公司报告 | 半年报点评 二季度业绩环比提高,新项目积极推进 1. 2024 年半年报,公司上半年归母净利润 20.56 亿 根据公司 2024 半年报,2024 年上半年公司归母净利润为 20.6 亿元,同比 提高 12.5%。2024 年 Q2 公司归母净利润为 10.3 亿,跟 2024 年 Q1 的 10.2 亿相比,环比略有提高。 2. 乙烷价格有望维持低位,乙烷裂解利润提升 今年乙烷价格持续处于 20 美元/加仑附近。我们在 2024 年 6 月 6 日外发报 告《美国削减天然气,后续如何展望?》认为,2024~2025 年美国天然气 供需依旧处于一个较为宽松的状态,乙烷价格有望继续维持在低位。 截至 2024 年 7 月 12 日,石脑油裂解/乙烷裂解/煤制烯烃的平均利润分别 为-266/2774/1070 元/吨,乙烷裂解在三种乙烯路线中的利润优势最明显。 3.新项目投产,今年下半年开始贡献业绩 根据公司于 2024 年 7 月 15 日发布的《关于卫星能源三期项目一阶段顺利 投产的公告》,公司年产 80 万吨多碳醇项目一阶段装置经投料试生产后已 成功产出合格产品,标志着卫星能源三期项目一阶段 ...

卫星化学股份有限公司非经营性资金占用及其他关联资金往来情况汇总表 卫星化学股份有限公司非经营性资金占用及其他关联资金往来情况汇总表 | | 嘉兴山特莱投资有限公司 | 全资子公司 | 其他应收款 | 33.10 | 18.50 | | | 51.60 | 资金周转 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 浙江兴港石化贸易有限公司 | 全资子公司 | 其他应收款 | | 21.91 | | 21.91 | | 代垫款 | 经营性往来 | | | 连云港禾城置业有限公司 | 全资子公司 | 其他应收款 | 20,579.74 | 6,271.36 | | | 26,851.09 | 资金周转 | 非经营性往来 | | | 卫星新材料研发有限公司 | 全资子公司 | 长期应收款 | | 716.00 | 0.85 | 66.85 | 650.00 | 资金周转 | 非经营性往来 | | | 江苏嘉宏新材料有限公司 | 全资子公司 | 长期应收款 | | 97.18 | | 97.18 | | ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Committee, and senior management ensure the report's accuracy and completeness, assuming legal responsibility, with no profit distribution planned for the period - All directors, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming corresponding legal responsibilities[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from provident funds[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report is divided into ten sections, covering company basics, financial data, management analysis, governance, ESG, and key events [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key company abbreviations, production bases, and specific terms for report clarity [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Satellite Chemical Co., Ltd. (stock code: 002648) is a Shenzhen Stock Exchange-listed company, with Yang Weidong as its legal representative Key Financial Indicators | Item | Content | | :--- | :--- | | Stock Abbreviation | Satellite Chemical | | Stock Code | 002648 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yang Weidong | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) H1 2024 revenue was **19.40 billion yuan** (down **4.59%** YoY), net profit **2.056 billion yuan** (up **12.51%**), with operating cash flow down **26.50%** Key Financial Indicators | Key Financial Indicators | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | -4.59% | | Net Profit Attributable to Shareholders | 2,056,106,640.22 | 1,827,446,958.97 | 12.51% | | Net Profit Attributable to Shareholders (Excl. Non-Recurring) | 2,234,456,615.73 | 1,952,121,004.93 | 14.46% | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | -26.50% | | Basic EPS (yuan/share) | 0.61 | 0.54 | 12.96% | | Total Assets (yuan) | 65,635,473,115.44 | 64,581,962,271.67 | 1.63% (vs. end of prior year) | | Net Assets Attributable to Shareholders (yuan) | 26,264,113,194.75 | 25,464,935,653.13 | 3.14% (vs. end of prior year) | [Non-Recurring Gains and Losses](index=9&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **-178 million yuan**, mainly from **-323 million yuan** in fair value changes and disposal losses of financial assets and liabilities - Non-recurring gains and losses totaled **-178,349,975.51 yuan** for the reporting period[24](index=24&type=chunk) - The primary negative impact stemmed from fair value changes and disposal losses of financial assets and liabilities, amounting to **-322,647,311.62 yuan**[24](index=24&type=chunk) - Government subsidies recognized in current profit or loss amounted to **49,752,998.69 yuan**[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a leading light hydrocarbon integrated producer, the company achieved **2.056 billion yuan** net profit (up **12.51%**), driven by new projects and **217.46%** growth in new energy materials - The company adheres to a light hydrocarbon integration strategy, aiming to become a low-carbon chemical new materials technology company[29](index=29&type=chunk) - New energy materials revenue grew by **217.46%** during the period, with functional chemicals and polymer new materials also maintaining good gross margin growth[29](index=29&type=chunk) - The company's α-olefin comprehensive utilization high-end new materials industrial park project commenced smoothly, with a planned total investment of approximately **26.6 billion yuan**, aiming to