Investment Rating - The report maintains a "Buy-B" rating for the company [1][9] Core Views - The company has enhanced its integrated advantages in the industrial chain through new capacity and continuous R&D investment [2] - In 2024, the company achieved total revenue of 45.648 billion yuan, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% year-on-year [3] - The company’s overall sales gross margin and net margin improved to 23.57% and 13.28%, respectively, reflecting quality enhancement and differentiated product development [5] Financial Performance - In 2024, the company’s functional chemicals, polymer materials, and new energy materials generated revenues of 21.707 billion, 11.987 billion, and 0.841 billion yuan, respectively, with new energy materials growing rapidly by 80.77% year-on-year [5] - The company’s R&D investment reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, with a focus on key strategic materials and cutting-edge new materials [7] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 2.19, 2.45, and 2.66 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [8][9] Capacity Expansion and R&D - The company has made significant progress in its production capacity, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project, enhancing its competitive edge in the acrylic acid and ester industry [6][7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on catalyst, new energy materials, and polymer new materials [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company continues to show strong performance, with a projected net profit growth of 26.8% in 2024 and further growth expected in the following years [4][10] - The C2 chain benefits from low raw material costs, with the average price of ethane in 2024 at $0.1906 per gallon, down 22.37% year-on-year, enhancing profitability [2][6] - The C3 chain is entering a recovery phase, supported by the successful launch of 800,000 tons of butanol production and positive price signals for key products [2][3] Financial Performance - The company reported a revenue of 41.487 billion in 2023, with a projected increase to 45.648 billion in 2024, representing a year-on-year growth of 10% [6] - The net profit for 2023 was 4.789 billion, expected to rise to 6.072 billion in 2024, marking a 26.8% increase [6] - Earnings per share (EPS) are projected to grow from 1.42 in 2023 to 1.80 in 2024 [6] Production Capacity and Market Expansion - The company is expanding its C2 production capacity, with phase three expected to be completed by the end of 2025 and phase four by the end of 2026 [3] - There is a significant market opportunity in high-end polyethylene, with an annual import volume exceeding 13 million tons in China, indicating a supply gap [3]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is expected to achieve a revenue of 45.6 billion yuan in 2024, representing a year-on-year growth of 10.0%, and a net profit of 6.1 billion yuan, reflecting a year-on-year increase of 26.8% [2][3]. - The company faced production and sales impacts in the first half of the year due to maintenance on its C2 series units, but it significantly improved profitability in the second half, achieving a quarterly profit of 4 billion yuan in Q4, a 46% increase from the previous quarter [2][3]. - The C2 route focuses on products like EO/EG, and the company is set to launch ethanolamine production in 2024, enhancing its product diversification and supply chain [4]. - The company benefits from a cost advantage in its C2 ethane cracking process compared to oil-based routes, and the profitability of its C3 chain, particularly in acrylic acid and esters, remains stable [4]. - The company is also investing heavily in new product development, with a research and development expenditure of 1.75 billion yuan in 2024, a 7.7% increase year-on-year, which is expected to further enhance its operational efficiency and product offerings [4]. Summary by Sections Financial Performance - In 2024, the company is projected to have total assets of 68.3 billion yuan, a 5.8% increase year-on-year, with a revenue of 45.6 billion yuan and a net profit of 6.1 billion yuan, marking a 26.8% year-on-year growth [3][10]. - The Q4 profit reached a record high of 2.38 billion yuan, up 46% quarter-on-quarter [2][3]. Product Diversification and Cost Advantage - The company is enhancing its product portfolio with the upcoming launch of ethanolamine and is leveraging its cost advantages in the C2 ethane cracking process [4]. - The 800,000-ton multi-carbon alcohol project is expected to contribute significantly to profitability as it ramps up production [4]. Research