Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company achieved a revenue of 45.648 billion yuan in 2024, representing a year-on-year growth of 10.03%, and a net profit attributable to the parent company of 6.072 billion yuan, which is a year-on-year increase of 26.77% [7] - The company has successfully launched new projects, including a 100,000-ton ethanolamine production facility, enhancing its downstream chemical product layout and forming a complete industrial chain for ethylene oxide derivatives [7] - The company is increasing its R&D investment, with plans to invest 10 billion yuan in the coming years to build a global "1+N" chemical new materials R&D innovation platform [7] - The establishment of a global company aims to accelerate the expansion into overseas markets, with products already recognized by customers in over 160 countries [7] - Profit forecasts for the company indicate net profits of 7.449 billion yuan, 11.059 billion yuan, and 12.640 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.21 yuan, 3.28 yuan, and 3.75 yuan [7] Financial Data and Forecast - The company’s revenue is projected to reach 60 billion yuan in 2026 and 73.211 billion yuan in 2027, with a net profit of 11.059 billion yuan in 2026 and 12.640 billion yuan in 2027 [6][10] - The gross margin is expected to improve from 23.6% in 2024 to 27.6% in 2026, while the net asset return rate is projected to be 22.6% in 2026 [6][10] - The company’s earnings per share (EPS) are forecasted to grow from 1.80 yuan in 2024 to 3.75 yuan in 2027 [6][10]

丨证券研究报告丨 公司研究丨点评报告丨卫星化学（002648.SZ） [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%。 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 %% %% %% %% 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 60.7 ...

摘要 Q&A 比增长 32.44%。截至 2024 年底，公司总资产 600 亿 83 万元，归属于上市公司 股东的净资产 302.86 亿元，分别较 2023 年底增长 5.77%和 18.93%。公司的资 产负债率保持在 55.63%的较低水平，ROE 达到 21.87%，同比提高 2.18 个百分 点。研发费用为 17.5 亿元，同比增长 7.7%，融资费用率为 3.8%。截至报告期 内，公司全球专利总数超过 500 件，其中催化剂新材料专利数超过 100 件。公 司未来五年计划持续投入 100 亿用于研发，并加大海内外高端人才引进。截至 2024 年底，公司研发人员总数达到 1,275 人，其中硕博人数 255 人，实现翻倍 增长。 卫星化学在新建项目和产能扩展方面有哪些进展？ 卫星化学 20250325 请介绍一下卫星化学 2024 年的经营情况和财务表现。 2024 年，卫星化学实现全年营收 456 亿元，同比增长 10%；归母净利润 60.72 亿元，同比增长 26.77%，均创公司历史新高。经营性现金流为 105.9 亿元，同 • 卫星化学 2024 年营收达 399 亿元，同比增长 32.4 ...

Core Viewpoint - Satellite Chemical achieved record growth in 2024, with revenue of 45.6 billion yuan, a 10.0% increase year-on-year, and a net profit of 6.1 billion yuan, up 26.8% [1] Group 1: Financial Performance - In 2024, Satellite Chemical's revenue reached 45.6 billion yuan, marking a 10.0% year-on-year growth [1] - The company's net profit attributable to shareholders was 6.1 billion yuan, reflecting a 26.8% increase compared to the previous year [1] - R&D investment hit a new high of over 1.75 billion yuan, a 7.7% increase, accounting for 3.8% of revenue [1] Group 2: Industry Context - The petrochemical industry saw a revenue recovery in 2024, but total profits declined by 8.8% year-on-year, highlighting structural issues such as excess low-end capacity and a shortage of high-end supply [1] Group 3: Strategic Developments - The successful operation of an 800,000-ton multi-carbon alcohol facility in July 2024 enhanced the company's C3 industry chain integration, improving resource allocation efficiency and industry resilience [2] - Ongoing projects, such as the acrylic acid project, are expected to provide raw material support for high-value downstream chemical products, driving sustainable growth [2] Group 4: Innovation and R&D - Satellite Chemical's R&D investment of 1.75 billion yuan in 2024 positions it as a leader in the industry, with over 500 global patents, including more than 100 in catalysts and new materials [3] - The company achieved international advanced levels in two key technologies: a green process for producing 1-butene and a high-activity catalyst for polyethylene elastomers [3][4] Group 5: Innovation Ecosystem - The establishment of the Future R&D Center aims to enhance innovation capabilities, focusing on key strategic materials and creating a global collaborative innovation platform [4][5] - Partnerships with top universities are being developed to accelerate the transformation of research outcomes into production capabilities [5] Group 6: Competitive Advantages - Satellite Chemical's dual strategy of "technology leadership and management leadership" supports its high-quality development, optimizing processes and enhancing product value [6] - The company has developed a low-energy consumption process for producing ethylene glycol, achieving a conversion rate of over 99.995% [6] Group 7: Green Initiatives - The company integrates low-carbon strategies into its operations, achieving significant energy efficiency and earning multiple industry accolades for its environmental performance [8][9] - Satellite Chemical has established a comprehensive carbon footprint management system, covering all production stages and achieving certifications for several products [8] Group 8: AI Integration - The company is exploring AI applications in the chemical industry to enhance operational efficiency and market responsiveness [10] - AI-driven projects have been recognized as exemplary digital initiatives, contributing to improved production planning and resource utilization [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant performance growth, with successful progress in its ethane new materials project, indicating promising growth potential [1][6] - The financial forecast for 2025 has been adjusted upwards, reflecting improved profitability in both C2 and C3 segments, with expected net profits of 6.875 billion [6][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 41.487 billion in 2023 to 53.971 billion in 2025, representing a year-on-year growth rate of 18.2% [5][8] - The net profit attributable to the parent company is expected to increase from 4.789 billion in 2023 to 6.875 billion in 2025, with a year-on-year growth rate of 13.2% [5][8] - The gross profit margin is anticipated to be 22.6% in 2025, with a return on equity (ROE) of 19.5% [5][8] Market and Product Insights - The company is expected to benefit from a favorable cost structure in its C2 segment due to stable ethane prices and improved product price differentials [6] - The new material products are set to be gradually launched, with significant capacity additions planned for 2025, enhancing revenue potential [6] - The C3 segment is projected to see profitability improvements due to new production capacities and a tightening supply-demand balance in the propionic acid and ester markets [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a significant increase in annual performance for 2024, with operating revenue of 45.648 billion yuan, a year-on-year growth of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% year-on-year [5][6] - The fourth quarter of 2024 saw a strong performance, with operating revenue of 13.373 billion yuan, a year-on-year increase of 26.10%, and a net profit of 2.379 billion yuan, up 70.47% year-on-year [5][6] - The company is accelerating the development of its α-olefin project, which is expected to enhance its production capacity significantly by 2026-2027 [9][10] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 45.648 billion yuan and a net profit of 6.072 billion yuan, with a gross margin of 23.57%, an increase of 3.73 percentage points year-on-year [6][11] - The fourth quarter results showed a net profit of 2.379 billion yuan, reflecting a 45.36% increase from the previous quarter [5][6] Business Segments - The functional chemicals, polymer materials, and new energy materials segments contributed gross profits of 4.417 billion yuan, 4.202 billion yuan, and 0.187 billion yuan respectively, with gross margins improving in the first two segments [6] - The company has successfully launched several projects, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project, enhancing its supply chain [7][9] Future Growth Drivers - The company plans to invest 10 billion yuan in R&D to strengthen its position in high-end new materials and reduce reliance on imports [8][9] - The α-olefin comprehensive utilization high-end new materials industrial park is under construction, with a total investment of approximately 26.6 billion yuan, expected to double the company's ethylene equivalent capacity upon completion [9][10]