extend the industrial chain and develop high-end polyolefin new materials[31](index=31&type=chunk) - The company established Satellite Global as a subsidiary to accelerate overseas market expansion, now having established partnerships with customers in over **160** countries and regions worldwide[36](index=36&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include 'He' culture, green low-carbon full-chain, tech innovation, and intelligent industrial system; MSCI ESG rating improved to B, with **10 billion yuan** R&D planned - The company maintains light hydrocarbon integration as its core, with its US joint venture ORBIT possessing ethane export capabilities and the world's largest ethane fleet, ensuring raw material supply[38](index=38&type=chunk) - During the reporting period, the company's MSCI ESG rating improved from CCC to **B**[39](index=39&type=chunk) - The company plans to invest **10 billion yuan** in R&D over the next five years, focusing on catalysts, new energy materials, and polymer new materials to achieve breakthroughs in key technologies[40](index=40&type=chunk) - Leveraging its 'Xingyun' industrial internet platform, the company built a 'cloud chemical plant' to achieve automated coordination in procurement, production, marketing, and logistics, earning national 5G factory pilot demonstration status[41](index=41&type=chunk) [Analysis of Main Business Operations](index=12&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue decreased **4.59%** to **19.40 billion yuan**, but gross margin improved; financial expenses rose **56.67%** due to exchange losses, with new energy materials revenue surging **217.46%** Key Financial Indicators | Key Financial Indicators | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | -4.59% | - | | Operating Cost | 15,310,121,746.05 | 16,820,442,055.05 | -8.98% | - | | Financial Expenses | 548,878,255.92 | 350,351,012.27 | 56.67% | Primarily due to increased exchange losses in this period | | R&D Investment | 794,826,258.15 | 720,961,464.36 | 10.25% | - | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | -26.50% | Due to increased inventory and changes in receivables/payables | Revenue by Product Segment | By Product | Operating Revenue (yuan) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Functional Chemicals | 9,247,132,428.87 | 47.66% | -12.73% | | Polymer New Materials | 5,488,020,330.54 | 28.29% | -2.11% | | New Energy Materials | 356,841,584.32 | 1.84% | 217.46% | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets reached **65.635 billion yuan** (up **1.63%**), with construction in progress increasing to **4.801 billion yuan**, indicating an expansion phase and stable debt structure Asset and Liability Status | Asset/Liability Item | End of Current Period (yuan) | End of Prior Year (yuan) | Change in % of Total Assets | | :--- | :--- | :--- | :--- | | Construction in Progress | 4,800,932,593.66 | 3,186,398,770.76 | +2.38% | | Inventory | 5,160,353,544.92 | 4,233,443,857.76 | +1.30% | | Short-term Borrowings | 2,015,369,566.59 | 1,225,867,532.69 | +1.17% | | Long-term Borrowings | 8,815,755,840.35 | 10,839,037,668.20 | -3.35% | - As of the end of the reporting period, **529 million yuan** of the company's assets were restricted, primarily fixed assets and intangible assets pledged for loans, and accounts receivable financing pledged for letters of credit[55](index=55&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Lianyungang Petrochemical Co., Ltd. was the primary profit contributor, generating **10.706 billion yuan** revenue and **1.231 billion yuan** net profit, with new subsidiaries supporting expansion Key Subsidiary Performance | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Lianyungang Petrochemical Co. | 10,706,040,973.22 | 1,231,456,680.77 | [Risks and Countermeasures Faced by the Company](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces macroeconomic, environmental, safety, and price volatility risks, addressed through operational adjustments, enhanced EHS, supply chain advantages, and financial hedging - The company faces three main risks: macroeconomic and policy risks, environmental and safety production risks, and raw material, product price, and exchange rate fluctuation risks[67](index=67&type=chunk) - Countermeasures include: timely adjustment of operating models, implementation of a 'five-in-one' safety management