C2 and C3 industrial chains [5]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 69.451 billion RMB and a share price of 20.63 RMB as of February 25, 2025 [1]. Financial Performance - The company reported a net profit of 6.082 billion RMB for 2024, with projections of 7.393 billion RMB for 2025 and 8.957 billion RMB for 2026, indicating a growth trajectory [7]. - The earnings per share (EPS) are expected to be 1.81 RMB in 2024, increasing to 2.19 RMB in 2025 and 2.66 RMB in 2026 [7]. Revenue and Cost Structure - The projected revenue for 2024 is 47.426 billion RMB, with operating costs estimated at 37.075 billion RMB, leading to an operating profit of 7.067 billion RMB [10]. - The company is investing in new projects, including a 25.7 billion RMB high-end new materials industrial park, which is expected to enhance the value of its C2 industrial chain [5]. Market Position and Strategy - The company is expanding its production capacity with multiple projects set to launch in 2025 and 2026, which will support its growth strategy [5]. - The company has established a closed-loop industrial chain for propylene, propylene acid, and propylene acid esters, which will help reduce production costs and increase profitability [5].