Investment Rating - The report maintains an "Accumulate" rating for Satellite Chemical (002648) with a target price of 21.25 yuan, up from the previous target of 20.40 yuan [1][2]. Core Views - The company's Q1 performance was slightly below expectations, but it is positioned as a leader in light hydrocarbons, navigating through cycles and opening up future growth opportunities with new projects [1][2]. - The report highlights a year-on-year revenue decline of 6.95% in Q1 2024, with a revenue of 8.805 billion yuan, and a net profit attributable to shareholders of 1.022 billion yuan, reflecting a significant increase of 46.55% year-on-year [1][2]. - The gross margin and net margin for Q1 2024 were reported at 21.66% and 11.59%, respectively, showing a slight improvement quarter-on-quarter [1][2]. Financial Summary - The company achieved a total revenue of 41.487 billion yuan in 2023, projected to grow to 51.731 billion yuan in 2024, and further to 57.858 billion yuan in 2025 [2]. - The net profit attributable to shareholders is expected to rise from 4.789 billion yuan in 2023 to 5.726 billion yuan in 2024, and 6.494 billion yuan in 2025 [2]. - The report indicates an EPS forecast of 1.70 yuan for 2024, 1.93 yuan for 2025, and 2.78 yuan for 2026 [1][2]. Market Position and Future Outlook - Satellite Chemical is recognized for its integrated production of ethylene using ethane cracking technology, positioning itself as a leader in the domestic market [2]. - The company is set to expand its high-performance materials production with new projects expected to launch in 2025, enhancing its long-term growth potential [1][2]. - The report emphasizes the company's ability to navigate through market cycles and its strategic focus on high-end chemical materials, which is expected to drive future growth [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][41]. Core Insights - The company achieved 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 [2][5]. - The company benefits from significant cost advantages in raw materials, with the average price of ethane in the US at approximately $182.4 per ton in 2023, down 48.79% year-on-year [2][13]. - The company is undergoing continuous upgrades in its industrial chain, with new production facilities for various chemicals and materials coming online, contributing to a substantial increase in production and sales [2][36]. - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on high-performance catalysts and new energy materials, which is expected to support its growth trajectory [2][41]. Summary by Sections Company Growth - The company is on a high-quality growth trajectory, with a net profit margin improvement from 15.39% in 2020 to 11.59% in Q1 2024, indicating a positive trend in profitability [5][41]. Cost Improvement - The company has seen a significant reduction in raw material costs, with ethane prices continuing to decline into 2024, which is expected to further enhance profitability [2][13][23]. Demand Outlook - The report anticipates an increase in downstream demand, supported by the company's strategic investments and product expansions [2][36]. Industrial Upgrade - The company has completed the construction of several new production facilities, enhancing its competitive position in high-performance materials and new energy materials [2][36][41].

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"）2023年度权益分派方案已获2024 年4月15日召开的2023年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、2023年度股东大会审议通过的分配方案的具体内容： 证券代码：002648 证券简称：卫星化学 公告编号：2024-036 卫星化学股份有限公司 2023 年度权益分派实施公告 公司拟以未来实施分配方案时股权登记日的总股本为基数，按照"分配比例 固定"的原则，向全体股东每10股派发现金红利4.00元（含税）。本年度不以资 本公积金转增股本，不送红股，剩余未分配利润滚存至以后年度分配。 截至第四届董事会第二十八次会议召开之日，公司总股本为3,368,652,821股， 分红总金额（含税）预计为1,347,461,128.40元。 2、本次实施的分配方案与股东大会审议通过的分配方案一致。 3、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 公司2023年度权益分派方案为：以未来实施分配方案时股权登 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨卫星化学（ ） 002648.SZ [Table_Title] 业绩同比改善，新项目稳步推进 报告要点 [公Ta司bl公e_布Su2m0m24ar年y]一季度报告，2024年第一季度实现营业收入88.05亿元，同比下降6.95%； 归母净利润 10.23 亿元，同比增加 46.55%；经营活动现金流量净额 6.61 亿元，同比下降 24.48%。 ...

