Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 22.10 CNY, while the current price is 18.29 CNY [4][10]. Core Insights - The company's Q3 performance exceeded market expectations, with revenue of 12.875 billion CNY, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51%. Net profit reached 1.637 billion CNY, up 2.08% year-on-year and 58.36% quarter-on-quarter [10]. - The company has successfully commenced its α-olefin high-end new materials industrial park, with multiple projects contributing to incremental growth [2][10]. - The price spreads of major products have expanded, indicating a recovery in chemical product prices, supported by recent economic stimulus policies [10]. Financial Summary - Revenue for 2024 is projected to be 51.731 billion CNY, reflecting a growth of 24.7% compared to 2023. Net profit is expected to reach 5.720 billion CNY, a 19.4% increase [11]. - The company reported a net asset value per share of 7.80 CNY, with a current price-to-book ratio of 2.3 [6]. - The company’s R&D investment for the first three quarters of 2024 was 1.293 billion CNY, a year-on-year increase of 4.30% [10].

证 券 研 究 报 告 卫星化学（002648）2024 年三季报点评 强推（维持） Q3 业绩符合预期，α-烯烃项目配套持续完善 目标价：25.61 元 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [7]. Core Views - The company's net profit attributable to shareholders for Q3 2024 reached 1.64 billion, reflecting a year-on-year increase of 2.1%, primarily due to low ethane prices [1]. - The average price of ethane in Q3 2024 was 16 cents per gallon, significantly lower than 29 cents per gallon in Q3 2023, leading to an increase in ethane-ethylene profit by 605 yuan per ton year-on-year [2]. - The first phase of the company's 800,000-ton multi-carbon alcohol project was successfully put into production, addressing upstream and downstream raw material supply issues in the C3 integrated industrial chain [3]. - The company signed contracts for the leasing of 8 raw material transport vessels, expected to be delivered in 2027, ensuring a stable supply of raw materials [4]. - The company forecasts net profits of 5.72 billion, 6.77 billion, and 8.71 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 2.01, and 2.59 yuan per share [5]. Financial Data and Valuation - The company's revenue is projected to grow from 41.49 billion in 2023 to 78.25 billion in 2026, with a CAGR of 30% [6]. - The net profit attributable to shareholders is expected to increase from 4.79 billion in 2023 to 8.71 billion in 2026, reflecting a growth rate of 28.59% in 2026 [6]. - The company's P/E ratio is projected to decrease from 13.31 in 2023 to 7.32 in 2026, indicating improved valuation attractiveness [6]. - The company's total assets are expected to grow from 64.58 billion in 2023 to 76.20 billion in 2026 [9].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][10]. Core Views - The company achieved a 32% year-on-year growth in net profit attributable to shareholders after deducting non-recurring items in Q3 2024, meeting expectations. For the first three quarters of 2024, the company reported revenue of 32.28 billion yuan (up 0.7% year-on-year) and a net profit of 3.69 billion yuan (up 7.6% year-on-year) [5][9]. - The decline in ethane costs has positively impacted the company's profitability, reinforcing its position as a leading integrated producer in the light hydrocarbon industry chain [8][9]. - The company is investing 25.7 billion yuan in a new high-end materials industrial park project, which is expected to enhance its long-term growth prospects [2][9]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 12.88 billion yuan (up 9.9% year-on-year, up 21.5% quarter-on-quarter) and a net profit of 1.64 billion yuan (up 2.1% year-on-year, up 58.4% quarter-on-quarter) [5][9]. - The gross margin for Q3 2024 was 23.6% (up 2.6 percentage points year-on-year, up 3.0 percentage points quarter-on-quarter), while the net margin was 12.7% (down 1.6 percentage points year-on-year, up 3.0 percentage points quarter-on-quarter) [5][9]. - The company's projected net profits for 2024-2026 have been adjusted to 5.44 billion, 6.94 billion, and 8.17 billion yuan, respectively, reflecting growth rates of 13.6%, 27.5%, and 17.8% [2][9]. Market and Product Pricing - The average price of ethane in the U.S. for Q3 was 15.7 cents per gallon (down 46.6% year-on-year, down 20.7% quarter-on-quarter), while the domestic propane CFR average was 654.4 dollars per ton (up 4.7% year-on-year, up 3.8% quarter-on-quarter) [8][9]. - The average domestic prices for downstream products in Q3 were as follows: ethylene oxide at 6,865 yuan/ton, ethylene glycol at 4,630 yuan/ton, and polyether at 8,730 yuan/ton [8][9]. Future Growth Potential - The company is set to launch an 800,000-ton multi-carbon alcohol project in July 2024, which will enhance its carbon chain integration [2][9]. - The new materials project is expected to open up future development opportunities, with the first phase entering the environmental assessment stage by December 29, 2023 [2][9].

