Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 21.71 CNY [2][11]. Core Views - The company is positioned as a leader in light hydrocarbon integration, focusing on low-carbon chemical new materials and enhancing its competitive advantages through a complete C2+C3 industrial chain layout [2][18]. - The C2 project is expected to create a long-term growth curve due to its significant barriers to entry and the ongoing trend of ethylene raw material diversification and lightening [2][10]. - The C3 project is enhancing its layout and extending its supply chain, solidifying its leading position in the domestic C3 industry [2][10]. - The new materials project emphasizes innovation and R&D, with plans to invest 10 billion CNY over the next five years to develop high-end products [2][10]. Summary by Sections Company Overview - The company has established a complete C2+C3 industrial chain, focusing on light hydrocarbons as raw materials and low-carbon chemical new materials as core products [2][18]. - It has a stable shareholding structure with significant long-term incentives to support growth [22][24]. C2 Project - The C2 project benefits from a favorable supply-demand balance and is expected to maintain low ethane prices, enhancing economic efficiency [2][10]. - The company has built a solid industry moat through early investments in ethane pipelines and export facilities [2][10]. C3 Project - The C3 project is characterized by a growing domestic propylene supply and demand gap, with the company focusing on differentiated competitive advantages [2][10]. - Recent acquisitions and product expansions have improved the integration of the C3 industrial chain [2][10]. New Materials Project - The company is committed to innovation and R&D, with a focus on key strategic materials and advanced new materials [2][10]. - The α-olefins and EAA products are expected to start production in 2025, contributing to profit growth [2][10]. Financial Forecast - The company’s projected net profits for 2024-2026 are 56.38 billion CNY, 66.42 billion CNY, and 87.25 billion CNY, respectively, with corresponding EPS of 1.67 CNY, 1.97 CNY, and 2.59 CNY [3][11]. - The current market valuation corresponds to a PE ratio of 9x for 2024, 8x for 2025, and 6x for 2026, indicating strong growth potential [11][3].

证券代码：002648 证券简称：卫星化学 编号：20240813 | --- | --- | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------|----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a leading integrated producer in the light hydrocarbon industry in China, focusing on high-end product development [1][4]. - In the first half of 2024, the company achieved a revenue of 19.4 billion yuan, a year-on-year decrease of 4.6%, while the net profit attributable to the parent company was 2.06 billion yuan, reflecting a year-on-year increase of 12.5% [3][5]. - The company has established a dual industrial chain layout of C2 and C3, with significant production capacities in both areas [4][6]. Financial Performance - In Q2 2024, the company reported a revenue of 10.6 billion yuan, a year-on-year decrease of 2.5% but a quarter-on-quarter increase of 20.3% [3]. - The gross profit margin for the first half of 2024 was 21.08%, up 3.6 percentage points year-on-year, while the net profit margin was 10.58%, an increase of 1.4 percentage points [3]. - The average price of raw material ethane in the first half of 2024 was 142 USD/ton, down 15.7% year-on-year, while the prices of related C2 products, such as ethylene oxide and ethylene glycol, increased by 2.0% and 10.3% respectively [6]. Business Strategy - The company has a competitive advantage in its C2 business due to its access to low-cost ethane resources from the U.S., supported by a joint venture with a leading U.S. energy company [4][6]. - The C2 product line is moving towards high-end applications, with a new high-end materials industrial park project initiated in June 2024 [4]. - The company is enhancing its C3 industrial chain integration, with a new multi-carbon alcohol project successfully producing qualified products, which will help reduce production costs [6]. Financial Forecast - The company is projected to achieve net profits of 6.12 billion, 7.38 billion, and 9.03 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.22, 7.65, and 6.25 [7].

证券研究报告 化工 报告日期：2024 年 07 月 24 日 产品价差改善修复盈利水平，新项目落地巩固产业链优势 ——卫星化学（002648.SZ）2024 年中报点评 华龙证券研究所 最近一年走势 市场数据 2024 年 07 月 23 日 当前价格（元） 16.95 52 周 价 格 区 间 12.74-20.13 （元） 总市值（百万元） 57,098.54 流通市值（百万 57,060.30 元） 总股本（万股） 336,864.57 流通股（万股） 336,638.92 近一月换手（%） 12.17 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzqgs.com 事件： 公司于 2024 年 7 月 17 日发布 2024 年度中期报告，2024 年 H1 公司实现营业收入 194.00 亿元，同比-4.59%，归母净利润为 20.56 亿元，同比提高 12.51%；2024 年 Q2 公司营业收入 105.96 亿元，较 2024 年 Q1 的 88.05 亿元环 ...

[Table_Reportdate] 2024年07月24日 [Table_invest] 买入(维持) 报告原因:重大事项 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/07/23 | | 收盘价 | 16.95 | | 总股本(万股) | 336,865 | | 流通A股/B股(万股) | 336,639/0 | | 资产负债率(%) | 59.95% | | 市净率(倍) | 2.17 | | 净资产收益率(加权) | 7.81 | | 12个月内最高/最低价 | 20.13/12.74 | [Table_QuotePic] -26% ...

