公司报告 | 年报点评报告 卫星化学（002648） 证券研究报告 2024 年业绩达到新高，新项目带来新业绩增量 1. 2024 年公司全年归母净利润 60.7 亿 公司新项目于 2023 年年底通过发改委审批，并且项目一阶段的二次环评已 经于 2024 年 5 月 22 日挂政府官网。待公司项目投产之后，公司的乙烯产 量或将从 250 万吨变为 500 万吨，C2 产能或将翻倍。 5. 盈利预测 维持公司 2025/2026 年归母净利润 75.3/95.3 亿元，对应 EPS 为 2.24/2.83 元/股，给予公司 2027 年归母净利润 116.1 亿元，对应 EPS 为 3.45 元/股。 根据公司 2024 年年报，2024 年公司归母净利润为 60.7 亿元，同比提高 26.8%。2024 年 Q4 公司归母净利润为 23.8 亿，跟 2023 年 Q4 的 14.0 亿相 比，同比提高 70.4%。 2. 2024 年公司 C2 利润维持高位，2025 年有望继续维持 根据我们计算，2024 年全年乙烷-乙烯的平均利润为 2749 元/吨，比 2023 年平均利润高 625 元/吨。 截至 ...

[Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com [Table_CompanyReport] 相关报告 1.单季度业绩环比大增，丁辛醇项目 顺利投产 2024-10-22 2.二季度盈利环比增长，α-烯烃项目开 工打开成长空间 2024-07-19 3.盈利同比大增，α-烯烃项目加速推进 2024-04-23 [Table_StockNameRptType] 卫星化学（002648） 公司点评 2024 年全年业绩大增，α-烯烃项目加速推进 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-25 | | | [Table_BaseData] ...

上 市 公 司 基础化工 2025 年 03 月 25 日 卫星化学 (002648) ——业绩增长显著，乙烷新材料项目进展顺利，成长性可 期 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： 2025 年 03 月 25 日 | | | --- | --- | | 收盘价（元） | 21.66 | | 一年内最高/最低（元） | 22.33/14.65 | | 市净率 | 2.4 | | 息率（分红/股价） | 1.85 | | 流通 A 股市值（百万元） | 72,918 | | 上证指数/深证成指 3,369.98/10,649.08 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 8.99 | | 资产负债率% | 55.63 | | 总股本/流通 A 股（百万） | 3,369/3,366 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-25 04-25 05-25 06-25 07-25 08-25 09 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved a revenue of 45.648 billion yuan in 2024, representing a year-on-year increase of 10.03%, and a net profit attributable to shareholders of 6.072 billion yuan, up 26.77% year-on-year [6][8] - The fourth quarter of 2024 saw a significant performance boost, with revenue reaching 13.373 billion yuan, a year-on-year increase of 41.69%, and a net profit of 2.379 billion yuan, up 75.09% year-on-year [6][8] - The company is advancing its α-olefin high-end new materials project, which is expected to support long-term growth [6][7] - The company is increasing its R&D investment, which reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, focusing on key strategic materials and new materials [6][7] - The company is actively expanding its overseas market presence, establishing partnerships with over 160 countries and regions [7] Financial Summary - In 2024, the company reported a gross profit margin of 23.57%, an increase of 3.73 percentage points year-on-year, and a net profit margin of 13.28%, up 1.75 percentage points year-on-year [6][8] - The forecast for net profit attributable to shareholders for 2025-2027 is 7.495 billion, 10.102 billion, and 12.592 billion yuan, respectively, with corresponding EPS of 2.22, 3.00, and 3.74 yuan [8][9] - The company is projected to maintain a strong growth trajectory, with revenue expected to grow by 22.39% in 2025 and 24.79% in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 45.6 billion RMB in 2024, a year-on-year increase of 10%, with a net profit attributable to shareholders of 6.1 billion RMB, reflecting a 27% year-on-year growth [1] - The fourth quarter of 2024 saw a revenue of 13.4 billion RMB, with a quarter-on-quarter increase of 26% and a year-on-year increase of 4%, while the net profit attributable to shareholders reached 2.4 billion RMB, marking a 71% quarter-on-quarter increase [1] - The company is expected to continue its growth trajectory due to the advantages of ethane resources and the upcoming launch of new material projects [1] Summary by Sections Financial Performance - In 2024, the functional chemicals, polymer materials, and new energy materials segments generated revenues of 21.7 billion, 12 billion, and 800 million RMB, respectively, with year-on-year growth rates of 2%, 1%, and 81% [2] - The gross margins for these segments were 20%, 35%, and 22%, with respective year-on-year changes of +5%, +5%, and -15 percentage points [2] - The company’s net profit forecast for 2025-2027 is 7.4 billion, 8.6 billion, and 9.6 billion RMB, with corresponding EPS of 2.19, 2.56, and 2.86 RMB [5] Market Conditions - The prices of key products such as acrylic acid and its esters have shown positive trends, with average price increases of 11%, 13%, and 6% for acrylic acid, acrylic acid methyl ester, and acrylic acid butyl ester, respectively, since the beginning of 2025 [3] - The company benefits from low raw material prices, with the price of ethane remaining at a five-year low, which supports profitability in the C2 segment [3] Project Developments - The company is advancing its high-end new materials project, which includes a capacity of 1.7 million tons per year for high-end polyolefins and is expected to be completed by the end of 2025, with production starting in early 2026 [4]

