证券代码：002648 证券简称：卫星化学 公告编号：2024-028 卫星化学股份有限公司 关于 2021 年限制性股票激励计划首次授予部分 第三个解除限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司2021年限制性股票激励计划首次授予部分限制性股票第三个解除限 售期解除限售条件已经成就，本次符合解除限售条件的激励对象共计79人，可解 除限售的限制性股票数量为1,459,221股，占目前公司总股本的0.0433%； 2、公司2021年限制性股票激励计划首次授予部分第三个解除限售期解除限 售的限制性股票的上市流通日为2024年4月3日。 卫星化学股份有限公司（以下简称"公司"）于2024年3月25日召开第四届 董事会第二十八次会议及第四届监事会第二十六次会议审议通过了《关于2021年 限制性股票激励计划第三个解除限售期解除限售条件成就的议案》。根据《上市 公司股权激励管理办法》（以下简称《管理办法》）、《浙江卫星石化股份有限 公司2021年限制性股票激励计划（草案）》（以下简称《激励计划（草案）》） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 41.487 billion yuan in 2023, 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 [7] - The company benefits from significant advantages in raw material costs, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year, and a further decline to about $142.65 per ton in early 2024 [7] - The company has completed the construction of several production facilities, enhancing its competitiveness in high-performance materials and new energy materials [7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new materials [8] - The forecasted net profits for 2024, 2025, and 2026 are 5.850 billion yuan, 6.924 billion yuan, and 9.023 billion yuan respectively, with corresponding EPS of 1.74, 2.06, and 2.68 [8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 4.789 billion yuan, with a year-on-year growth of 56.42% [9] - The gross profit margin for 2023 was 19.84%, with an expected increase to 20.29% in 2024 [9] - The company’s operating cash flow for 2023 was 7.996 billion yuan, reflecting a year-on-year increase of 35.80% [7] Production and Capacity - The company has established production capacities for various chemicals, including 600,000 tons of styrene and 400,000 tons of polystyrene, enhancing its production capabilities [7] - The acquisition of Jiangsu Jiahong New Materials Co., Ltd. added 1.35 million tons of hydrogen peroxide and 400,000 tons of propylene oxide production capacity [7] Research and Development - The company increased its R&D expenditure to 1.626 billion yuan in 2023, a 31.05% increase year-on-year [8] - Key projects include the successful commissioning of a pilot plant for α-olefins and the completion of the industrial process package for a 100,000-ton α-olefins facility [8] Market Outlook - The company is expected to see significant improvements in its functional chemicals business, with the Lianyungang Petrochemical Phase III project set to further enhance growth opportunities [8]

编号：20240327 | | □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（网络） | | | □新闻发布会 □路演活动 | | | □现场参观 □其他：电话会议 | | 活动参与人员 | 参与公司 2023 年度报告网上业绩说明会的投资者 | | 时间 | 年 月 日 2024 3 27 15:00-17:00 | | 地点 | 卫星化学股份有限公司会议室 | | 形式 | 网上业绩说明会 | | | Q1：公司哪些产品盈利情况比较好？ A1：尊敬的投资者，您好！感谢您的提问。2023 年我公司高分 | | | 子新材料和新能源材料相对盈利情况较好。谢谢！ | | | Q2：介绍一下公司在研发方面的投入情况，谢谢 | | | 年公司研发投 A2：尊敬的投资者，您好！感谢您的提问。2023 | | | 入 亿元，增幅为 16.26 31.05%。谢谢！ | | | Q3：2024 年贵公司的乙烯产能规划是多少吨？ | | | A3：尊敬的投资者，您好！感谢您的提问，目前我公司乙烯产 | | | 能为 250 万吨。谢谢！ | | 交流内 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.40 yuan, up from the previous target of 18.70 yuan [1][2]. Core Views - The company's annual performance meets market expectations, with a 12.0% increase in revenue and a 54.7% increase in net profit attributable to shareholders in 2023 [1][2]. - The company is positioned as a leader in light hydrocarbons, navigating through cycles effectively [1]. - The report highlights the release of new production capacity as a key driver for future growth [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 41.487 billion yuan, a year-on-year increase of 54.7%, and a net profit of 4.789 billion yuan, up 55% [1][2]. - The report projects earnings per share (EPS) of 1.70 yuan for 2024 and 1.93 yuan for 2025, with a 2026 EPS forecast of 2.78 yuan [1][2]. Market Conditions - The report notes a decline in ethane raw material costs in Q4 2023, but chemical product prices remain weak due to various market pressures [1]. - The average price of ethane in Q4 2023 was 2878 yuan per ton, down 11.85% quarter-on-quarter and 24.41% year-on-year [1]. Growth Potential - The company is expanding its high-end new materials project, which is expected to enhance its long-term growth prospects [1][2]. - New products such as ethanolamine and EAA are set to be launched, further opening up growth opportunities for the company [1]. Valuation Metrics - The report