Revenue and Profit - Revenue for the reporting period was RMB 12.87 billion, a 9.89% increase compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was RMB 1.64 billion, a 2.08% increase year-over-year[4] - Total revenue for the quarter reached 32.275 billion yuan, a slight increase from 32.049 billion yuan in the same period last year[18] - Net profit attributable to parent company shareholders was 3.693 billion yuan, up from 3.431 billion yuan in the previous year[20] - Comprehensive income for the period was 3.660 billion yuan, up from 3.494 billion yuan in the prior year[21] Cash Flow and Financial Position - Operating cash flow for the year-to-date was RMB 5.69 billion, up 24.72% compared to the same period last year[4] - Cash flow from operating activities was 37.861 billion yuan, up from 34.258 billion yuan in the same period last year[22] - Sales of goods and services generated 36.820 billion yuan in cash, compared to 33.273 billion yuan in the previous year[22] - Operating cash flow increased to 5.694 billion yuan, up 24.7% from 4.566 billion yuan in the previous period[23] - Investment cash outflow rose to 2.423 billion yuan, a 1% increase from 2.399 billion yuan[23] - Financing cash inflow grew to 9.119 billion yuan, up 14.2% from 7.984 billion yuan[24] - Cash and cash equivalents at the end of the period reached 6.683 billion yuan, a 25.4% increase from 5.327 billion yuan[24] - Exchange rate impact on cash was negative 114.48 million yuan, compared to positive 78.51 million yuan in the previous period[24] Assets and Liabilities - Total assets reached RMB 67.65 billion, a 4.75% increase compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was RMB 27.83 billion, a 9.27% increase compared to the end of the previous year[5] - Total assets increased to 67,651,935,462.95 RMB, up from 64,581,962,271.67 RMB[16] - Total liabilities amounted to 39.803 billion yuan, slightly higher than 39.089 billion yuan in the previous year[18] - Total equity attributable to parent company shareholders increased to 27.825 billion yuan from 25.465 billion yuan[18] - Short-term borrowings grew by 63.42% to 2,003,361,550.42 yuan due to increased short-term loans[8] - Long-term borrowings decreased to 9,068,556,037.08 RMB, down from 10,839,037,668.20 RMB[17] - Total current liabilities grew to 15,118,413,832.76 RMB, compared to 11,914,627,581.95 RMB[17] Earnings Per Share and Return on Equity - Basic earnings per share for the reporting period was RMB 0.49, a 2.08% increase year-over-year[4] - Diluted earnings per share for the reporting period was RMB 0.49, a 2.08% increase year-over-year[4] - Weighted average return on equity for the reporting period was 6.05%, a decrease of 0.40 percentage points compared to the same period last year[4] - Basic earnings per share (EPS) stood at 1.10 yuan, compared to 1.02 yuan in the prior year[21] Non-Recurring Items and Government Subsidies - Non-recurring gains and losses for the reporting period amounted to a loss of RMB 217.34 million[6] - Government subsidies received during the reporting period totaled RMB 18.18 million[6] - Non-operating income increased by 179.26% to 25,821,462.99 yuan due to higher external compensation received[9] Shareholder Information - Zhejiang Satellite Holding Co., Ltd. holds 34.60% of the shares, making it the largest shareholder[10] - YANG YA ZHEN, an overseas individual, holds 11.64% of the shares, making them the second-largest shareholder[10] Financial Expenses and Fair Value Changes - Financial expenses increased by 92.48% to 854,770,196.56 yuan due to higher exchange