[Table_StockNameRptType] 卫星化学(002648) 公司点评 二季度盈利环比增长,α-烯烃项目开工打开成长空间 | --- | --- | |-----------------------------|-------------| | [Table_Rank] | | | 报告日期: | | | [Table_BaseData] 收盘价(元) | 18.17 | | 近 12 个月最高/ | 19.60/12.56 | | 总股本(百万股) | 3,369 | | 流通股本(百万股) | 3,366 | | 流通股比例(%) | 99.91 | | 总市值(亿元) | 612 | | 流通市值(亿元) | 612 | | 公司价格与沪深 | 走势比较 | -20% -10% 0% 10% 20% 30% 7/19 9/19 11/19 1/19 3/19 5/19 卫星化学 沪深300 [Table_Author] 分析师:王强峰 执业证书号:S0010522110002 电话:13621792701 邮箱:wangqf@hazq.com 联系人:潘宁馨 执业证书号:S00101220 ...

更多就加微信MY00711 三年以后我们第一次的大修通过这次检修我们也是进一步优化了该装置的一个技术指标提升了运行效率跟生产的稳定性同时也降低了生产成本为装置后续持续高质量的运行也提供了保障第二呢就是公司计划投资的266亿元的阿尔法锡金综合利用高端新材料产业园项目也顺利的开工建设未来将利用公司的一个 自研的技术优势进一步拓宽产业链向下游的高端材料领域去拓展第三呢就是公司的未来研发中心也是今年的5月28号正式开工建设未来会加大引入国内外的高端人才截止到上半年公司的研发人数达到了1343人同比增长了11.3%同时也引入了国家及高端人才三人 第四呢就是公司的平湖基地的多碳层项目顺利了顺利建成后面再碳三就是公司会形成一个丙烯丙酸丙酸脂的一个产链闭环核心原料也会能够实现一个自供也是保障了原料的供应稳定跟降低生产成本另外呢前天公司也是披露了 这个多碳城项目的顺利投产的一个公告最后呢我还是再讲一下就是公司坚持呢以核为内涵的企业文化真心为企用心做事形成了志同道合上下一心打造主业标杆的未来发展目标在技术领先管理领先的要求下公司致力于化工让生活更美好的使命 努力打造成为产品卓越品牌卓越创新领先啊治理现代的新型工业化企业啊我就简单 ...

公司近一年市场表现 市场数据:2024 年 7 月 18 日 收盘价(元): 18.17 年内最高/最低(元): 20.13/12.74 流通A股/总股本(亿): 33.66/33.69 流通 A 股市值(亿): 611.67 总市值(亿): 612.08 基础数据:2024 年 6 月 30 日 基本每股收益(元): 0.61 摊薄每股收益(元): 0.61 每股净资产(元): 7.80 净资产收益率(%): 7.81 资料来源:最闻 李旋坤 执业登记编码:S0760523110004 邮箱:lixuankun@sxzq.com 程俊杰 执业登记编码:S0760519110005 邮箱:chengjunjie@sxzq.com 事件描述 公司发布2024年半年度报告。24H1实现营业收入194亿元,同比-4.59%; 实现归母净利为 20.56 亿元,同比+12.51%。其中,Q2 实现营业收入 105.96 亿,同比-2.53%,环比+20.34%;归母净利润 10.33 亿,同比-8.51%,环比 +1.06%。公司实现 2023 年度权益分派,每 10 股派发现金红利 4.00 元(含 税)。 事件点 ...

证券代码:002648 证券简称:卫星化学 编号:20240718 □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 □新闻发布会 □路演活动 □现场参观 √其他:电话会议 | --- | |---------------------------------------------------------------------| | 公司副总裁、董事会秘书沈晓炜、IR 总监李扬 | | Abrdn、Baichuang fund、Cephei Capital、China Investment Corporation | | Dymon、East Capital、Elevation Investment Management、 | | Securities Asset Management、Flowing River Capital、Gopher Asset | | Management、Gsam、Helved capital、HSBC AM 、IGWT Investment | | JM Great China fund、Korea Investment Management、KT ...

2024 年 7 月 18 日 公司研究 Q2 业绩环比增长,C3 项目有序投产,C2 新项目正式开工 ——卫星化学(002648.SZ)2024 年半年报点评 买入(维持) 当前价:17.91 元 事件: 作者 分析师:赵乃迪 执业证书编号:S0930517050005 010-57378026 zhaond@ebscn.com 分析师:蔡嘉豪 执业证书编号:S0930523070003 021-52523800 caijiahao@ebscn.com 股价相对走势 市场数据 | --- | --- | |--------------------|-------------| | 总股本(亿股) | 33.69 | | 总市值(亿元): | 603.33 | | 一年最低/最高(元): | 12.48/19.72 | | 近 3 月换手率: | 33.57% | -18% -7% 4% 15% 26% 07/23 10/23 01/24 04/24 卫星化学 沪深300 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % ...

卫星化学(002648.SZ) 检修与技术优化伴行,Q2 环增彰显强劲韧性 事件:公司发布 2024 年度中报,公告实现营业收入 194.00 亿元,同比 -4.59%;实现归母净利润 20.56 亿元,同比+12.51%;其中二季度实现营 收 105.96 亿元,同比-2.53%,环比+20.34%,实现归母净利润 10.33 亿元, 同比-8.51%,环比+1.10%。 检修影响季度经营表现,但装置高质量运行能力进一步夯实。在装置连续平 稳运行 3 年,创同类装置首次开车长周期记录后,公司自 4 月 6 日起对连云 港 C2 原料及下游 PE、EO 等装置进行检修。尽管检修历时近一个半月,对 Q2 盈利形成冲击,但公司仍实现单季度业绩环比改善。且考虑到公司本轮 检修是与技术优化同步进行,装置后续高质量运行能力也得到进一步提升。 乙烷价格持续低位,公司路线低能耗、低成本,优势凸显。根据卓创资讯, 石脑油裂解/MTO 路线的单吨毛利润分别为-494/-278 元,均在亏损边缘(截 止 7 月 16 日)。而公司 C2 原料为美国乙烷,因美国油气开采量创新高, 乙烷过剩加剧,原料价格持续徘徊在历史低位。根据 B ...

