证券代码：002648 证券简称：卫星化学 公告编号：2025-022 卫星化学股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 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。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开的第五 届董事会第九次会议审议通过了《关于回购公司股份方案的议案》，具体内容详 见2025年4月11日在《证券时报》《中国证券报》和巨潮资讯网（www.cninfo.com.cn） 上披露的《第五届董事会第九次会议决议的公告》（公告编号：2025-017）、《关 于回购公司股份方案的公告暨回购报告书》（公告编号：2025-018）。 卫星化学股份有限公司董事会 二〇二五年四月十八日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，现将公司第五届董事会第九次会议决议公告前 一个交易日（即2025年4月10日）登记在册的前十名股东和前十名无限售条件股 东的名称、持股数量和持股比例情况公告如下： 一、董事会公告回购股份决议前一交易日（即2025年4 ...

Core Viewpoint - Satellite Chemical has demonstrated resilience in maintaining revenue and profit growth despite challenges in the domestic and international markets, attributed to its strategic advantages and technological innovations [4][9][15]. Financial Performance - In 2023, Satellite Chemical achieved a revenue of 45.648 billion yuan, representing a year-on-year growth of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% [4][9]. Strategic Advantages - The company benefits from low raw material costs, a complete supply chain, and an integrated industrial chain, which contribute to its competitive edge [4][9]. - A partnership with a leading U.S. energy company allows Satellite Chemical to own resource export assets directly, enhancing its cost advantages [9]. Market Challenges and Opportunities - The company faces a supply-demand imbalance in the petrochemical industry characterized by "low-end oversupply and high-end scarcity" [4][15]. - Recent tariff adjustments present both challenges and opportunities, with a significant drop in propane prices from $618/ton to $450/ton creating potential arbitrage in processing operations [4][9]. Product Pricing and Market Dynamics - The overall price trend for the company's products is expected to improve, with projections indicating a price increase for propylene acid to 7,900-8,000 yuan/ton by the end of 2024 [12]. - The chemical industry in China is nearing the end of its capacity expansion phase, which is expected to support chemical product prices [12][15]. Future Developments - Satellite Chemical plans to invest in a new facility with an annual capacity of 100,000 tons of ethanolamine, further enhancing its product portfolio [11]. - The company is actively working on high-end chemical new materials projects to reduce reliance on imports, with recent breakthroughs in catalyst technology [16].

Core Insights - The report highlights a significant acceleration in China's export growth in March, with a year-on-year increase of 12.4%, driven by favorable contributions from major trading partners and a strong performance in certain mechanical and electrical products [6][7][8] - The macroeconomic policy focus will continue to be on "expanding domestic demand" as a key strategy moving forward [6][9] Macroeconomic Overview - In Q1, China's exports grew by 5.8% year-on-year in USD terms, while imports fell by 7.0%, resulting in a trade surplus of $272.97 billion [6][7] - The trade surplus in RMB terms was 19,614.2 billion, with exports increasing by 6.9% and imports decreasing by 6.0% [6][7] - March's export growth was notably influenced by a 46.0% month-on-month increase, attributed to the end of the Spring Festival and active "export rush" by foreign trade enterprises [8] Industry Performance - The report emphasizes the performance of the electrical equipment sector, specifically highlighting the financial results of a key company, 大金重工, which reported a revenue of 3.78 billion yuan in 2024, a decrease of 12.61% year-on-year, but with a net profit increase of 11.46% to 474 million yuan [10][11] - The company's overseas shipments accounted for 45.58% of its revenue, indicating a strategic shift towards international markets [11] Trade Partner Contributions - In March, exports to ASEAN countries saw a year-on-year increase of 11.6%, with imports growing by 9.8%, marking the highest export share to ASEAN since 2008 [7] - Exports to the EU and the US also showed positive growth, with year-on-year increases of 10.3% and 9.1%, respectively, while imports from these regions declined [7] Future Growth Potential - The report suggests that the European offshore wind market is poised for rapid growth, which could benefit the company significantly as it has established itself as a key supplier in this sector [12][13] - The company is actively expanding its production capacity and seeking new growth avenues, including the development of floating wind power foundations and a global logistics system [13]