system, leveraging integrated industrial chain advantages, conducting commodity derivative hedging, and implementing forward foreign exchange hedging[67](index=67&type=chunk) [Corporate Governance](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Three independent directors departed due to term expiration, new directors were elected, and Mr. Ma Tujun was appointed Vice President, reflecting Board and senior management changes - Gao Changyou, Pan Yushuang, and Fei Jinhong, three independent directors, resigned due to term expiration[74](index=74&type=chunk) - Gao Jun was elected as a company director, and Wu Yi, Guo Baitao, Feng Lianfang, and Tong Jianhua were elected as new independent directors[74](index=74&type=chunk) - Ma Tujun was appointed as the company's Vice President[74](index=74&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The 2021 restricted stock incentive plan's third vesting period released **1.4592 million shares** for 79 grantees; 7,131 shares were repurchased, and the employee stock plan covers 210 core employees - The third vesting period of the 2021 restricted stock incentive plan was met, involving **79** grantees and a total of **1.4592 million shares**[79](index=79&type=chunk) - The employee stock ownership plan involves **210** individuals, holding **9,488,644** shares, representing **0.28%** of the company's total share capital, with funding from company-allocated special funds[80](index=80&type=chunk) [Environmental and Social Responsibility](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Significant Environmental Issues](index=23&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) Designated as a key pollutant emitter, the company invested **149 million yuan** in environmental governance and paid **1.0657 million yuan** in taxes in H1 2024, with no environmental penalties - The company and its subsidiaries are designated as key pollutant emitters by environmental protection authorities and have obtained discharge permits as required, ensuring compliant emissions[83](index=83&type=chunk)[84](index=84&type=chunk) - In H1 2024, the company invested a total of **149 million yuan** in environmental governance and paid **1.0657 million yuan** in environmental protection taxes[98](index=98&type=chunk) - Lianyungang Petrochemical's new **300,000-ton/year** carbon dioxide recovery project has completed environmental acceptance, aiming to reduce carbon emissions[102](index=102&type=chunk) [Social Responsibility](index=28&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company engaged in **35** volunteer activities, donated over **1 million yuan**, supported Ruoergai County, increased 'Common Prosperity Workshop' employee salaries by **8.7%**, and improved its MSCI ESG rating to B - In H1 2024, the company conducted **35** volunteer service activities, including aid for education and poverty relief, donating over **1 million yuan** in cash and goods[104](index=104&type=chunk) - The company prioritizes employee development and common prosperity, with 'Common Prosperity Workshop' employees receiving an average salary adjustment of **8.7%** in the first half of the year[106](index=106&type=chunk) - During the reporting period, the company's MSCI ESG rating improved from CCC to **B**[106](index=106&type=chunk) [Significant Matters](index=29&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Significant Contracts and Their Performance](index=31&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) No major contracts existed; the company provided **1.614 billion yuan** in subsidiary guarantees (**6.15%** of net assets) and held **100 million yuan** in outstanding bank wealth management products from a **350 million yuan** investment - As of the end of the reporting period, the company's actual guarantee balance for subsidiaries was **1.614 billion yuan**, accounting for **6.15%** of the company's net assets[128](index=128&type=chunk) - The company used its own funds for wealth management, with transactions totaling **350 million yuan** and an outstanding balance of **100 million yuan**, all in bank wealth management products[131](index=131&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=35&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital decreased by **7,131** shares to **3,368,645,690** due to restricted share repurchase and cancellation from the 2021 incentive