公司报告 | 年报点评报告 卫星化学（002648） 证券研究报告 2024 年业绩达到新高，新项目带来新业绩增量 1. 2024 年公司全年归母净利润 60.7 亿 公司新项目于 2023 年年底通过发改委审批，并且项目一阶段的二次环评已 经于 2024 年 5 月 22 日挂政府官网。待公司项目投产之后，公司的乙烯产 量或将从 250 万吨变为 500 万吨，C2 产能或将翻倍。 5. 盈利预测 维持公司 2025/2026 年归母净利润 75.3/95.3 亿元，对应 EPS 为 2.24/2.83 元/股，给予公司 2027 年归母净利润 116.1 亿元，对应 EPS 为 3.45 元/股。 根据公司 2024 年年报，2024 年公司归母净利润为 60.7 亿元，同比提高 26.8%。2024 年 Q4 公司归母净利润为 23.8 亿，跟 2023 年 Q4 的 14.0 亿相 比，同比提高 70.4%。 2. 2024 年公司 C2 利润维持高位，2025 年有望继续维持 根据我们计算，2024 年全年乙烷-乙烯的平均利润为 2749 元/吨，比 2023 年平均利润高 625 元/吨。 截至 ...

[Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_CompanyReport] 相关报告 1.单季度业绩环比大增，丁辛醇项目 顺利投产 2024-10-22 2.二季度盈利环比增长，α-烯烃项目开 工打开成长空间 2024-07-19 3.盈利同比大增，α-烯烃项目加速推进 2024-04-23 [Table_StockNameRptType] 卫星化学（002648） 公司点评 2024 年全年业绩大增，α-烯烃项目加速推进 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-25 | | | [Table_BaseData] ...

上 市 公 司 基础化工 2025 年 03 月 25 日 卫星化学 (002648) ——业绩增长显著，乙烷新材料项目进展顺利，成长性可 期 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： 2025 年 03 月 25 日 | | | --- | --- | | 收盘价（元） | 21.66 | | 一年内最高/最低（元） | 22.33/14.65 | | 市净率 | 2.4 | | 息率（分红/股价） | 1.85 | | 流通 A 股市值（百万元） | 72,918 | | 上证指数/深证成指 3,369.98/10,649.08 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 8.99 | | 资产负债率% | 55.63 | | 总股本/流通 A 股（百万） | 3,369/3,366 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-25 04-25 05-25 06-25 07-25 08-25 09 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 45.648 billion yuan in 2024, representing 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 [6][8] - The fourth quarter of 2024 saw a significant performance boost, with revenue reaching 13.373 billion yuan, a year-on-year increase of 41.69%, and a net profit of 2.379 billion yuan, up 75.09% year-on-year [6][8] - The company is advancing its α-olefin high-end new materials project, which is expected to support long-term growth [6][7] - The company is increasing its R&D investment, which reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, focusing on key strategic materials and new materials [6][7] - The company is actively expanding its overseas market presence, establishing partnerships with over 160 countries and regions [7] Financial Summary - In 2024, the company reported a gross profit margin of 23.57%, an increase of 3.73 percentage points year-on-year, and a net profit margin of 13.28%, up 1.75 percentage points year-on-year [6][8] - The forecast for net profit attributable to shareholders for 2025-2027 is 7.495 billion, 10.102 billion, and 12.592 billion yuan, respectively, with corresponding EPS of 2.22, 3.00, and 3.74 yuan [8][9] - The company is projected to maintain a strong growth trajectory, with revenue expected to grow by 22.39% in 2025 and 24.79% in 2026 [9]