Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 41.487 billion yuan in 2023, a year-on-year increase of 12%, and a net profit attributable to shareholders of 4.789 billion yuan, up 55% year-on-year [2][3] - The decline in ethane prices has led to a reduction in costs for the C2 segment, with the average price of ethane in the US dropping to approximately 182 USD/ton in 2023, down 173 USD/ton year-on-year [3] - The company completed the acquisition of Jiahong New Materials, adding significant production capacity, which is expected to contribute positively to earnings [3] - The company plans to invest 25.7 billion yuan in an alpha-olefin comprehensive utilization project, which is expected to enhance performance through capacity expansion [3] Financial Forecasts and Valuation - The company’s projected net profits for 2024 and 2025 are adjusted to 6.1 billion yuan and 6.7 billion yuan respectively, with a new estimate for 2026 at 9 billion yuan [4] - The price-to-earnings (P/E) ratios based on the closing price on March 26 are projected to be 9.3, 8.4, and 6.3 for 2024, 2025, and 2026 respectively [4] - The company’s revenue is expected to grow from 46.08 billion yuan in 2024 to 61.25 billion yuan in 2026, reflecting a compound annual growth rate [2][4]

[Table_MainInfo] 公司研究/化工/石油化工 证券研究报告 卫星化学（002648）公司年报点评 2024年03月26日 [Table_InvestInfo] 业绩同比增长，新项目落地续力公司成长 投资评级 优于大市 维持 曲线 股票数据 0[3Ta月b2le5_日S收to盘ck价（In元fo）] 17.04 [Table_Summary] 52周股价波动（元） 12.42-17.55 投资要点： 总股本/流通A股（百万股） 3369/3365 总市值/流通市值（百万元） 57402/57347 相关研究  事件：公司发布 2023 年年报。2023 年，公司实现营业收入 414.87 亿元， 同比增长12.00%；实现归母净利润47.89亿元，同比增长54.71%。 [《Ta发b布le“_质Re量p回o报rtI双nf提o]升 ”行动方案，彰显发 展信心》2024.03.03 新项目落地，续力公司成长曲线。2023 年，公司公司α-烯烃综合利用高端 《23 年业绩同比增长，加快打造低碳化学新  新材料产业园项目顺利签约，计划总投资约257亿元，在现有规模基础上进 材料科技公司》2024.01 ...

上 市 公 司 基础化工 2024 年03月 26 日 卫星化学 (002648) 公 司 研 究 ——2024 业绩同比高增，高端新材料布局带来长期成长 / 公 司 性 点 评 报告原因：有信息公布需要点评 买入 投资要点 （维持）  公司公告：2023 年公司实现营业收入 414.9 亿，同比增长 12%，实现归母净利润 47.9 证 亿，同比增长54.7%；其中Q4预计实现营业收入106.1亿，同比增长14.4%，环比下降 券 2.4%，实现归母净利润14亿，同比增长2950.5%，环比下降10%，符合我们的预期。 研 市场数据： 2024年03月25日 究  23Q4丙烯酸价格走弱且丙烷价格季节性走高，叠加检修影响，C3盈利有所收窄。C3业 收盘价（元） 17.04 务方面，根据万得数据，我们计算2023Q4国内丙烷脱氢、聚丙烯与丙烷、丙烯酸与丙烷、 报 一年内最高/最低（元） 17.55/12.42 丙烯酸与丙烯、丙烯酸丁酯与丙烷、正丁醇价差分别为46美元/吨、961元/吨、1236元 告 市净率 2.3 /吨、901元/吨、1985元/吨，分别环比-18美元/吨、-397元/吨、-566元/吨 ...

其他化学原料 卫星化学（002648.SZ） 买入-B(维持) 23 年业绩符合预期，新能源材料业务贡献增长 2024年3月26日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年年度报告。23年公司实现营业收入414.87亿元，同比 增长12%；实现归母净利润47.89亿元，同比增长54.71%；实现扣非归母净 利润46.72亿元，同比增长51.8%。 事件点评  产销量稳定增长，新能源材料业务贡献增长。2023年公司化学品及新材 料产销提升，产量为636.45万吨，同比+34.53%；销量为634.78万吨，同比 +31.97%；库存量为24.19万吨，同比+7.42%。分产品来看，功能化学品实 市场数据：2024年3月26日 现营业收入212.89亿元，同比+8.74%；高分子新材料收入119.16亿元，同 收盘价（元）： 16.69 比+61.92%；新能源材料收入4.65亿元，同比+99.97%。 年内最高/最低（元）： 17.55/12.42  毛利率同比提升3.32pct，持续加大研发投入。公司毛利率为19.84%， 流通A股/总股本（亿）： 33.65/33.69 ...

