Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 41.487 billion yuan in 2023, 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 [7] - The company benefits from significant advantages in raw material costs, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year, and a further decline to about $142.65 per ton in early 2024 [7] - The company has completed the construction of several production facilities, enhancing its competitiveness in high-performance materials and new energy materials [7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new materials [8] - The forecasted net profits for 2024, 2025, and 2026 are 5.850 billion yuan, 6.924 billion yuan, and 9.023 billion yuan respectively, with corresponding EPS of 1.74, 2.06, and 2.68 [8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 4.789 billion yuan, with a year-on-year growth of 56.42% [9] - The gross profit margin for 2023 was 19.84%, with an expected increase to 20.29% in 2024 [9] - The company’s operating cash flow for 2023 was 7.996 billion yuan, reflecting a year-on-year increase of 35.80% [7] Production and Capacity - The company has established production capacities for various chemicals, including 600,000 tons of styrene and 400,000 tons of polystyrene, enhancing its production capabilities [7] - The acquisition of Jiangsu Jiahong New Materials Co., Ltd. added 1.35 million tons of hydrogen peroxide and 400,000 tons of propylene oxide production capacity [7] Research and Development - The company increased its R&D expenditure to 1.626 billion yuan in 2023, a 31.05% increase year-on-year [8] - Key projects include the successful commissioning of a pilot plant for α-olefins and the completion of the industrial process package for a 100,000-ton α-olefins facility [8] Market Outlook - The company is expected to see significant improvements in its functional chemicals business, with the Lianyungang Petrochemical Phase III project set to further enhance growth opportunities [8]

编号：20240327 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 √业绩说明会（网络） | | | □新闻发布会 □路演活动 | | | □现场参观 □其他：电话会议 | | 活动参与人员 | 参与公司 2023 年度报告网上业绩说明会的投资者 | | 时间 | 年 月 日 2024 3 27 15:00-17:00 | | 地点 | 卫星化学股份有限公司会议室 | | 形式 | 网上业绩说明会 | | | Q1：公司哪些产品盈利情况比较好？ A1：尊敬的投资者，您好！感谢您的提问。2023 年我公司高分 | | | 子新材料和新能源材料相对盈利情况较好。谢谢！ | | | Q2：介绍一下公司在研发方面的投入情况，谢谢 | | | 年公司研发投 A2：尊敬的投资者，您好！感谢您的提问。2023 | | | 入 亿元，增幅为 16.26 31.05%。谢谢！ | | | Q3：2024 年贵公司的乙烯产能规划是多少吨？ | | | A3：尊敬的投资者，您好！感谢您的提问，目前我公司乙烯产 | | | 能为 250 万吨。谢谢！ | | 交流内 ...

股 票 研 究 [Table_industryInfo] 石油/能源 [ Table_Main[卫ITnaf 星bol]e 化_Ti学tle]( 002648) [评Tab级le_：Inv est] 增持 上次评级： 增持 全年业绩符合预期，轻烃龙头穿越周期 目标价格： 20.40 上次预测： 18.70 公 ——卫星化学2023 年业绩点评 当前价格： 16.69 司 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 2024.03.27 更 021-38677369 021-38032022 021-38031035 [交Ta易bl数e_M据a rket] 新 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com 证书编号 S0880517090003 S0880522080005 S0880123070130 52周内股价区间（元） 12.56-17.30 报 总市值（百万元） 56,223 告 本报告导读： 总股本/流通A股（百万股） 3,369/3,365 流通 B股/H股（百万股） 0/0 公司 202 ...