plan - During the reporting period, the company's total share capital decreased from **3,368,652,821** shares to **3,368,645,690** shares due to the repurchase and cancellation of some restricted shares[136](index=136&type=chunk)[137](index=137&type=chunk) [Number of Shareholders and Shareholding Information](index=38&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of period-end, the company had **37,661** common shareholders; Zhejiang Satellite Holding (**34.60%**) and YANG YA ZHEN (**11.64%**) are actual controllers, with Hong Kong Securities Clearing as the third-largest shareholder (**8.89%**) - As of the end of the reporting period, the total number of common shareholders was **37,661**[145](index=145&type=chunk) Shareholder Information | Shareholder Name | Shareholding % | Number of Shares | | :--- | :--- | :--- | | Zhejiang Satellite Holding Co., Ltd. | 34.60% | 1,165,589,005 | | YANG YA ZHEN | 11.64% | 392,168,813 | | Hong Kong Securities Clearing Company Limited | 8.89% | 299,441,735 | | Jiaxing Maoyuan Investment Co., Ltd. | 4.15% | 139,864,401 | - Controlling shareholder Zhejiang Satellite Holding Co., Ltd. and shareholder YANG YA ZHEN (wife of Yang Weidong) are parties acting in concert, serving as the company's actual controllers[145](index=145&type=chunk) [Preferred Shares Information](index=41&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Preferred Shares](index=41&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[153](index=153&type=chunk) [Bond Information](index=42&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bonds](index=42&type=section&id=%E5%80%BA%E5%88%B8) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[156](index=156&type=chunk) [Financial Report](index=43&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=43&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[158](index=158&type=chunk) [Financial Statements](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2024 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and owners' equity changes, with detailed notes [Consolidated Balance Sheet](index=43&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2024, total assets were **65.635 billion yuan**, total liabilities **39.347 billion yuan**, and parent company equity **26.264 billion yuan**, with a **59.95%** asset-liability ratio Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 65,635,473,115.44 | 64,581,962,271.67 | | Total Liabilities | 39,346,640,664.56 | 39,088,605,353.24 | | Net Assets Attributable to Shareholders | 26,264,113,194.75 | 25,464,935,653.13 | [Consolidated Income Statement](index=49&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2024, total operating revenue was **19.40 billion yuan**, total costs **17.021 billion yuan**, total profit **2.370 billion yuan**, and net profit **2.053 billion yuan**, with **2.056 billion yuan** attributable to parent shareholders Consolidated Income Statement | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | | Total Profit | 2,369,802,417.59 | 2,104,170,998.31 | | Net Profit | 2,052,559,716.76 | 1,825,053,149.96 | | Net Profit Attributable to Parent Company Shareholders | 2,056,106,640.22 | 1,827,446,958.97 | [Consolidated Cash Flow Statement](index=54&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2024, net cash from operating activities was **2.115 billion yuan**, investing activities **-1.565 billion yuan**, and financing activities **-2.539 billion yuan**, resulting in a net decrease of **1.951 billion yuan** in cash and equivalents Consolidated Cash Flow Statement | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | | Net Cash from Investing Activities | -1,565,230,511.55 | -1,443,562,767.63 | | Net Cash from Financing Activities | -2,539,383,500.14 | 492,752,580.56 | | Net Increase in Cash and Cash Equivalents | -1,950,735,130.87 | 1,914,358,277.50 |

卫星化学(002648.SZ) 优于大市 年产 80 万吨多碳醇项目投产,完善碳三产业链上下游一体化 公司研究·公司快评 基础化工·化学制品 投资评级:优于大市(维持) 证券分析师: 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码:S0980520120002 证券分析师: 薛聪 010-88005107 xuecong@guosen.com.cn 执证编码:S0980520120001 事项: 根据公司公告,公司新材料新能源一体化项目(以下简称"卫星能源三期项目")即年产 80 万吨多碳醇 项目一阶段装置经投料试生产后已成功产出合格产品,标志着卫星能源三期项目一阶段一次开车成功。 国信化工观点: 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月16日 1)公司加码新材料新能源项目,巩固碳三产业链龙头:碳三产业链是以丙烷为基础的一系列化工新材料 项目。2021 年 3 月 20 日,公司与浙江独山港经济开发区管理委员会、液化空气(中国)投资有限公司在 平湖市人民政府会议中心签署《新材料新能源一体化项目合作框架协议》,公司总投资约 102 ...