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the last fiscal year[14]. - The company's operating revenue for 2023 reached ¥41.49 billion, representing a 12.00% increase compared to ¥37.04 billion in 2022[21]. - Net profit attributable to shareholders was ¥4.79 billion, a significant increase of 54.71% from ¥3.06 billion in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥4.67 billion, up 51.80% from ¥3.04 billion in 2022[21]. - The net cash flow from operating activities increased by 35.80% to ¥7.99 billion, compared to ¥5.94 billion in 2022[21]. - The total assets at the end of 2023 were ¥64.58 billion, reflecting an 8.06% increase from ¥56.39 billion at the end of 2022[21]. - The net assets attributable to shareholders increased by 14.92% to ¥25.46 billion, compared to ¥21.12 billion at the end of 2022[21]. - The company reported a quarterly revenue of ¥11.77 billion in Q3 2023, with a net profit of ¥1.58 billion for the same quarter[26]. - The overall performance of the petrochemical industry in 2023 was challenging, with a 1.1% decline in revenue and a 20.7% drop in total profit compared to the previous year[33]. Investment and Expansion - The company is focusing on expanding its market presence, particularly in the Asia-Pacific region, aiming for a 20% increase in market share over the next two years[14]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, targeting a 30% increase in operational capacity[14]. - The company completed the acquisition of 100% equity in Jiangsu Jiahong New Materials Co., Ltd. in October 2023, which will be reflected in the retrospective adjustment of previous financial statements[22]. - The company plans to invest 25.7 billion in the α-olefin comprehensive utilization high-end new materials industrial park project, with production trials for an additional 800,000 tons/year of polyol expected to start in Q2 2024[45]. - The company plans to invest approximately 25.7 billion yuan in a new EAA production facility, addressing the domestic reliance on imports[50]. - New production capacities include 400,000 tons of polystyrene, 100,000 tons of ethanolamine, and 150,000 tons of carbonate, enhancing the company's integrated production capabilities[52]. Research and Development - The company has invested heavily in R&D, allocating 10% of its annual revenue to develop new materials and technologies[14]. - R&D investment for the year exceeded 1.626 billion, representing a year-on-year increase of 31.05%[46]. - The company has successfully launched a 1,000-ton α-olefin project, achieving international advanced technology standards[46]. - The company is actively enhancing its R&D capabilities by establishing a new materials R&D center in Jiaxing[47]. - The company’s R&D investment exceeded 1.626 billion yuan, a year-on-year increase of 31.05%, with 97 patents authorized during the reporting period[51]. Sustainability and Environmental Compliance - The company is committed to sustainability, with plans to reduce carbon emissions by 15% in the next three years[14]. - The company has a significant focus on green low-carbon development, capturing approximately 90,000 tons of CO2 annually[44]. - The company has implemented measures to ensure compliance with environmental regulations and has reported no exceedances in pollutant discharge limits[158]. - The company has established a carbon dioxide recovery facility with an annual recovery capacity of 300,000 tons, which has completed project approval and environmental impact assessment[173]. - The company has invested a total of 170,464.53 million yuan in environmental governance in 2023 and paid 152.95 million yuan in environmental protection tax[172]. Corporate Governance - The company has held five shareholder meetings during the reporting period, ensuring compliance with legal regulations and equal treatment of all shareholders[97]. - The company maintains independence from its controlling shareholder, ensuring that decisions are made through the shareholder meeting without undue influence[98]. - The company has established a comprehensive employee performance evaluation and incentive mechanism, managing stock incentive plans effectively[102]. - The company published its third Environmental, Social, and Governance (ESG) report in April 2023, emphasizing its commitment to social responsibility[104]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication with investors, with no reported violations during the period[105]. Employee and Management Structure - The total number of employees at the end of the reporting period is 4,688, with 1,040 in the parent company and 3,648 in major subsidiaries[135]. - The company has a differentiated compensation system, emphasizing ability and contribution over education and seniority, aiming to provide competitive salaries within the industry[136]. - The company has established a performance evaluation system linking senior management's performance directly to their remuneration[122]. - The company has a diverse management team with expertise in various fields, including economics, engineering, and law, contributing to its strategic direction[115][116][117][118][119]. - The company has maintained a stable management structure with no reported changes in directors, supervisors, or senior management during the reporting period[113]. Risk Management - The company has established a foreign exchange hedging management system to mitigate exchange rate fluctuation risks[81]. - The company has implemented strict controls on the scale of hedging funds to manage risks effectively[80]. - The company aims to leverage its integrated industrial chain advantages to mitigate risks from raw material price fluctuations and exchange rate volatility[92]. - The company has identified high-risk items in its supply chain for annual audit focus, enhancing risk management practices[148]. Shareholder Returns - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares (including tax) to all shareholders[4]. - The total number of shares for the dividend distribution is based on 3,368,652,821 shares outstanding[139]. - The company has not proposed any stock bonus or capital reserve transfer to increase share capital for this reporting period[139]. - A total of 79 individuals met the conditions for the second phase of the restricted stock incentive plan, with 219,290 shares eligible for release, accounting for 0.0651% of the total shares[140]. - The employee stock ownership plan includes 210 participants holding a total of 9,488,644 shares, representing 0.28% of the company's total shares[145].