[Table_StockInfo] 买入 2024年 03月 26日 （维持） 证券研究报告•2023年报点评 当前价： 16.69元 卫星化学（002648） 基础化工 目标价： 24.36元（6个月） 业绩快速增长，新产能助力成长 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2023年年度报告，公司全年实现营收414.9亿元，同比+12.0%， [分Ta析bl师e_：Au黄th寅or斌] 实现归母净利润 47.9亿元，同比+54.7%，实现扣非后归母净利润 46.7亿元， 执业证号：S1250523030001 同比+51.8%，基本EPS 1.42元，同比+56.0%。 电话：13316443450 邮箱：hyb@swsc.com.cn  新项目产能释放，一体化运营提升效率，业绩同比大幅改善。C2方面：公司进 一步完善乙烷下游产品矩阵，顺利完成连云港基地 60 万吨/年苯乙烯项目投产； 联系人：屈紫荆 绿色新材料产业园40万吨/年聚苯乙烯、10万吨/年乙醇胺与15万吨/年电池级 电话：13552905741 邮箱：qzjyf@swsc.com.cn 碳酸酯一期项目 ...

证券代码：002648 证券简称：卫星化学 卫星化学股份有限公司投资者关系活动记录表 编号：20240326 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 √其他：电话会议 副总裁、董事会秘书沈晓炜；副总裁、财务负责人郦珺；IR总监李 扬 UBS、BNP、CCB International Asset Management Limited、China Investment Corporation、Dymon、Grand Alliance、Green Court Capital、 Hanwha Investment Trust Management Co Ltd、Helved Capital、Lcrich Capital Management 、 Millennium Capital Management 、 Pleiad Investment Advisors、Point72、Redwheel、Schroders、Springs Capital、 Value Partners Limited、Willing Capital、百嘉基金、保银投 ...

2024 年 03 月 26 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 同比高增，积极[T 推abl 进e_T αitle] 烯烃综合利用项目 Q4 - liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——卫星化学（ ） 年报点评 002648 2023 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn 最近一年走势 事件 : 2024年3月26日，卫星化学发布2023年报：2023年公司实现营业收 入414.87亿元，同比增长12.00%；实现归属于上市公司股东的净利润 47.89亿元，同比增长54.71%；加权平均净资产收益率为19.69%，同 比增加4.77个百分点。销售毛利率19.84%，同比增加3.32个百分点； 销售净利率11.53%，同比增加3.22个百分点。 其中，公司2023Q4实现营收106.05亿元，同比+14.37%，环比-2.41%； 实现归母净利润13.96亿元，同比+2693.91%，环比-10.02%；R ...

公司研究 | 年报点评 卫星化学 002648.SZ 买入 （维持） 23 年逆势增长，有望持续受益原料下行 股价（2024年03月26日） 16.69元 目标价格 22.36元 52周最高价/最低价 17.55/12.42元 总股本/流通A股（万股） 336,865/336,542 A股市值（百万元） 56,223 国家/地区 中国 核心观点 行业 石油化工 ⚫ 业绩逆势增长：公司披露2023年报，报告期内实现营业收入414.87亿元，同比增 报告发布日期 2024年03月26日 长12%；实现归母净利47.89亿元，同比增长54.71%，并计划分红13.47亿元。 公司实现显著增长的主要原因是公司连云港石化项目产销量进一步释放。特别是在 1周 1月 3月 12月 2023年石化行业整体趋势向下，化工品价格普遍下跌的情况下，公司业绩的逆势增 绝对表现% -2.28 2.9 12.54 5.17 长更能体现连云港项目突出的成本竞争力。 相对表现% -1.33 0.28 5.95 17.17 ⚫ 有望持续受益原料跌价：虽然23年大宗化工品价格普遍同比下跌，但公司的主要原 沪深300% -0.95 2.62 6. ...