证券代码：002648 证券简称：卫星化学 公告编号：2024-040 卫星化学股份有限公司 关于卫星能源三期项目一阶段顺利投产的公告 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。 项目建成投产有可能面临宏观经济与市场需求变化等因素的影响，敬请广大 投资者谨慎决策，注意投资风险。 近日，卫星化学股份有限公司（以下简称"公司"或"卫星化学"）收到子 公司浙江卫星能源有限公司通知，该公司新材料新能源一体化项目（以下简称"卫 星能源三期项目"）即年产80万吨多碳醇项目一阶段装置经投料试生产后已成功 产出合格产品，标志着卫星能源三期项目一阶段一次开车成功。截止本公告披露 日，卫星能源三期项目一阶段装置运行稳定。 一、项目的审议程序 1、2021年3月19日，公司召开第四届董事会第四次会议审议通过了《关于拟 签订对外投资框架协议的议案》，具体内容详见《第四届董事会第四次会议决议 的公告》（公告编号：2021-024）。 2、2021年4月7日，公司召开2021年第二次临时股东大会审议通过了《关于 拟签订对外投资框架协议的议案》，具体内容详见《2021年第二次临时股东大 ...

证券代码：002648 证券简称：卫星化学 公告编号：2024-039 卫星化学股份有限公司 关于部分限制性股票回购注销完成的公告 议案》和《关于公司向2021年限制性股票激励计划激励对象授予限制性股票的议 案》，实际向92名激励对象授予股份数量为307万股。公司独立董事对相关事项 发表了独立意见。 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。 特别提示： 1、卫星化学股份有限公司（以下简称"公司"）本次回购注销限制性股票 涉及4人，回购注销限制性股票数量合计7,131股，占回购注销前公司总股本 3,368,652,821股的0.0002%，回购资金总金额34,685.14元。 2、截至本公告披露之日，公司在中国证券登记结算有限责任公司深圳分公 司完成上述限制性股票的回购注销手续。本次回购注销完成后，公司股份总数由 3,368,652,821股变更为3,368,645,690股。 一、本次股权激励计划基本情况 1、2021年1月22日，公司召开第四届董事会第二次会议和第四届监事会第二 次会议，审议通过了《关于<公司2021年限制性股票激励计划（草案）>及其摘 ...

关于平湖石化部分装置复产公告 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。 卫星化学股份有限公司（以下简称"公司"）于2024年4月2日在《证券时报》 《中国证券报》和巨潮资讯网（www.cninfo.com.cn）上披露了《关于部分装置检 修的公告》（公告编号：2024-029），从2024年4月6日起对公司全资子公司平湖 石化有限责任公司年产32万吨丙烯酸和30万吨丙烯酸酯装置进行例行检修及部 分工艺升级改造。截止目前，装置已完成检修，恢复正常生产。部分装置在本轮 检修中完成了技术优化目标，进一步提升了装置运行效率和生产稳定性，为装置 持续高质量运行提供保障。 证券代码：002648 证券简称：卫星化学 公告编号：2024-038 特此公告。 卫星化学股份有限公司 卫星化学股份有限公司董事会 二〇二四年六月四日 ...

