Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 41.487 billion yuan in 2023, representing 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 [4] - The profit recovery trend continued throughout 2023, driven by the easing of pandemic control measures, ongoing economic stimulus policies, and a gradual recovery in downstream demand. The prices of raw materials such as ethane and propane have decreased, improving the price and margin of the company's main products [4] - The company has seen a significant increase in quarterly profits, with Q4 2023 net profit soaring by 2693.91% year-on-year [4] - Research and development investment has increased, with the company successfully launching several new projects, enhancing its growth potential [4] - The company is expected to achieve net profits of 5.502 billion yuan, 6.787 billion yuan, and 8.583 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.63 yuan, 2.01 yuan, and 2.55 yuan [4] Summary by Sections Basic Data - Latest closing price: 19.37 yuan - Market capitalization: 65.251 billion yuan - Total shares: 3.369 billion [2] Financial Performance - Revenue for 2023: 41.487 billion yuan, with a growth rate of 12.0% - Net profit for 2023: 4.789 billion yuan, with a growth rate of 56.4% - EPS for 2023: 1.42 yuan, with a PE ratio of 13.62 [5] Profit Forecast - Expected revenue for 2024: 47.124 billion yuan, with a growth rate of 13.6% - Expected net profit for 2024: 5.502 billion yuan, with a growth rate of 14.9% - Expected EPS for 2024: 1.63 yuan, with a PE ratio of 11.86 [5] R&D and New Projects - R&D investment in 2023: 1.626 billion yuan, up 31.05% year-on-year - Successful launch of new projects including a 600,000 tons/year styrene project and a green materials industrial park [4]

Summary of the Conference Call Company and Industry - The conference call pertains to Shengwang Hongyuan Petrochemical Satellite Chemical, focusing on the first quarter analysis of the company and its operations in the petrochemical industry [1] Core Points and Arguments - The call began with a welcome message and an introduction to the agenda, indicating a structured approach to discussing the company's performance and outlook [1] Other Important Content - All participants were initially muted, suggesting a formal setting for the presentation and discussion [1]

卫星化学（002648.SZ）2023年年报及2024年一季报点评 24Q1 归母净利润高增，新项目续力成长曲线 2024年04月24日 ➢ 事件：公司发布了 2023 年年报和 2024 年第一季度报告。2023 年，公司 推荐 维持评级 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， 当前价格： 18.25元 同比增长54.71%；实现扣非归母净利润46.72亿元，同比增长51.80%。2024 年一季度，公司实现营业收入 88.05 亿元，同比下降 6.95%；实现归母净利润 10.23 亿元，同比增长 46.55%；实现扣非归母净利润 10.63 亿元，同比增长 38.30%。 [T able_Author] ➢ 23 年表现亮眼，24Q1 盈利能力同比高增。2023 年，公司功能化学品/高 分子新材料/新能源材料业务分别实现收入212.89/119.16/4.65亿元，收入占比 分别为 51.32%/28.72%/1.12%，毛利率分别为 15.57%/29.56%/36.77%，同 比变化-5.87/+6.45/-1.45pct。综合毛利率来看，公司 ...

证券研究报告·公司点评报告·化学原料 卫星化学（002648） 2024 年一季报点评：Q1 净利同比增长，低气 2024 年 04月 23日 价背景下 C2 成本优势强化 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 曾朵红 营业总收入（百万元） 37,043 41,487 47,145 56,605 65,238 执业证书：S0600516080001 021-60199793 同比（%） 29.71 12.00 13.64 20.07 15.25 zengdh@dwzq.com.cn 归母净利润（百万元） 3,096 4,789 5,412 6,390 8,906 研究助理 何亦桢 同比（%） (48.46) 54.71 12.99 18.07 39.38 执业证书：S0600123050015 EPS-最新摊薄（元/股） 0.92 1.42 1.61 1.90 2.64 heyzh@dwzq.com.cn P/E（现 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The C2 industry chain profitability continues to improve, with a significant year-on-year increase in Q1 performance for the company [1] - In Q1 2024, the company achieved operating revenue of 8.8 billion yuan, a year-on-year decrease of 6.95% (adjusted) and a quarter-on-quarter decrease of 16.98% [1] - The net profit attributable to shareholders reached 1.023 billion yuan, a year-on-year increase of 46.55% (adjusted) and a quarter-on-quarter decrease of 26.73% [1] - The domestic PDH price spread improved significantly, reaching 474 yuan/ton, up 156 yuan/ton year-on-year and 90 yuan/ton quarter-on-quarter [1] - The company is advancing its α-olefin comprehensive utilization project, with the first phase entering the environmental assessment public notice stage [1] Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 5.964 billion yuan (down 9%), 6.975 billion yuan (down 13%), and 8.898 billion yuan respectively, with corresponding EPS of 1.77 yuan, 2.07 yuan, and 2.64 yuan [2] - Revenue is expected to grow from 50.194 billion yuan in 2024 to 65.759 billion yuan in 2026, with growth rates of 20.99% and 17.39% respectively [3] - The company’s net profit margin is projected to improve from 11.9% in 2024 to 13.5% in 2026 [4] - The company’s P/E ratio is expected to decrease from 11 in 2024 to 7 in 2026, indicating a potentially attractive valuation [4]