Investment Rating - The report maintains a "Buy" rating for Satellite Chemical (002648.SZ) [3][7]. Core Views - In 2023, the company achieved a significant year-on-year growth in net profit attributable to shareholders, increasing by 54.7% to 4.79 billion yuan, driven by a 12.0% rise in operating revenue to 41.49 billion yuan [4][6]. - The company has made substantial investments in R&D, with expenses reaching 1.63 billion yuan, a 31.1% increase from the previous year, and successfully launched a 1,000 tons/year α-olefin industrial trial device [4][6]. - The report highlights the positive impact of declining raw material prices on profitability, with the company benefiting from lower ethane prices, which averaged 22.8 cents per gallon in Q4 2023, down 22.5% from the previous quarter [5][6]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 41.49 billion yuan, a 12.0% increase year-on-year, and a net profit of 4.79 billion yuan, reflecting a 54.7% growth [4][5]. - The fourth quarter of 2023 saw operating revenue of 10.61 billion yuan, up 14.4% year-on-year, and a staggering net profit of 1.40 billion yuan, marking a 2693.9% increase year-on-year [4][5]. Segment Performance - Revenue from functional chemicals, polymer materials, and new energy materials reached 21.29 billion yuan (+8.7%), 11.92 billion yuan (+61.9%), and 460 million yuan (+100.0%) respectively, with corresponding gross margins of 15.6% (-5.9 pcts), 29.6% (+6.5 pcts), and 36.8% (-1.5 pcts) [5][6]. Future Growth Prospects - The company has several new projects underway, including a 400,000 tons/year polystyrene facility and a 100,000 tons/year ethanolamine facility, which are expected to enhance future growth [6][7]. - A significant investment of 25.7 billion yuan is planned for a new α-olefin comprehensive utilization high-end material industrial park in Lianyungang, with construction expected to start in 2024 [6][7]. Earnings Forecast - The report projects net profits for 2024, 2025, and 2026 to be 6.25 billion yuan, 7.74 billion yuan, and 8.87 billion yuan respectively, with diluted EPS of 1.86 yuan, 2.30 yuan, and 2.63 yuan [7][9].