关于连云港石化部分装置复产公告 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。 证券代码：002648 证券简称：卫星化学 公告编号：2024-037 卫星化学股份有限公司 卫星化学股份有限公司（以下简称"公司"）于2024年4月2日在《证券时报》 《中国证券报》和巨潮资讯网（www.cninfo.com.cn）上披露了《关于部分装置检 修的公告》（公告编号：2024-029），从2024年4月6日起对公司全资子公司连云 港石化有限公司年产80万吨聚乙烯装置、73万吨环氧乙烷与91万吨乙二醇联产装 置，以及配套原料装置进行检修。截止目前，装置已完成检修，恢复正常生产。 部分装置在本轮检修中完成了技术优化目标，进一步提升了装置运行效率和生产 稳定性，为装置持续高质量运行提供保障。 特此公告。 卫星化学股份有限公司董事会 二〇二四年五月二十二日 ...

好的谢谢各位投资人晚上好下面我向各位领导汇报一下我们关于卫星化学的一个跟踪解读本次主题是成本需求同步向好产业升级守护成长 本次我们还是从这么几个方面来看首先是我们认为公司维持一个高质量的成长轨道目前来看公司的一个原材料成本能够有力的支撑它的业绩从公司的一个弹性和发展上面来看公司目前它产业链能够实现一个持续升级然后实现它一个量制的一个 同步发展同时在这个长远方面公司的一个目前仍然加大它一个研发投入能够实现一个平滑的成长曲线最后是我们的一个投资评级和盈利预测 下面我们看公司我们比较快的过一下公司的业绩关注卫星的一些各个领导其实也比较了然当然一季度有一个营业额同比负的7%主要还是一季度有一系列的一个提供和检修的 动作在里面导致他营业额的有一部分的下降我们也看到他又规模经历一个增速还是比较高的是说明这个公司的一个整体的营收质量还是比较好目前来看一个公司的一个经历率在一季度还是保持在一个改善的区间 那么从这个公司业务结构我们可以看出来我们知道公司一个主要营收来源主要是它一个功能化学品业务21年的23年占比是68% 52.85%和51.3%23年的公司的高分子材料业务占营收的比重是从21年的9.52%快速提升到了28.7 ...

好的谢谢各位投资人下晚上好那下面我向各位领导求汇报一下我们这个关于卫星化学的一个跟踪解读那本次主题是成本需求同步向好产业升级守护成长 那本次呢我们还是从这么几个方面来看首先是我们认为就公司维持一个高质量的成长轨道那目前来看呢公司的一个原材料成本呢能够一个有力的支撑他的业绩那从公司的一个弹性和发展的上面来看呢公司目前他产业链能够实现一个持续升级然后实现他一个量子的一个 同步发展同时呢同时呢在这个这个长远方面公司的一个目前仍然加长加大他的一个研发投入能够实现一个平滑的成长曲线最后是我们的一个投资评级和盈利预测 那下面我们看这个公司是这个我们比较快的一个过一下他公司一个业绩那其实这个关注微信微信的一些各个领导呢其实也比较了然这个当然这个一季度呢有一个营业额同比这个负的7%那主要还是一季度有一系列的一个停工和检修的一个 动作在里面导致他营业额的有一部分的下降但我们也看到他要规模经历一个增速的还是比较高的那是说明这个公司的一个整体的营收质量还是比较好那目前来看一个公司的一个经历率在一季度还是保持在一个改善的区间 那么看从这个公司这个业务结构我们可以看出来就是啊我们知道公司一个主要营收来源的主要是他一个功能化学品业务那2 ...