Summary of Conference Call Company and Industry - The conference call primarily discusses the impact of the recent tariff announcements by the U.S. on imported products, particularly focusing on the chemical industry and the company's operations related to raw materials such as natural gas and ethylene. Key Points and Arguments 1. **Tariff Announcement**: The U.S. announced a reciprocal tariff of 34% on products from all trade partners, which has raised concerns among investors regarding its impact on raw materials, including natural gas and ethylene [1][2][3]. 2. **Chinese Government Response**: The State Council's Tariff Commission issued a notice on imposing tariffs on U.S. imports, indicating a strategic response to U.S. trade policies [2][3]. 3. **Uncertainty in Implementation**: There is uncertainty regarding the specifics of the tariff implementation, particularly whether certain products, such as ethylene, will be included [2][3]. 4. **Impact on Prices**: Recent trends show a decline in raw material prices, with the price of ethylene dropping to $518 per ton, down $100 from earlier in the month, and U.S. natural gas prices decreasing by 7-8% [5][6]. 5. **Countermeasures**: The company plans to increase fuel processing methods to mitigate the impact of tariffs, which may allow for exemptions from tariffs on certain imports [4][6]. 6. **Long-term Effects of Tariffs**: The imposition of tariffs is not expected to be a long-term measure, as it could lead to increased overall product prices and accelerate inflation [3][6]. 7. **Import Volumes**: In 2024, China is projected to import 18 million tons of natural gas from the U.S., and the potential tariffs could significantly affect these volumes [5][24]. 8. **Cost Implications**: The company estimates that the cost increase due to tariffs could range from 300 million to 450 million, which is manageable within their current operations [7][16]. 9. **Historical Context**: The discussion references the 2018 trade war, highlighting previous mechanisms for tariff exemptions that may be relevant in the current context [8][9]. 10. **Future Price Trends**: The company anticipates that natural gas prices will decline further, which could also influence oil prices, keeping them stable [24][25]. 11. **Supply Chain Adjustments**: The company is exploring options for processing and exchanging materials to minimize tariff impacts, including establishing bonded warehouses for raw materials [10][12][18]. 12. **Collaboration with Suppliers**: There is ongoing dialogue with suppliers regarding the potential for sharing tariff burdens, although specific agreements have not yet been established [22][23][29]. Other Important Content - The company is actively preparing for various scenarios regarding tariff implementation and is confident in its ability to adapt to changes in the market [29][30]. - The call emphasized the importance of maintaining communication with stakeholders and partners to navigate the evolving trade landscape effectively [30].

Satellite Chemical Co., Ltd. Stock code：002648 2024 Environmental, Social and Governance Report Chemicals Make a Better Life Satellite Chemical Co., Ltd. 2024 Environmental, Social, and Governance Report CONTENTS | CONTENTS | 02 | About This Report | 108 | Appendices | | --- | --- | --- | --- | --- | | | 04 | Message from our Chairman | 108 | Outlook | | | | | 109 | Honors in 2024 | | | 06 About STL | | 110 | Index of Reporting Guidelines | | | 05 | Company Profile | 115 | ESG Performance Indicators | | | 0 ...

2024 年度股东大会决议公告 证券代码：002648 证券简称：卫星化学 公告编号：2025-021 卫星化学股份有限公司 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、本次股东大会没有出现否决提案的情形。 2、本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间为：2025年4月14日（星期一）14:00； （2）网络投票时间为：2025年4月14日。其中，通过交易系统进行网络投票 的具体时间为：2025年4月14日9:15—9:25，9:30—11:30和13:00—15:00；通过互 联网投票系统进行网络投票的具体时间为：2025年4月14日9:15—15:00期间的任 意时间。 2、召开地点：卫星化学股份有限公司会议室（浙江省嘉兴市南湖区富强路 196号）。 股东11人，代表股份1,674,428,810股，占公司有表决权股份总数的49.7063％。通 过网络投票的股东624人，代表股份420,627,376股，占公司有表决权股份总数的 12.4865 ...