and Development - The company is committed to innovation, with a planned R&D investment of 1.75 billion yuan in 2024, which is 7.7% higher than the previous year, indicating a focus on maximizing benefits across its supply chain [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company continues to demonstrate strong performance, with a projected net profit growth of 26.8% in 2024 and further growth expected in the following years [4][10] - The C2 chain benefits from low-cost ethane sourced from the US, with a significant price drop of 22.37% year-on-year, enhancing profitability [2][3] - The C3 chain is showing signs of recovery, driven by the successful launch of 800,000 tons of butanol production and positive price trends for key products [2][3] Financial Performance - The company reported a revenue of 41.49 billion in 2023, with a projected increase to 45.65 billion in 2024, reflecting a year-on-year growth rate of 10% [6] - The net profit for 2023 was 4.79 billion, expected to rise to 6.07 billion in 2024, indicating a growth rate of 26.8% [6] - Earnings per share (EPS) are projected to increase from 1.42 in 2023 to 1.80 in 2024 [6] Production Capacity and Market Expansion - The company is expanding its C2 production capacity significantly, with phase three expected to be operational by early 2026 and phase four by early 2027 [3] - There is a strong market demand for high-end polyethylene, with an annual import gap of over 13 million tons in China, indicating potential for growth in differentiated new materials [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved impressive performance in 2024, with revenue of 45.648 billion yuan, a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% year-on-year. The fourth quarter of 2024 saw revenue of 13.373 billion yuan, a 41.69% increase year-on-year, and a net profit of 2.379 billion yuan, a 75.09% increase year-on-year [1][14]. - The company is positioned as a leader in the C2 and C3 chemical industry chains, continuously enhancing its integrated industrial layout and maintaining rapid growth in performance [5][8]. - The company is investing in high-end new materials projects, which are expected to contribute to long-term growth, with significant new production capacities planned for the coming years [4][11]. Financial Data and Valuation - The company’s total revenue is projected to grow from 41.487 billion yuan in 2023 to 68.652 billion yuan in 2027, with year-on-year growth rates of 12%, 10%, 9%, 18%, and 16% respectively [2]. - The net profit attributable to shareholders is expected to increase from 4.789 billion yuan in 2023 to 12.012 billion yuan in 2027, with growth rates of 56%, 27%, 21%, 30%, and 26% respectively [2]. - The earnings per share (EPS) are forecasted to rise from 1.42 yuan in 2023 to 3.57 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 15.2 to 6.1 [2]. Business Segments - The functional chemicals segment generated revenue of 21.707 billion yuan in 2024, with a gross margin of 20.35%, while the high polymer materials segment achieved revenue of 11.987 billion yuan with a gross margin of 35.05% [18]. - The new energy materials segment saw significant growth, with revenue of 840 million yuan, a year-on-year increase of 80.77%, although its gross margin decreased [18]. - The company has established a comprehensive production capacity across various segments, including 90,000 tons/year of propylene and 84,000 tons/year of acrylic acid, making it a leading player in the domestic market [9][12]. Industry Outlook - The supply of ethane is expected to remain abundant due to the shale gas revolution in the United States, which will provide a cost advantage for the company [25][40]. - The domestic ethylene production capacity is projected to expand, with a total capacity of 54.99 million tons in 2024, indicating a growing market for the company’s products [32]. - The acrylic acid and ester industry is anticipated to experience a favorable supply-demand balance due to limited new capacity additions, enhancing the market position of leading companies like the report's subject [45][49].

| | A4：收购兼并是加快公司发展的路径之一，公司会根据标的具体情 | | --- | --- | | | 况而定。 | | | Q5：公司新项目的建设进度情况，都能按规划投产吗？ | | | A5：新项目正在推进中，具体详见公司相关公告。 | | | Q6：美国乙烷目前价格处在高位，对公司的一二季度会有多大影 响？ | | | A6：乙烷价格属于正常波动范围，公司的利润主要来源于功能化学 | | | 品、高分子新材料、新能源材料和其它业务，公司将始终秉持创新 | | | 提升产品品质，增强盈利能力和竞争力。 | | | Q7：公司的年报中业绩增速明显快于营收增长，都有哪些原因？ | | | A7：尊敬的投资者，您好！年报中业绩增速快于营收增长，主要因 | | | 为原料价格下行，产品新牌号、品质提升等带来溢价，原料与产品 | | | 价差扩大。 | | 关于本次活动是否 | | | 涉及应披露重大信 | 本次调研活动不涉及未公开披露的重大信息。 | | 息的说明 | | | 活动过程中所使用 | | | 的演示文稿、提供 | 无。 | | 的文档等附件（如 | | | 有，可作为附件） | | 证券代码： ...