Investment Rating - The investment rating for the company is "Buy" [1][3][10] Core Views - The company achieved a year-on-year net profit growth of 46.6% in Q1 2024, indicating strong long-term growth potential [1][4] - The company is increasing its R&D investment, with a R&D expense ratio of 4.5% in Q1 2024, up 1.6 percentage points year-on-year [1][4] - The company is a leading integrated producer in the light hydrocarbon industry chain, benefiting from a significant decrease in raw material prices, particularly for ethane and propane [1][7] - New material projects are expected to open up future growth opportunities, with a planned investment of 25.7 billion yuan in a new high-end materials industrial park [1][8] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported operating revenue of 8.81 billion yuan (down 7.0% year-on-year, down 17.0% quarter-on-quarter) and a net profit attributable to shareholders of 1.02 billion yuan (up 46.6% year-on-year, down 26.7% quarter-on-quarter) [1][4] - The gross margin for Q1 2024 was 21.7%, an increase of 5.4 percentage points year-on-year [1][4] - The company forecasts net profits of 6.25 billion yuan, 7.74 billion yuan, and 8.87 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of +30.5%, +23.8%, and +14.7% [1][9] Market Position and Competitive Advantage - The company is the largest producer of acrylic acid and esters in China and has the first set of imported ethane comprehensive utilization facilities [1][7] - The average price of ethane in the U.S. was 19.4 cents per gallon in Q1 2024, down 20.3% year-on-year, while the domestic propane CFR average price was $620.8 per ton, down 10.4% year-on-year [1][7] - The company’s cost structure is more favorable compared to oil-based routes for producing olefins, with expectations for Brent crude oil prices to remain high [1][8] Future Growth Initiatives - The company plans to invest 25.7 billion yuan in a new α-olefin comprehensive utilization high-end materials industrial park, with construction expected to start in 2024 [1][8] - Additional projects include a new materials and new energy integration project in Pinghu, expected to contribute profits in 2024 [1][9]

上 市 公 司 基础化工 2024 年04月 23 日 卫星化学 (002648) 公 司 研 究 ——碳二碳三价差持续向好，24Q1 业绩同比显著改善 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点 （维持）  公司公告：2024年一季度公司实现营业收入88.0亿，同比下降7.0%，环比下降17.0%； 实现归母净利润10.2亿，同比增长46.6%，环比下降26.7%；实现扣非归母净利润10.6 亿，同比下降24.5%，环比下降19.2%，符合我们的预期。 证 市场数据： 2024年04月22日 券 收盘价（元） 19.37  24Q1丙烷原料价格回落带动 C3价差环比提升显著，下游需求表现仍待修复。根据万得 研 一年内最高/最低（元） 20.01/12.42 数据，2024Q1Brent原油均价为81.8美元/桶，环比下跌1.3%，受油价回落和季节性影 究 市净率 2.5 响，丙烷原料价格也有所下行，带动C3产品价差环比明显提升。C3业务方面，根据万得 报 息率（分红/股价） - 数据，我们计算2024Q1国内丙烷脱氢、聚丙烯与丙烷、丙烯酸与丙烷、丙烯酸与丙烯、 告 流通A股市值（百 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's net profit attributable to shareholders for Q1 2024 is 1.023 billion yuan, representing a year-on-year increase of 46.55%, primarily benefiting from the widening oil-gas price spread [1] - The increase in ethane cracking profit due to the oil-gas price spread is significant, with Q1 2024 ethane cracking profit at 2,937 yuan/ton, up 548 yuan/ton year-on-year [2] - The price of ethylene has risen to 4,588 yuan/ton in Q1 2024, an increase of 440 yuan/ton year-on-year, contributing positively to the company's Q1 performance [3] - New projects are entering the environmental assessment phase, with expectations that the ethylene production capacity from the ethane route will increase from 2.5 million tons to 5 million tons after the completion of two phases [4] - The profit forecast for the company is maintained at 5.72 billion yuan, 6.77 billion yuan, and 8.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.70, 2.01, and 2.59 yuan per share [5] Financial Data Summary - The company's revenue for 2024 is projected to be 51.31 billion yuan, with a growth rate of 23.67% [6] - The net profit attributable to shareholders for 2024 is forecasted at 5.72 billion yuan, reflecting a growth rate of 19.45% [6] - The company's EPS for 2024 is estimated at 1.70 yuan per share, with a P/E ratio of 11.41 [6] - The company's total assets are expected to be 57.93 billion yuan in 2024, with a debt-to-asset ratio of 38.79% [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 8.8 billion yuan in Q1 2024, a decrease of 6.9% year-on-year, while the net profit attributable to shareholders reached 1.02 billion yuan, an increase of 46.6% year-on-year [1] - The recovery in performance is primarily attributed to a reduction in ethane inventory conversion losses [1] - The company is expected to see revenue growth driven by two main factors: the expansion of oil and gas price differentials and the contribution from new projects coming online [1] Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are 51.485 billion yuan, 57.064 billion yuan, and 74.352 billion yuan respectively, with growth rates of 24.10%, 10.83%, and 30.30% [3] - Net profit projections for the same years are 6.715 billion yuan, 7.261 billion yuan, and 10.422 billion yuan, with growth rates of 40.19%, 8.14%, and 43.53% [3] - Earnings per share (EPS) are expected to be 1.99 yuan, 2.16 yuan, and 3.09 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 9.72, 8.99, and 6.26 [3] Industry Insights - The report indicates that the C2 and C3 industry chains are experiencing differentiated price spreads due to the decline in prices of key raw materials like ethane and propane [1] - The company is investing in high-end new materials, including a project in Lianyungang with an investment of approximately 2.57 billion yuan, which includes various production facilities [1] - The company is expected to benefit from domestic substitution as new projects come online, particularly in the EAA project [1]

