卫星化学(002648) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Committee, and senior management ensure the report's accuracy and completeness, assuming legal responsibility, with no profit distribution planned for the period - All directors, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming corresponding legal responsibilities[3] - The company plans no cash dividends, bonus shares, or capital increase from provident funds[4] Table of Contents This report is divided into ten sections, covering company basics, financial data, management analysis, governance, ESG, and key events Definitions This section defines key company abbreviations, production bases, and specific terms for report clarity Company Profile and Key Financial Indicators Company Profile Satellite Chemical Co., Ltd. (stock code: 002648) is a Shenzhen Stock Exchange-listed company, with Yang Weidong as its legal representative Key Financial Indicators | Item | Content | | :--- | :--- | | Stock Abbreviation | Satellite Chemical | | Stock Code | 002648 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yang Weidong | Key Accounting Data and Financial Indicators H1 2024 revenue was 19.40 billion yuan (down 4.59% YoY), net profit 2.056 billion yuan (up 12.51%), with operating cash flow down 26.50% Key Financial Indicators | Key Financial Indicators | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | -4.59% | | Net Profit Attributable to Shareholders | 2,056,106,640.22 | 1,827,446,958.97 | 12.51% | | Net Profit Attributable to Shareholders (Excl. Non-Recurring) | 2,234,456,615.73 | 1,952,121,004.93 | 14.46% | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | -26.50% | | Basic EPS (yuan/share) | 0.61 | 0.54 | 12.96% | | Total Assets (yuan) | 65,635,473,115.44 | 64,581,962,271.67 | 1.63% (vs. end of prior year) | | Net Assets Attributable to Shareholders (yuan) | 26,264,113,194.75 | 25,464,935,653.13 | 3.14% (vs. end of prior year) | Non-Recurring Gains and Losses Non-recurring gains and losses totaled -178 million yuan, mainly from -323 million yuan in fair value changes and disposal losses of financial assets and liabilities - Non-recurring gains and losses totaled -178,349,975.51 yuan for the reporting period[24] - The primary negative impact stemmed from fair value changes and disposal losses of financial assets and liabilities, amounting to -322,647,311.62 yuan[24] - Government subsidies recognized in current profit or loss amounted to 49,752,998.69 yuan[24] Management Discussion and Analysis Principal Business Activities During the Reporting Period As a leading light hydrocarbon integrated producer, the company achieved 2.056 billion yuan net profit (up 12.51%), driven by new projects and 217.46% growth in new energy materials - The company adheres to a light hydrocarbon integration strategy, aiming to become a low-carbon chemical new materials technology company[29] - New energy materials revenue grew by 217.46% during the period, with functional chemicals and polymer new materials also maintaining good gross margin growth[29] - The company's α-olefin comprehensive utilization high-end new materials industrial park project commenced smoothly, with a planned total investment of approximately 26.6 billion yuan, aiming to extend the industrial chain and develop high-end polyolefin new materials[31] - The company established Satellite Global as a subsidiary to accelerate overseas market expansion, now having established partnerships with customers in over 160 countries and regions worldwide[36] Analysis of Core Competencies Core competencies include 'He' culture, green low-carbon full-chain, tech innovation, and intelligent industrial system; MSCI ESG rating improved to B, with 10 billion yuan R&D planned - The company maintains light hydrocarbon integration as its core, with its US joint venture ORBIT possessing ethane export capabilities and the world's largest ethane fleet, ensuring raw material supply[38] - During the reporting period, the company's MSCI ESG rating improved from CCC to B[39] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on catalysts, new energy materials, and polymer new materials to achieve breakthroughs in key technologies[40] - Leveraging its 'Xingyun' industrial internet platform, the company built a 'cloud chemical plant' to achieve automated coordination in procurement, production, marketing, and logistics, earning national 5G factory pilot demonstration status[41] Analysis of Main Business Operations Revenue decreased 4.59% to 19.40 billion yuan, but gross margin improved; financial expenses rose 56.67% due to exchange losses, with new energy materials revenue surging 217.46% Key Financial Indicators | Key Financial Indicators | Current Period (yuan) | Prior Period (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | -4.59% | - | | Operating Cost | 15,310,121,746.05 | 16,820,442,055.05 | -8.98% | - | | Financial Expenses | 548,878,255.92 | 350,351,012.27 | 56.67% | Primarily due to increased exchange losses in this period | | R&D Investment | 794,826,258.15 | 720,961,464.36 | 10.25% | - | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | -26.50% | Due to increased inventory and changes in receivables/payables | Revenue by Product Segment | By Product | Operating Revenue (yuan) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Functional Chemicals | 9,247,132,428.87 | 47.66% | -12.73% | | Polymer New Materials | 5,488,020,330.54 | 28.29% | -2.11% | | New Energy Materials | 356,841,584.32 | 1.84% | 217.46% | Analysis of Assets and Liabilities Total assets reached 65.635 billion yuan (up 1.63%), with construction in progress increasing to 4.801 billion yuan, indicating an expansion phase and stable debt structure Asset and Liability Status | Asset/Liability Item | End of Current Period (yuan) | End of Prior Year (yuan) | Change in % of