关于董事候选人任职资格的审查意见 卫星化学股份有限公司（以下简称"公司"）第四届董事会提名委员会根据 《中华人民共和国公司法》（以下简称《公司法》）、《上市公司独立董事管理 办法》《卫星化学股份有限公司章程》和《独立董事工作制度》等法律、法规及 规范性文件的相关规定，对公司拟换届选举的第五届董事会非独立董事候选人和 独立董事候选人的任职资格进行审核，发表如下审核意见： 卫星化学股份有限公司 第四届董事会提名委员会 1、经审阅非独立董事候选人杨卫东先生、马国林先生、杨玉英女士、朱晓 东先生和高军先生的个人履历等相关资料，均不存在以下情形： （2）被中国证监会采取证券市场禁入措施； （3）被证券交易所公开认定为不适合担任上市公司董事、监事和高级管理 人员； （4）最近三年内受到中国证监会行政处罚； （1）《公司法》第一百四十六条规定的情形之一； （2）被中国证监会采取证券市场禁入措施； （3）被证券交易所公开认定为不适合担任上市公司董事、监事和高级管理 人员； （4）最近三年内受到中国证监会行政处罚； （5）最近三年内受到证券交易所公开谴责或者三次以上通报批评； （6）因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规 ...

证券代码：002648 证券简称：卫星化学 公告编号：2024-025 卫星化学股份有限公司 独立董事提名人声明与承诺 提名人卫星化学股份有限公司董事会现就提名郭百涛先生为卫星化学股份 有限公司第五届董事会独立董事候选人发表公开声明。被提名人已书面同意作为 卫星化学股份有限公司第五届董事会独立董事候选人（参见该独立董事候选人声 明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、全 部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符合 相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立 董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过卫星化学股份有限公司第四届董事会提名委员会或者 独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得 担任公司董事的情形。 是 □ 否 如否，请详细说明：___________________ ...

关于举行 2023 年度报告网上业绩说明会的公告 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。 为充分尊重投资者、提升交流的针对性，现就本次说明会提前向投资者公开 征集问题，广泛听取投资者的意见和建议。投资者可在本次说明会召开日前，登 录深圳证券交易所"互动易"平台(http://irm.cninfo.com.cn)"云访谈"栏目，进入 本次说明会页面提问。公司将在本次说明会上，对投资者普遍关注的问题进行回 答。敬请广大投资者积极参与！ 卫星化学股份有限公司 特此公告。 卫星化学股份有限公司（以下简称"公司"）为了便于广大投资者更深入、 全面地了解公司情况，将于2024年3月27日（星期三）15:00-17:00在深圳证券交 易所"互动易"平台举行2023年度报告网上业绩说明会（以下简称"本次说明会"）， 本次说明会将采用网络远程方式举行，投资者可登陆深圳证券交易所"互动易" 网站（http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次说明会。 证券代码：002648 证券简称：卫星化学 公告编号：2024-013 拟出席本次说明会的 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕621 号 卫星化学股份有限公司全体股东： 一、审计意见 我们审计了卫星化学股份 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—3 页 二、管理层的责任 卫星化学公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业 务办理（2023 年 12 月修订）》（深证上〔2023〕1203 号）的规定编制汇总表，并 保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 3 页 三、注册会计师的责任 专项审计说明 天健审〔2024〕623 号 卫星化学股份有限公司全体股东： 我们接受委托，审计了卫星化学股份有限公司（以下简称卫星化学公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们 ...