losses[8] - Fair value change losses amounted to -295,448,886.15 yuan, a decrease of 216.21% due to changes in fair value of transactional financial liabilities[8] Investments and Transactions - Transactional financial assets increased by 438.60% to 231,578,692.00 yuan due to increased investment in paper derivatives[8] - Transactional financial liabilities surged by 179.04% to 1,858,142,912.98 yuan due to increased silver leasing for catalyst carriers[8] - Investment income received decreased to 247.13 million yuan, down 7.1% from 266.16 million yuan[23] - Fixed asset investments increased to 2.121 billion yuan, up 10.7% from 1.916 billion yuan[23] Accounts Receivable and Payables - Accounts receivable rose by 62.85% to 1,041,293,383.94 yuan due to increased revenue[8] - Trade receivables rose to 1,041,293,383.94 RMB, compared to 639,438,097.89 RMB at the start of the period[15] - Prepayments increased by 70.03% to 603,401,602.65 yuan due to higher prepayments for materials[8] - Trade payables increased to 5,806,087,827.94 RMB, up from 5,037,284,130.44 RMB[17] Inventory and Current Assets - Inventory levels grew to 4,851,353,230.09 RMB, up from 4,233,443,857.76 RMB[15] - Total current assets reached 14,865,691,417.66 RMB, an increase from 12,732,908,389.32 RMB[16] Fixed Assets and Monetary Funds - Fixed assets expanded to 26,323,460,310.35 RMB, compared to 25,258,270,136.28 RMB[16] - The company's monetary funds increased to 6,898,975,671.70 RMB, up from 6,398,836,309.06 RMB at the beginning of the period[15] Employee Compensation and Taxes - Employee compensation and benefits paid increased to 980.19 million yuan, up 21.1% from 809.01 million yuan[23] - Taxes paid rose to 1.138 billion yuan, a 7.1% increase from 1.063 billion yuan[23] Dividend Payments - Dividend payments surged to 1.647 billion yuan, a 259.4% increase from 458.35 million yuan[24] Operating Costs and R&D Expenses - Operating costs decreased to 27.870 billion yuan from 28.408 billion yuan year-over-year[19] - R&D expenses increased to 1.293 billion yuan, up from 1.240 billion yuan in the previous year[19]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 25.06 based on a 14x PE ratio for the 2024 EPS of RMB 1.79 [4][11]. Core Insights - In H1 2024, the company achieved revenue of RMB 19.40 billion, a YoY decrease of 4.59%, while net profit attributable to shareholders was RMB 2.06 billion, reflecting a YoY increase of 12.51% [3][9]. - The successful launch of the 800,000-ton multi-carbon alcohol project has completed the C3 industry chain loop, enhancing the company's core business foundations and addressing upstream and downstream raw material matching issues [3][9]. - The α-olefin comprehensive utilization project has commenced construction with a planned investment of RMB 26.60 billion, aiming to create future growth drivers by extending into high-end polyolefins and achieving carbon reduction goals [3][10]. - The company has increased its R&D investment to RMB 795 million in H1 2024, a YoY increase of 10.25%, and has applied for 115 patents, with 63 granted [3][10]. Financial Summary - The company forecasts net profits attributable to shareholders of RMB 6.01 billion, RMB 8.03 billion, and RMB 9.02 billion for 2024, 2025, and 2026 respectively, with EPS projected at RMB 1.79, RMB 2.38, and RMB 2.68 [4][11]. - Revenue is expected to grow from RMB 41.49 billion in 2023 to RMB 53.62 billion in 2026, with a CAGR of approximately 6.9% [5][7]. - The gross margin is projected to improve from 19.8% in 2023 to 28.2% in 2026, indicating enhanced profitability [5][7].