基础化工 2024 年 07 月 18 日 卫星化学 (002648) ——Q2 价差有所改善,多碳醇投产增强一体化优势 | --- | |---------------------| | 2024 年 07 月 17 日 | | 17.91 | | 20.13/12.74 | | 2.3 | | 2.23 | | 60,292 | | 2,962.85/8,835.14 | | | | --- | --- | |------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产(元) | 7.80 | | 资产负债率% | 59.95 | | 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: 07-1708-1709-1710-1711-1712-1701-1702-1703-1704-1705-1706-1707-17 -20% -10% 0% 10% 20% 30% 卫星化学 沪深300指数 (收益率) 相关研究 - 报告原因:有业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.72 yuan, adjusted from the previous target of 22.36 yuan [2][4]. Core Insights - The company reported a revenue of 19.4 billion yuan in the first half of 2024, a year-on-year decrease of 4.59%, while the net profit attributable to the parent company was 2.06 billion yuan, a year-on-year increase of 12.51%. The revenue decline was primarily due to extended maintenance at the Lianyungang and Pinghu bases, impacting production and sales. However, the drop in ethane prices contributed to the net profit growth [1]. - With the completion of maintenance at both bases, a significant increase in production and sales is expected in the second half of the year. Additionally, the company's 800,000-ton alcohol project has recently commenced operations, which is anticipated to contribute to revenue growth in the latter half of the year [1]. - The company is advancing new projects, establishing integrated chemical production bases in Lianyungang and Jiaxing, and progressing with the α-olefin comprehensive utilization high-end new materials industrial park project, which will expand its product range and enhance its presence in high-end product sectors [1]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 1.60, 2.01, and 2.13 yuan, respectively. The target price corresponds to an average PE ratio of 16 times for comparable companies in 2024 [2][4]. - The company is expected to achieve revenue growth of 9.6% in 2024, with further increases projected in subsequent years [6].

卫星化学(002648) 报告日期:2024 年 07 月 18 日 Q2 环比改善显稳健经营能力,α-烯烃项目开工支撑中长期成长 ——卫星化学 2024 年中报点评 事件 ❑ 7 月 17 日,卫星化学发布 2024 年半年报,2024H1 公司实现营收 194.00 亿元, 同比-4.59%;实现归母净利润 20.56 亿元,同比+12.51%;毛利率达 21.08%,同 比增加 3.57 个百分点;净利率达 10.58%,同比增加 1.38 个百分点;ROE 达 7.81%,同比下滑 0.10 个百分点。 其中,2024Q2 公司实现营收 105.96 亿元,同比-2.53%,环比+20.34%;实现归 母净利润 10.33 亿元,同比-8.51%,环比+1.06%;实现扣非归母净利润 11.71 亿 元,同比-0.23%,环比+10.19%。 点评 C2 业务价差回升,公司 2024H1 业绩同比增长。2024 年上半年,公司实现营收 194.00 亿元,同比-4.59%;实现归母净利润 20.56 亿元,同比+12.51%。业绩同 比增长主要受益于公司 C2 产品价差回升,其中原料方面,据 Bloo ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.28 [6][7]. Core Insights - The company reported a net profit of RMB 2.06 billion for H1 2024, reflecting a year-on-year increase of 12.5%, despite a revenue decline of 4.6% to RMB 19.4 billion [1]. - The report anticipates net profits of RMB 5.7 billion, RMB 6.2 billion, and RMB 7.6 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 1.69, RMB 1.83, and RMB 2.25 [1]. - The overall gross margin improved by 3.6 percentage points to 21.1% in H1 2024, driven by a slight recovery in product prices and lower raw material costs [2][3]. Financial Performance - For H1 2024, the company achieved revenue of RMB 19.4 billion, with a net profit of RMB 2.06 billion, and a non-recurring profit of RMB 2.23 billion, marking a 12.5% increase year-on-year [1]. - The second quarter of 2024 saw a net profit of RMB 1.03 billion, which is an 8.5% decrease year-on-year but a 1% increase quarter-on-quarter [1]. - The report projects revenue growth for the upcoming years, with expected revenues of RMB 44.1 billion in 2024, RMB 45.3 billion in 2025, and RMB 48.1 billion in 2026 [5]. Product and Market Analysis - The revenue from functional chemicals, polymer materials, and new energy materials for H1 2024 was RMB 9.2 billion, RMB 5.5 billion, and RMB 360 million respectively, with year-on-year changes of -13%, -2%, and +217% [2]. - The average prices for key products such as acrylic acid and butyl ester showed mixed trends, with acrylic acid down by 7.5% and butyl ester up by 0.4% year-on-year [2]. - The company is focusing on high-end new materials, with significant investments in projects such as the 800,000-ton multi-carbon alcohol project and a high-end polymer materials industrial park [4]. Valuation Metrics - The report assigns a 12x PE ratio based on comparable companies' average expectations for 2024, leading to a target price of RMB 20.28 [1][6]. - The company's market capitalization is approximately RMB 60.3 billion, with a closing price of RMB 17.91 as of July 17 [7]. Future Outlook - The report suggests that product market conditions are expected to gradually improve, supported by seasonal demand in Q3 and optimized industry supply [3]. - The company’s ethylene unit has completed maintenance, which is anticipated to enhance production and profitability in the upcoming quarters [3].