证券研究报告 | 季报点评 2024年04月25日 卫星化学（002648.SZ） 受益油气价格分化，低成本优势进一步凸显 事件：4月22日，公司发布2024年度一季报，实现营业收入88.05亿元， 买入（维持） 同比-6.95%，环比-16.98%；实现归母净利润10.23亿元，同比+46.55%， 股票信息 环比-26.73%；实现扣非归母净利润 10.63 亿元，同比+38.30%，环比 -19.20%。 行业 化学制品 前次评级 买入 油价抬升，公司低成本C2优势更为凸显。自3月中旬以来，WTI原油再次 4月25日收盘价(元) 18.36 回到80美元以上位置，4月以来，Brent原油多次突破90美元高位。一方 总市值(百万元) 61,848.47 面，公司产品跟随油头定价，截止 4 月 22 日，公司 C2 一期主要产品环氧 总股本(百万股) 3,368.65 乙烷/HDPE/聚醚大单体价格环比上月分别+1.5%/+1.2%/+2.6%，C2二期 主要产品苯乙烯/DMC/PS价格环比上月分别+5.1%/4.6%/6.1%，多数产品 其中自由流通股(%) 99.95 价格明显上涨；另一方面，公司C2原 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant year-on-year increase in net profit for Q1 2024, achieving a net profit of 1.023 billion yuan, which is a 46.55% increase compared to the previous year [6] - The company continues to increase its R&D investment, with R&D expenses reaching 394 million yuan in Q1 2024, up 39.46% year-on-year, primarily due to increased project investments [6] - The company has announced scheduled maintenance for some of its production facilities, which is not expected to significantly impact the overall annual performance [6] - Profit forecasts for the company indicate a net profit of 6.014 billion yuan in 2024, 8.065 billion yuan in 2025, and 9.050 billion yuan in 2026, with corresponding EPS of 1.79 yuan, 2.39 yuan, and 2.69 yuan [6][7] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 8.805 billion yuan, a decrease of 6.95% year-on-year, while net profit increased significantly [6] - The company’s total revenue for 2023 is projected to be 41.487 billion yuan, with a year-on-year growth of 12% [7] - The net profit for 2023 is expected to be 4.789 billion yuan, reflecting a year-on-year increase of 54.7% [7] Valuation Metrics - The estimated reasonable value range for the company's stock is between 21.48 yuan and 25.06 yuan based on a P/E ratio of 12-14 times the 2024 EPS [6] - The company’s average P/E ratio for 2024 is projected to be 9.54, indicating a favorable valuation compared to peers [9] Market Comparison - The company has shown a relative performance increase compared to the CSI 300 index, with absolute gains of 6.7% over 1 month, 13.0% over 2 months, and 27.9% over 3 months [4]

四十万吨的巨本乙烯十万吨乙醇胺十五万吨DMC还有电子级的双氧水另外公司也收购了去年收购了佳鸿新台新增了四十万吨的缓氧饼丸的装置也是促进了公司整个轻轻松松利用整个向向高附加值的一个产品的延伸一路其实还有一个比较大的变化就是大家能看到就是公司在 成本短尤其是在以丸方面这边的成本是在下降的因为以丸的价格也确实春节过后实现了一个较大幅度的一个下降现在已经在20美分以下了这个在历史上价格也是一个比较低的价格所以说这个会扩大我们整个的一个价差水平当然这个它反映可能会有点滞后 之前也有很多人在咨询因为这个架构是在春节期间春节后反映出来的就是真正能体验到我们驾车的扩大可能还稍微有一点之后会在后面会逐步体验出来这个我就简单做一下介绍因为今天参会的除了我们董事办公室的同事之外还有我们财务的同事大家有什么具体的问题咱们到时候可以提问好的 梁总 麻烦会议助理播放一下请问方式大家好如需提问电话端的参会者请先按话机上的信号键再按数字一网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢大家好 如需提问电话端的参会者请向话机上的信号键再按数字一网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported a significant year-on-year increase in net profit for Q1 2024, driven by low raw material prices and new projects that open up growth opportunities [4][8] - The company is expected to benefit from the ongoing development of its C3 industrial chain and the α-olefin comprehensive utilization project, which will enhance its production capabilities and product offerings [8][9] Summary by Sections Q1 Performance - In Q1 2024, the company achieved revenue of 88.05 billion yuan, a decrease of 6.95% year-on-year and a decrease of 16.98% quarter-on-quarter; net profit attributable to shareholders was 10.23 billion yuan, an increase of 46.55% year-on-year but a decrease of 26.73% quarter-on-quarter [3][4] - The company's return on equity (ROE) was 3.93%, up 0.83 percentage points year-on-year but down 1.64 percentage points quarter-on-quarter [3] - The gross profit margin was 21.66%, an increase of 5.39 percentage points year-on-year, while the net profit margin was 11.59%, an increase of 4.10 percentage points year-on-year [3] Market Data - As of April 23, 2024, the company's stock price was 18.25 yuan, with a market capitalization of approximately 61.48 billion yuan [4][9] - The average price of ethane in Q1 2024 was 141 USD/ton, down 21.62% year-on-year; the average price of polyethylene was 9,419 yuan/ton, up 1.67% year-on-year [4][8] Future Outlook - The company is projected to achieve revenues of 511 billion yuan, 583 billion yuan, and 727 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 62.03 billion yuan, 75.00 billion yuan, and 102.83 billion yuan [9][11] - The company is expected to maintain a strong growth trajectory, supported by its cost advantages in the C2 business and the expansion of its product lines into high-end materials [9][11]

[Table_StockNameRptType] 卫星化学（002648） 公司研究/公司点评 盈利同比大增，α-烯烃项目加速推进 [T投 a资 ble评 _R级 a： nk买 ] 入（维持） 主要观点： 报告日期： 2024-04-24 ⚫[ T事ab件le描_S述um mary] 卫星化学发布 2024 年第一季度报告，营业收入 88.05 亿元，同比减 [收Ta盘bl价e_（Ba元se）D ata] 18.25 近12个月最高/最低（元） 19.60/12.56 少6.95%，环比-16.98%；归属于上市公司股东的净利润10.23亿元， 总股本（百万股） 3,369 同比增长 46.55%，环比-26.73%；扣非净利润 10.63 亿元，同比 流通股本（百万股） 3,365 +38.30%，环比-19.16%。毛利率21.66%，同比/环比+5.39 pct/-1.36 流通股比例（%） 99.90 pct。 总市值（亿元） 614 ⚫ 春节因素影响产销量，C2价差环比改善明显 流通市值（亿元） 615 一季度收入同比略增，利润同比大幅增长，收入及利润环比收窄与春 公司价格与沪深300走势比较 节因 ...

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]