基础化工 | 证券研究报告 — 业绩评论 2024 年 7 月 24 日 002648.SZ 买入 原评级:买入 市场价格:人民币 17.64 板块评级:强于大市 股价表现 (20%) 0% 20% 40% 60% 80% 100% Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22 xx股票 xx指数 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 17.8 (2.8) (8.9) 11.6 相对深圳成指 23.4 (0.6) (4.9) 29.6 | --- | |-----------| | 3,368.65 | | 3,366.39 | | 59,422.91 | | 347.74 | | | | 34.6 | | | 以 2014 年 7 月 22 日收市价为标准 相关研究报告 《卫星化学》20240408 《卫星化学》20230723 《卫星化学》20230504 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工:化学原料 证券分析师:余嫄嫄 (8621)20328550 yuany ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 二季度业绩环比增长,轻烃龙头穿越周期 [Table_Industry] 石油/能源 卫星化学(002648)[Table_Invest] 评级: 增持 | --- | --- | --- | |---------------------------|-----------|-------| | | 上次评级: | 增持 | | [Table_Target] 目标价格: | | 22.10 | | | 上次预测: | 20.82 | | 当前价格: Table_CurPrice] | | 17.97 | ——卫星化学 2024H1 业绩点评 | --- | --- | --- | --- | |----------------|-------------------|----------------------------|----------------------------| | [table_Authors | 孙 ...

特此公告。 卫星化学股份有限公司董事会 二〇二四年七月二十三日 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。 2024年7月19日，卫星化学股份有限公司（以下简称"公司"或"卫星化学"） "乙烯高选择性二聚制备1-丁烯绿色新工艺"科技成果在北京顺利通过了由中国 石油和化学工业联合会组织的成果评价会，中国科学院院士、中国科学院化学研 究所研究员韩布兴，中国工程院院士、西安交通大学校长张立群等7位专家组成 的评价委员会，对卫星化学研发的高纯度1-丁烯技术进行了中试成果评价。评价 委员会认为，卫星化学在催化剂及助剂、反应器设计、在线除垢及催化剂灭活等 方面取得了多项创新成果，创新性强；千吨级高纯度1-丁烯中试装置生产的产品， 经多个用户使用，产品纯度高，特别适用于生产线型低密度聚乙烯、茂金属低密 度聚乙烯、高密度聚乙烯以及聚烯烃弹性体；生产的产品已试用于连云港石化有 限公司高密度聚乙烯和聚烯烃弹性体生产，与在用的进口1-丁烯原料性能相当， 可实现原料进口替代；该项目成果总体达到国际先进水平，在催化体系设计方面 达到国际领先水平。一致同意通过评价。 证券代码：002 ...

2024 年 07 月 20 日 公司研究 评级:买入(维持) 证券分析师: 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师: 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 : 李娟廷 S0350122090037 lijt03@ghzq.com.cn 研究所: 最近一年走势 相对沪深 300 表现 2024/07/19 表现 1M 3M 12M 卫星化学 -2.5% -6.4% 16.5% 沪深 300 0.3% -0.1% -8.1% 市场数据 2024/07/19 当前价格(元) 17.97 52 周价格区间(元) 12.74-20.13 总市值(百万) 60,534.56 流通市值(百万) 60,494.01 总股本(万股) 336,864.57 流通股本(万股) 336,638.92 日均成交额(百万) 349.11 近一月换手(%) 0.52 相关报告 业绩同比高增,新建项目打开成长空间(买入)* 化学原料*李永磊,董伯骏》——2024-04-24 学原料*李永磊,董伯骏》——2024-03-27 报双提升,看好公司长期 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 19.4 billion yuan for H1 2024, a year-on-year decrease of 4.59%, while the net profit attributable to shareholders was 2.056 billion yuan, reflecting a year-on-year increase of 12.51% [5] - The successful commissioning of the 800,000-ton multi-carbon alcohol project has established a closed-loop integration of the C3 industrial chain, enhancing the resilience and quality of the company's core business [5] - The α-olefin comprehensive utilization project has commenced construction, with a planned total investment of approximately 26.6 billion yuan, aiming to develop high-end polyolefins and achieve carbon reduction goals [5][6] - R&D investment reached 795 million yuan in H1 2024, a year-on-year increase of 10.25%, with 115 patent applications filed and 63 patents granted [6] Financial Summary - The company expects net profits for 2024, 2025, and 2026 to be 6.014 billion yuan, 8.030 billion yuan, and 9.015 billion yuan respectively, with corresponding EPS of 1.79 yuan, 2.38 yuan, and 2.68 yuan [6][9] - The projected revenue for 2024 is 44.343 billion yuan, with a year-on-year growth rate of 6.9% [7] - The gross profit margin is expected to improve from 19.8% in 2023 to 23.3% in 2024 [9] Valuation - The reasonable value range for the company's stock is estimated to be between 21.48 yuan and 25.06 yuan based on a P/E ratio of 12-14 times the 2024 EPS [6]