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：20250325 | 地点 | 卫星化学股份有限公司会议室 | | --- | --- | | 形式 电话会议 | | | 一、解读公司 | 2024 年年度报告的相关情况： | | 2024 | 年公司实现营业收入 456.48 亿元，同比增长 10.03%；归 | | 母净利润 60.72 | 亿元，同比增长 26.77%；经营性净现金流 105.90 亿 | | 元，同比增长 | 32.44%。公司资产规模稳步增长，截至 2024 年末， | | 公司总资产为 | 亿元，归属于上市公司股东的所有者权益为 683.05 | | 302.86 亿元，与 | 2023 年末同比分别增长 5.77%、18.93%。同时，公 | | 司资产负债率保持在 | 55.63%的较低水平。 | | 2024 | 年公司在项目建设及研发进展方面取得一系列成果：1） | | 年研发费用 | 2024 17.5 亿元，同比增长 7.7%，研发费用率达 3.8%， | | 截止报告期末的全球专利总数超 | 500 件，其中催化剂、新材料专 ...

丨证券研究报告丨 公司研究丨点评报告丨卫星化学（002648.SZ） 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Title] 四季度业绩显著增长，C2 项目成长空间广阔 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年实现营业收入 456.48 亿元，同比增长 10.03%；归母净利 润 60.72 亿元，同比增长 26.77%；扣非归母净利润 60.48 亿元，同比增长 29.45%。其中 2024 年第四季度营业收入 133.73 亿元，同比增长 43.04%，环比增长 3.87%；归母净利润 23.79 亿 元，同比增长 72.61%，环比增长 45.36%；扣非归母净利润 19.60 亿元，同比增长 50.93%， 环比增长 5.70%。 research.95579.com 1 卫星化学（002648.SZ） cjzqdt11111 [Table_Title2 ...

2024 年归母净利润同比增长 26.8%，业绩符合预期。2024 年公司实现营业收 入 456.5 亿元（同比+10.0%），归母净利润 60.7 亿元（同比+26.8%），扣 非归母净利润 60.5 亿元（同比+29.4%），与公司 2024 年度业绩快报基本一 致。2024 年单四季度公司实现营业收入 133.7 亿元（同比+26.1%，环比 +3.9%），归母净利润 23.8 亿元（同比+75.1%，环比+45.4%），扣非归母净 利润 19.6 亿元（同比+49.0%，环比+5.7%）。2024 年公司毛利率为 23.6%（同 比+3.7pcts），净利率为 13.3%（同比+1.8pcts）。 乙烷成本端价格下降明显，公司 C2 产业链盈利稳定向好。分板块来看，2024 年 公 司 功 能 化 学 品 / 高 分 子 新 材 料 / 新 能 源 材 料 分 别 实 现 营 收 217.1/119.9/8.4 亿元，分别同比+2.0%/+0.6%/+80.8%，毛利率分别为 20.4%/35.1%/22.2%，分别同比+4.8/+5.5/-14.5pcts。C2 产业链方面，2024 年美国乙烷均价 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][21] Core Views - The company's net profit attributable to shareholders is expected to grow by 26.8% year-on-year in 2024, with revenues reaching 45.65 billion yuan, reflecting a 10.0% increase [1][6] - The company is investing 25.7 billion yuan in a new high-end materials industrial park project, which is expected to enhance long-term growth prospects [3][14] - The C2 industry chain profitability is stable, supported by a significant decrease in ethane prices, with the average price in the US at 19.0 cents per gallon, down 23.0% year-on-year [2][11] Financial Performance Summary - In 2024, the company achieved operating revenue of 456.5 billion yuan, with a net profit of 60.7 billion yuan, and a non-recurring net profit of 60.5 billion yuan, indicating strong performance [1][6] - The gross margin for 2024 is projected at 23.6%, an increase of 3.7 percentage points year-on-year, while the net margin is expected to be 13.3%, up by 1.8 percentage points [1][6] - The company forecasts net profits of 70.8 billion yuan and 85.5 billion yuan for 2025 and 2026, respectively, with a projected EPS of 2.10 yuan and 2.54 yuan [3][15] Segment Performance Summary - The company’s functional chemicals, high polymer materials, and new energy materials segments are expected to generate revenues of 21.71 billion yuan, 11.99 billion yuan, and 840 million yuan, respectively, with year-on-year growth rates of 2.0%, 0.6%, and 80.8% [2][11] - The profitability of the C2 industry chain is expected to improve, with the ethane-ethylene cracking spread increasing by 12.0% year-on-year [2][11] - The company plans to launch new projects, including a 100,000-ton/year ethanolamine and an 800,000-ton/year polyol project, which are anticipated to contribute significantly to revenue growth in 2025 [2][14]