Financial Performance - The company's operating revenue for Q1 2024 was ¥8,804,715,234.95, a decrease of 6.95% compared to ¥9,415,151,630.21 in the same period last year[6]. - Net profit attributable to shareholders increased by 46.55% to ¥1,022,615,451.76 from ¥707,155,290.76 year-on-year[6]. - Basic and diluted earnings per share rose by 42.86% to ¥0.30 from ¥0.21 in the same period last year[6]. - Total operating revenue for Q1 2024 was CNY 8,804,715,234.95, a decrease of 6.9% compared to CNY 9,461,882,305.47 in Q1 2023[24]. - Net profit attributable to shareholders of the parent company reached CNY 1,022,615,451.76, an increase of 46.5% from CNY 697,789,302.76 in Q1 2023[26]. - The company reported a net profit margin of approximately 11.6% for Q1 2024, compared to 7.4% in Q1 2023[26]. Cash Flow - The net cash flow from operating activities decreased by 24.48% to ¥660,779,331.17, down from ¥874,988,234.84 in the previous year[6]. - Total cash inflow from operating activities was ¥8,976,340,827.95, down 11.8% from ¥10,168,834,811.27 in the previous year[29]. - Cash outflow from operating activities totaled ¥8,315,561,496.78, a decrease of 10.5% compared to ¥9,293,846,576.43 in Q1 2023[29]. - The net cash flow from investing activities was -¥957,501,575.85, worsening from -¥811,440,906.66 in the same period last year[30]. - The net cash flow from financing activities was -¥234,985,917.04, compared to a positive cash flow of ¥3,646,795,512.38 in Q1 2023[30]. - The ending balance of cash and cash equivalents was ¥5,642,760,507.29, a decrease from ¥8,997,007,156.04 at the end of Q1 2023[30]. Assets and Liabilities - Total assets at the end of Q1 2024 were ¥65,820,796,247.06, reflecting a 1.92% increase from ¥64,581,962,271.67 at the end of the previous year[6]. - Total liabilities rose to CNY 39,269,365,785.69, slightly up from CNY 39,088,605,353.24 in the previous year[22]. - The company's long-term equity investments were valued at CNY 2,456,290,874.27, slightly down from CNY 2,471,466,117.42 in the previous period[19]. Shareholder Information - The company reported a total of 1,165,589,005 shares held by its largest shareholder, Zhejiang Satellite Holdings Co., Ltd., which constitutes a significant portion of the total share capital[13]. - The top 10 shareholders collectively hold a substantial amount of shares, with the largest shareholder holding 1,165,589,005 shares, accounting for a significant percentage of the total[13]. - The report indicates that there are no significant changes in the shareholder structure due to margin trading activities during the reporting period[16]. Research and Development - Research and development expenses increased by 39.46% to ¥394,117,942.93, compared to ¥282,596,480.67 in the same period last year[9]. - R&D expenses for Q1 2024 amounted to CNY 394,117,942.93, up 39.5% from CNY 282,596,480.67 in Q1 2023[25]. Market Strategy - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the report[13]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]. Inventory and Receivables - Accounts receivable increased to CNY 897,315,082.20 from CNY 639,438,097.89, reflecting a growth of approximately 40.3%[19]. - Inventory levels rose to CNY 4,727,839,150.49, compared to CNY 4,233,443,857.76, indicating an increase of about 11.7%[19]. - Total current assets reached CNY 13,281,154,412.74, up from CNY 12,732,908,389.32, representing a growth of approximately 4.3%[19]. Financial Assets and Liabilities - The company reported a significant increase of 465.50% in trading financial assets, amounting to ¥243,143,837.65, due to an increase in derivative financial products[9]. - The company experienced a 107.85% increase in trading financial liabilities, reaching ¥1,384,122,714.96, primarily due to an increase in silver leased at fair value[9]. - The company reported a 746.89% increase in other income, totaling ¥132,333,894.64, mainly due to increased VAT deductions[9].