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the last fiscal year[14]. - The company's operating revenue for 2023 reached ¥41.49 billion, representing a 12.00% increase compared to ¥37.04 billion in 2022[21]. - Net profit attributable to shareholders was ¥4.79 billion, a significant increase of 54.71% from ¥3.06 billion in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥4.67 billion, up 51.80% from ¥3.04 billion in 2022[21]. - The net cash flow from operating activities increased by 35.80% to ¥7.99 billion, compared to ¥5.94 billion in 2022[21]. - The total assets at the end of 2023 were ¥64.58 billion, reflecting an 8.06% increase from ¥56.39 billion at the end of 2022[21]. - The net assets attributable to shareholders increased by 14.92% to ¥25.46 billion, compared to ¥21.12 billion at the end of 2022[21]. - The company reported a quarterly revenue of ¥11.77 billion in Q3 2023, with a net profit of ¥1.58 billion for the same quarter[26]. - The overall performance of the petrochemical industry in 2023 was challenging, with a 1.1% decline in revenue and a 20.7% drop in total profit compared to the previous year[33]. Investment and Expansion - The company is focusing on expanding its market presence, particularly in the Asia-Pacific region, aiming for a 20% increase in market share over the next two years[14]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, targeting a 30% increase in operational capacity[14]. - The company completed the acquisition of 100% equity in Jiangsu Jiahong New Materials Co., Ltd. in October 2023, which will be reflected in the retrospective adjustment of previous financial statements[22]. - The company plans to invest 25.7 billion in the α-olefin comprehensive utilization high-end new materials industrial park project, with production trials for an additional 800,000 tons/year of polyol expected to start in Q2 2024[45]. - The company plans to invest approximately 25.7 billion yuan in a new EAA production facility, addressing the domestic reliance on imports[50]. - New production capacities include 400,000 tons of polystyrene, 100,000 tons of ethanolamine, and 150,000 tons of carbonate, enhancing the company's integrated production capabilities[52]. Research and Development - The company has invested heavily in R&D, allocating 10% of its annual revenue to develop new materials and technologies[14]. - R&D investment for the year exceeded 1.626 billion, representing a year-on-year increase of 31.05%[46]. - The company has successfully launched a 1,000-ton α-olefin project, achieving international advanced technology standards[46]. - The company is actively enhancing its R&D capabilities by establishing a new materials R&D center in Jiaxing[47]. - The company’s R&D investment exceeded 1.626 billion yuan, a year-on-year increase of 31.05%, with 97 patents authorized during the reporting period[51]. Sustainability and Environmental Compliance - The company is committed to sustainability, with plans to reduce carbon emissions by 15% in the next three years[14]. - The company has a significant focus on green low-carbon development, capturing approximately 90,000 tons of CO2 annually[44]. - The company has implemented measures to ensure compliance with environmental regulations and has reported no exceedances in pollutant discharge limits[158]. - The company has established a carbon dioxide recovery facility with an annual recovery capacity of 300,000 tons, which has completed project approval and environmental impact assessment[173]. - The company has invested a total of 170,464.53 million yuan in environmental governance in 2023 and paid 152.95 million yuan in environmental protection tax[172]. Corporate Governance - The company has held five shareholder meetings during the reporting period, ensuring compliance with legal regulations and equal treatment of all shareholders[97]. - The company maintains independence from its controlling shareholder, ensuring that decisions are made through the shareholder meeting without undue influence[98]. - The company has established a comprehensive employee performance evaluation and incentive mechanism, managing stock incentive plans effectively[102]. - The company published its third Environmental, Social, and Governance (ESG) report in April 2023, emphasizing its commitment to social responsibility[104]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors, with no reported violations during the period[105]. Employee and Management Structure - The total number of employees at the end of the reporting period is 4,688, with 1,040 in the parent company and 3,648 in major subsidiaries[135]. - The company has a differentiated compensation system, emphasizing ability and contribution over education and seniority, aiming to provide competitive salaries within the industry[136]. - The company has established a performance evaluation system linking senior management's performance directly to their remuneration[122]. - The company has a diverse management team with expertise in various fields, including economics, engineering, and law, contributing to its strategic direction[115][116][117][118][119]. - The company has maintained a stable management structure with no reported changes in directors, supervisors, or senior management during the reporting period[113]. Risk Management - The company has established a foreign exchange hedging management system to mitigate exchange rate fluctuation risks[81]. - The company has implemented strict controls on the scale of hedging funds to manage risks effectively[80]. - The company aims to leverage its integrated industrial chain advantages to mitigate risks from raw material price fluctuations and exchange rate volatility[92]. - The company has identified high-risk items in its supply chain for annual audit focus, enhancing risk management practices[148]. Shareholder Returns - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares (including tax) to all shareholders[4]. - The total number of shares for the dividend distribution is based on 3,368,652,821 shares outstanding[139]. - The company has not proposed any stock bonus or capital reserve transfer to increase share capital for this reporting period[139]. - A total of 79 individuals met the conditions for the second phase of the restricted stock incentive plan, with 219,290 shares eligible for release, accounting for 0.0651% of the total shares[140]. - The employee stock ownership plan includes 210 participants holding a total of 9,488,644 shares, representing 0.28% of the company's total shares[145].

[Table_MainInfo] 公司研究/化工/石油化工 证券研究报告 卫星化学（002648）公司年报点评 2024年03月26日 [Table_InvestInfo] 业绩同比增长，新项目落地续力公司成长 投资评级 优于大市 维持 曲线 股票数据 0[3Ta月b2le5_日S收to盘ck价（In元fo）] 17.04 [Table_Summary] 52周股价波动（元） 12.42-17.55 投资要点： 总股本/流通A股（百万股） 3369/3365 总市值/流通市值（百万元） 57402/57347 相关研究  事件：公司发布 2023 年年报。2023 年，公司实现营业收入 414.87 亿元， 同比增长12.00%；实现归母净利润47.89亿元，同比增长54.71%。 [《Ta发b布le“_质Re量p回o报rtI双nf提o]升 ”行动方案，彰显发 展信心》2024.03.03 新项目落地，续力公司成长曲线。2023 年，公司公司α-烯烃综合利用高端 《23 年业绩同比增长，加快打造低碳化学新  新材料产业园项目顺利签约，计划总投资约257亿元，在现有规模基础上进 材料科技公司》2024.01 ...