Core Viewpoint - Satellite Chemical achieved significant growth in revenue and net profit in 2024, despite a challenging overall environment in the chemical industry [1][2]. Financial Performance - The company reported a revenue of 45.648 billion yuan, a year-on-year increase of 10.03% [1]. - The net profit reached 6.072 billion yuan, reflecting a growth of 26.77% compared to the previous year [1]. - Basic earnings per share were 1.8 yuan, with a proposed cash dividend of 5 yuan per 10 shares, totaling 1.684 billion yuan in cash dividends [1]. - Quarterly performance showed consistent growth, with Q4 revenue at 13.373 billion yuan, up 41.7%, and net profit at 2.379 billion yuan, up 75.1% [1]. Industry Context - The overall chemical industry faced difficulties in 2024, with a revenue growth of only 4.6% and a profit decline of 6.4% [1]. - The industry is experiencing a structural contradiction of oversupply in low-end products and a shortage in high-end products, prompting a push for innovation [1]. Innovation and R&D - The company invested nearly 10 billion yuan in R&D in recent years, with 1.75 billion yuan in 2024, a 7.7% increase [2]. - The number of R&D personnel reached 1,275, with a significant increase in the number of PhD and Master's degree holders [2]. - Satellite Chemical established a global "1+N" R&D innovation platform, achieving over 500 patents, including more than 100 in catalysts and new materials [2]. Product Development and Market Position - The company expanded its production capacity, including a 100,000-ton ethanolamine facility, enhancing its product matrix [3]. - Satellite Chemical's market share for ethanolamine and polyether monomers exceeded 20%, ranking first and second nationally, respectively [3]. - The company successfully launched an integrated new materials and renewable energy project, further solidifying its market influence [3]. International Expansion - As an industry leader, Satellite Chemical is increasing its overseas presence, establishing the Satellite Global Company to accelerate market expansion [4]. - The company ranks among the top exporters of acrylic acid and esters, polyether monomers, and other products, collaborating with clients in over 160 countries and regions [4].

卫星化学: 2024年年度审计报告 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…………………………………………… 7 页 第 | | （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 | | 三、财务报表附注……………………………………………… 第 15—112 页 | | 审 计 报 告 | | 天健审〔2025〕852 号 | 卫星化学股份有限公司全体股东： 一、审计意见 我 ...

卫星化学: 年度关联方资金占用专项审计报告 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 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 天健审〔2025〕857 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）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 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，我们审计了后附的 卫星化学公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供卫星化学公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为卫星化学公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解卫星化学公司 2024 年度非经营性资 ...

一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕856 号 卫星化学股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了卫星化学股份有限公司（以下简称卫星化学公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 目 录 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，卫星化学公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 2 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是卫星 化学公司董 ...

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〔2025〕852 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 ...