provides a comparison of the company's valuation with peers, indicating a price-to-earnings (P/E) ratio of 11.74 for 2023 and a projected 9.82 for 2024 [1][2][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.36 CNY over the next six months [1][7][13]. Core Insights - The company reported a revenue of 41.49 billion CNY for 2023, representing a year-on-year increase of 12.0%. The net profit attributable to shareholders reached 4.79 billion CNY, up 54.7% year-on-year, with a basic EPS of 1.42 CNY, reflecting a 56.0% increase [2][7]. - New production capacities and integrated operations have significantly improved performance. The company successfully launched a 600,000 tons/year styrene project and a 400,000 tons/year polystyrene project, among others [2][3]. - The company is expanding its C3 product line, including the acquisition of Jiangsu Jiahong New Materials Co., which adds a new epoxy propane production line, enhancing its competitive edge [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 41.49 billion CNY in 2023, with a net profit of 4.79 billion CNY, and a basic EPS of 1.42 CNY [2][8]. - Forecasted net profits for 2024-2026 are 6.83 billion CNY (+42.6%), 8.98 billion CNY (+31.5%), and 11.12 billion CNY (+23.9%) respectively, with corresponding EPS of 2.03 CNY, 2.67 CNY, and 3.30 CNY [7][12]. Market Position and Strategy - The company is focusing on enhancing its C2 and C3 product lines, with significant investments in new materials and hydrogen utilization projects [2][3]. - The company plans to invest 25.7 billion CNY in a new high-end materials park, which will further extend its product offerings in the downstream market [2][3]. Valuation Metrics - The report suggests a dynamic PE of 8x for 2024, 6x for 2025, and 5x for 2026, with a target valuation of 12x for 2024 based on expected growth from new material capacities [7][13].

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：20240326 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 √其他：电话会议 副总裁、董事会秘书沈晓炜；副总裁、财务负责人郦珺；IR总监李 扬 UBS、BNP、CCB International Asset Management Limited、China Investment Corporation、Dymon、Grand Alliance、Green Court Capital、 Hanwha Investment Trust Management Co Ltd、Helved Capital、Lcrich Capital Management 、 Millennium Capital Management 、 Pleiad Investment Advisors、Point72、Redwheel、Schroders、Springs Capital、 Value Partners Limited、Willing Capital、百嘉基金、保银投 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.36 yuan, adjusted from the previous target of 22.20 yuan [2][4]. Core Insights - The company achieved a revenue of 41.487 billion yuan in 2023, representing a year-on-year growth of 12%. The net profit attributable to shareholders was 4.789 billion yuan, up 54.71% year-on-year, with a planned dividend of 1.347 billion yuan. This growth is primarily attributed to the increased production and sales from the Lianyungang petrochemical project, showcasing its cost competitiveness despite a general downturn in the petrochemical industry [1]. - The company is expected to continue benefiting from declining raw material prices, with ethane and propane costs decreasing by 22% and 12% respectively in 2023. This has led to an increase in gross and net profit margins by 3.3 and 3.1 percentage points. Projections for 2024 indicate a further 20% drop in ethane prices, suggesting potential for expanded profit margins [1]. - New projects are progressing well, including an integrated chemical production base in Lianyungang and Jiaxing. The Jiaxing project is set to begin trial production in Q2 2024, while the Lianyungang high-end new materials project is also advancing. These initiatives aim to diversify the product range and enhance the company's presence in high-end product sectors [1]. Financial Summary - The company reported a revenue of 41,487 million yuan in 2023, with a year-on-year growth of 12.0%. The net profit attributable to shareholders was 4,789 million yuan, reflecting a significant increase of 54.7% compared to the previous year. The earnings per share (EPS) for 2023 was 1.42 yuan, with projections for 2024, 2025, and 2026 set at 1.72 yuan, 2.01 yuan, and 2.13 yuan respectively [3][5]. - The gross margin improved to 19.8% in 2023 from 16.5% in 2022, while the net margin increased to 11.5% from 8.4% in the same period. The return on equity (ROE) also saw an increase to 20.1% in 2023 from 14.9% in 2022 [3][5].