证券代码：002648 证券简称：卫星化学 公告编号：2024-048 卫星化学股份有限公司 第五届董事会第五次会议决议的公告 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。 一、会议召开情况 卫星化学股份有限公司（以下简称"公司"）第五届董事会第五次会议通知 于2024年9月25日以书面方式送达公司全体董事。本次会议于2024年9月30日在公 司会议室以现场表决和通讯表决结合的方式召开，会议应出席的董事9人，实际 出席的董事9人。 经与会董事认真审议、充分讨论，以记名投票方式表决，会议审议通过了以 下议案： 1、审议通过了《关于公司租赁船舶提供物流运输服务的议案》 具体内容详见同日披露于《证券时报》《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于公司租赁船舶提供物流运输服务的公告》（公告 编号：2024-049）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 本次会议由公司董事长杨卫东先生主持，公司监事和高级管理人员列席了会 议。本次会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、行政 ...

证券代码：002648 证券简称：卫星化学 公告编号：2024-049 卫星化学股份有限公司 关于公司租赁船舶提供物流运输服务的公告 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。 一、交易概述 卫星化学股份有限公司（以下简称"公司"）于 2023 年 6 月 17 日与国家东 中西区域合作示范区（连云港徐圩新区）管委会签署《徐圩新区投资项目合作协 议书》，公司拟在连云港徐圩新区投资新建阿尔法烯烃（α-烯烃）综合利用高端 新材料产业园项目，该项目总投资约 257 亿元。 为保证原料顺利运输到达连云港，确保 α-烯烃综合利用高端新材料产业园 项目按计划时间建成试生产，公司拟与 EASTERN PACIFIC SHIPPING PTE. LTD. （以下简称"EPS"）关联公司旗下单船公司洽谈原料运输船舶租赁协议，公司与 EPS 公司不存在关联关系。 2024 年 9 月 30 日，公司第五届董事会第五次会议以 9 票同意，0 票反对， 0 票弃权的表决结果审议通过了《关于公司租赁船舶提供物流运输服务的议案》， 董事会同意公司拟与 EPS 关联公司旗下单船公司洽谈 ...

证券研究报告 化学原料 2024年09月25日 | --- | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------|--------------------------------------------------------|----------------------------------------------------------------------|-------|-------| | | | | | | | | | 完善轻烃一体化布局，新材料蓄力公司成长 李永磊(证券分析师) S0350521080004 | 评级：买入(维持) 董伯骏(证券分析师) S0350521080009 | 卫星化学(002648)深度报告之三： 李振方(证券分析师) S0350524080003 | | | | | liyl03@ghzq.com.cn | dongbj@ghzq.com.cn | lizf@ghzq.com.cn | ...

法律意见书 二〇二四年九月 北京市中伦（上海）律师事务所 关于卫星化学股份有限公司 2024 年第一次临时股东大会的 法律意见书 北京市中伦（上海）律师事务所 关于卫星化学股份有限公司 2024 年第一次临时股东大会的 致：卫星化学股份有限公司 卫星化学股份有限公司（下称"公司"）2024 年第一次临时股东大会（下称 "本次股东大会"）于 2024 年 9 月 12 日召开。北京市中伦（上海）律师事务所 （下称"本所"）接受公司的委托，指派律师（下称"本所律师"）出席本次股 东大会，根据《中华人民共和国公司法》《上市公司股东大会规则（2022 年修订）》 等法律、行政法规、部门规章、规范性文件（以下统称"适用法律"）以及《卫 星化学股份有限公司章程》（下称《公司章程》）、《卫星化学股份有限公司股东大 会议事规则》（下称《议事规则》）的规定，对本次股东大会进行见证并出具本法 律意见书。 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人资格、会议表决程序以及表决结果是否符合适用法律及《公 司章程》《议事规则》的规定发表意见，并不对本次股东大会所审议的提案内容 以及这些提案所 ...