北京市中伦（上海）律师事务所 关于卫星化学股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年四月 北京市中伦（上海）律师事务所 关于卫星化学股份有限公司 2024 年度股东大会的 法律意见书 致：卫星化学股份有限公司 卫星化学股份有限公司（下称"公司"）2024 年度股东大会（下称"本次股 东大会"）于 2025 年 4 月 14 日召开。北京市中伦（上海）律师事务所（下称 "本所"）接受公司的委托，指派律师（下称"本所律师"）出席本次股东大会， 根据《中华人民共和国公司法》《上市公司股东会规则》等法律、行政法规、部 门规章、规范性文件（以下统称"适用法律"）以及《卫星化学股份有限公司章 程》（下称《公司章程》）的规定，对本次股东大会进行见证并出具本法律意见书。 （一）本次股东大会的召集 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人资格、会议表决程序以及表决结果是否符合适用法律及《公 司章程》的规定发表意见，并不对本次股东大会所审议的提案内容以及这些提案 所表述的事实或数据的真实性、准确性和完整性发表意见。本所及本所律师假定 公司提交给本所律师的资料（包 ...

据了解，中证浙江企业综合指数与中证浙江民营企业指数分别选取注册地在浙江省的全部上市公司证券 与民营上市公司证券作为指数样本，以反映浙江省上市公司证券和民营上市公司证券的整体表现。该指 数以2004年12月31日为基日，以1000.0点为基点。 金融界4月14日消息，上证指数高开高走，中证浙江民营企业指数 (浙江民企，000840)报7165.72点。 数据统计显示，中证浙江民营企业指数近一个月下跌12.68%，近三个月上涨3.32%，年至今下跌 1.28%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证浙江民营企业指数十大权重分别为：同花顺（2.27%）、三花智控（2.22%）、 华友钴业（1.69%）、恒生电子（1.58%）、拓普集团（1.32%）、华东医药（1.31%）、新和成 （1.3%）、大华股份（1.23%）、中控技术（1.22%）、卫星化学（1.15%）。 从中证浙江民营企业指数持仓样 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].

内容概要：丙烯酸丁酯，是一种有机化合物，化学式为C7H12O2，为无色透明液体，不溶于水，可混 溶于乙醇、乙醚，主要用于制作纤维、橡胶、塑料的高分子单体。近年得益于国内需求的增加和下游应 用领域的扩展，部分大型化工企业通过新建或扩建生产装置提升产能，以满足国内外市场需求，使得我 国丙烯酸丁酯行业产能呈现出持续增长的趋势。数据显示，截至2024年底，全国丙烯酸丁酯行业产能规 模已从2017年的224万吨增长至374万吨，国内丙烯酸丁酯供应能力不断增强。 相关上市企业：陶氏公司（DOW）；巴斯夫（BAS）；阿克苏诺贝尔（AKZO）；日本触媒 （4114）；阿科玛（AKE）；卫星化学（002648）；万华化学（600309）；华谊集团（600623）；沈 阳化工（000698）；齐翔腾达（002408）；LG化学（051910）等 相关企业：台塑工业（宁波）有限公司；山东宏信化工股份有限公司；山东开泰石化丙烯酸有限公司； 谦信化工集团有限公司；江苏三蝶化工有限公司；泰兴市昇科化工有限公司；泰兴金江化学工业有限公 司；南方石化（福建）有限公司；山东恒正新材料有限公司；河北百畅化工科技有限公司；邦丽达（福 建）新材料股 ...