Investment Rating - The report maintains a "Buy" rating for Satellite Chemical (002648.SZ) [3][7]. Core Views - In 2023, the company achieved a significant year-on-year growth in net profit attributable to shareholders, increasing by 54.7% to 4.79 billion yuan, driven by a 12.0% rise in operating revenue to 41.49 billion yuan [4][6]. - The company has made substantial investments in R&D, with expenses reaching 1.63 billion yuan, a 31.1% increase from the previous year, and successfully launched a 1,000 tons/year α-olefin industrial trial device [4][6]. - The report highlights the positive impact of declining raw material prices on profitability, with the company benefiting from lower ethane prices, which averaged 22.8 cents per gallon in Q4 2023, down 22.5% from the previous quarter [5][6]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 41.49 billion yuan, a 12.0% increase year-on-year, and a net profit of 4.79 billion yuan, reflecting a 54.7% growth [4][5]. - The fourth quarter of 2023 saw operating revenue of 10.61 billion yuan, up 14.4% year-on-year, and a staggering net profit of 1.40 billion yuan, marking a 2693.9% increase year-on-year [4][5]. Segment Performance - Revenue from functional chemicals, polymer materials, and new energy materials reached 21.29 billion yuan (+8.7%), 11.92 billion yuan (+61.9%), and 460 million yuan (+100.0%) respectively, with corresponding gross margins of 15.6% (-5.9 pcts), 29.6% (+6.5 pcts), and 36.8% (-1.5 pcts) [5][6]. Future Growth Prospects - The company has several new projects underway, including a 400,000 tons/year polystyrene facility and a 100,000 tons/year ethanolamine facility, which are expected to enhance future growth [6][7]. - A significant investment of 25.7 billion yuan is planned for a new α-olefin comprehensive utilization high-end material industrial park in Lianyungang, with construction expected to start in 2024 [6][7]. Earnings Forecast - The report projects net profits for 2024, 2025, and 2026 to be 6.25 billion yuan, 7.74 billion yuan, and 8.87 billion yuan respectively, with diluted EPS of 1.86 yuan, 2.30 yuan, and 2.63 yuan [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 41.487 billion yuan, a year-on-year increase of 12% [3][4] - The net profit attributable to shareholders was 4.789 billion yuan, reflecting a substantial year-on-year growth of 54.71% [3][4] - The company is actively advancing its α-olefin comprehensive utilization project, which is expected to enhance its long-term growth prospects [8][10] Financial Performance Summary - In Q4 2023, the company reported revenue of 10.605 billion yuan, a year-on-year increase of 14.37% [3][6] - The net profit for Q4 2023 was 1.396 billion yuan, showing a remarkable year-on-year increase of 2693.91% [3][6] - The average return on equity (ROE) for 2023 was 19.69%, up by 4.77 percentage points from the previous year [3][4] Market Data - The company's total market capitalization is approximately 56.22 billion yuan [4] - The stock price has fluctuated between 12.42 and 17.55 yuan over the past 52 weeks [4] Product Performance - The functional chemicals segment generated revenue of 21.289 billion yuan, with a gross margin of 15.57% [4][12] - The high polymer materials segment saw revenue growth of 61.92%, achieving 11.916 billion yuan in revenue with a gross margin of 29.56% [4][12] - The new energy materials segment reported a revenue increase of 99.97%, reaching 0.465 billion yuan [4][12] Price Trends - The average price of propane in 2023 was 632 USD/ton, down 16.24% year-on-year, while the average price of ethane was 177 USD/ton, down 48.58% [4][10] - The price spread for polyethylene increased by 23.06% year-on-year, reaching 6283 yuan/ton [4][10] Future Outlook - The company forecasts net profits of 6.520 billion yuan, 7.667 billion yuan, and 10.388 billion yuan for 2024, 2025, and 2026, respectively [10][52] - The projected price-to-earnings (PE) ratios for the same years are 8.62, 7.33, and 5.41 [10][52]

[Table_StockNameRptType] 卫星化学（002648） 公司研究/公司点评 全年盈利大增，α-烯烃项目打开成长空间 [T投 a资 ble评 _R级 a： nk买 入（维持） 主要观点： ] 报告日期： 2024-03-26 ⚫[ T事ab件le描_S述um mary] 3 月 25 日晚，卫星化学公布 2023 年年报，全年实现收入 414.87 亿 [收Ta盘bl价e_（Ba元se）D ata] 17.04 元，同比+12%；实现归母净利润47.89亿元，同比+54.71%，实现扣 近12个月最高/最低（元） 17.30/12.56 非归母 46.72 亿元，同比+51.80%。2023Q4 实现归母净利润 13.78 总股本（百万股） 3,369 亿元，环比-12.97%；实现扣非归母12.98亿元，环比-9.66%。 流通股本（百万股） 3,365 流通股比例（%） 99.90 ⚫ 原料成本分化，产品价格略有回落，公司经营稳健 总市值（亿元） 574 2023年，公司业绩同比大幅增长，持续验证自己经营的稳健。业务 流通市值（亿元） 573 板块分拆来看，全年功能化学品/高分子材料/新 ...