Total Assets | | :--- | :--- | :--- | :--- | | Construction in Progress | 4,800,932,593.66 | 3,186,398,770.76 | +2.38% | | Inventory | 5,160,353,544.92 | 4,233,443,857.76 | +1.30% | | Short-term Borrowings | 2,015,369,566.59 | 1,225,867,532.69 | +1.17% | | Long-term Borrowings | 8,815,755,840.35 | 10,839,037,668.20 | -3.35% | - As of the end of the reporting period, 529 million yuan of the company's assets were restricted, primarily fixed assets and intangible assets pledged for loans, and accounts receivable financing pledged for letters of credit[55] Analysis of Major Holding and Participating Companies Lianyungang Petrochemical Co., Ltd. was the primary profit contributor, generating 10.706 billion yuan revenue and 1.231 billion yuan net profit, with new subsidiaries supporting expansion Key Subsidiary Performance | Subsidiary Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Lianyungang Petrochemical Co. | 10,706,040,973.22 | 1,231,456,680.77 | Risks and Countermeasures Faced by the Company The company faces macroeconomic, environmental, safety, and price volatility risks, addressed through operational adjustments, enhanced EHS, supply chain advantages, and financial hedging - The company faces three main risks: macroeconomic and policy risks, environmental and safety production risks, and raw material, product price, and exchange rate fluctuation risks[67] - Countermeasures include: timely adjustment of operating models, implementation of a 'five-in-one' safety management system, leveraging integrated industrial chain advantages, conducting commodity derivative hedging, and implementing forward foreign exchange hedging[67] Corporate Governance Changes in Directors, Supervisors, and Senior Management Three independent directors departed due to term expiration, new directors were elected, and Mr. Ma Tujun was appointed Vice President, reflecting Board and senior management changes - Gao Changyou, Pan Yushuang, and Fei Jinhong, three independent directors, resigned due to term expiration[74] - Gao Jun was elected as a company director, and Wu Yi, Guo Baitao, Feng Lianfang, and Tong Jianhua were elected as new independent directors[74] - Ma Tujun was appointed as the company's Vice President[74] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The 2021 restricted stock incentive plan's third vesting period released 1.4592 million shares for 79 grantees; 7,131 shares were repurchased, and the employee stock plan covers 210 core employees - The third vesting period of the 2021 restricted stock incentive plan was met, involving 79 grantees and a total of 1.4592 million shares[79] - The employee stock ownership plan involves 210 individuals, holding 9,488,644 shares, representing 0.28% of the company's total share capital, with funding from company-allocated special funds[80] Environmental and Social Responsibility Significant Environmental Issues Designated as a key pollutant emitter, the company invested 149 million yuan in environmental governance and paid 1.0657 million yuan in taxes in H1 2024, with no environmental penalties - The company and its subsidiaries are designated as key pollutant emitters by environmental protection authorities and have obtained discharge permits as required, ensuring compliant emissions[83][84] - In H1 2024, the company invested a total of 149 million yuan in environmental governance and paid 1.0657 million yuan in environmental protection taxes[98] - Lianyungang Petrochemical's new 300,000-ton/year carbon dioxide recovery project has completed environmental acceptance, aiming to reduce carbon emissions[102] Social Responsibility The company engaged in 35 volunteer activities, donated over 1 million yuan, supported Ruoergai County, increased 'Common Prosperity Workshop' employee salaries by 8.7%, and improved its MSCI ESG rating to B - In H1 2024, the company conducted 35 volunteer service activities, including aid for education and poverty relief, donating over 1 million yuan in cash and goods[104] - The company prioritizes employee development and common prosperity, with 'Common Prosperity Workshop' employees receiving an average salary adjustment of 8.7% in the first half of the year[106] - During the reporting period, the company's MSCI ESG rating improved from CCC to B[106] Significant Matters Significant Contracts and Their Performance No major contracts existed; the company provided 1.614 billion yuan in subsidiary guarantees (6.15% of net assets) and held 100 million yuan in outstanding bank wealth management products from a 350 million yuan investment - As of the end of the reporting period, the company's actual guarantee balance for subsidiaries was 1.614 billion yuan, accounting for 6.15% of the company's net assets[128] - The company used its own funds for wealth management, with transactions totaling 350 million yuan and an outstanding balance of 100 million yuan, all in bank wealth management products[131] Share Changes and Shareholder Information Share Changes Total share capital decreased by 7,131 shares to 3,368,645,690 due to restricted share repurchase and cancellation from the 2021 incentive plan - During the reporting period, the company's total share capital decreased from 3,368,652,821 shares to 3,368,645,690 shares due to the repurchase and cancellation of some restricted shares[136][137] Number of Shareholders and Shareholding Information As of period-end, the company had 37,661 common shareholders; Zhejiang Satellite Holding (34.60%) and YANG YA ZHEN (11.64%) are actual controllers, with Hong Kong Securities Clearing as the third-largest shareholder (8.89%) - As of the end of the reporting period, the total number of common shareholders was 37,661[145] Shareholder Information | Shareholder Name | Shareholding % | Number of Shares | | :--- | :--- | :--- | | Zhejiang Satellite Holding Co., Ltd. | 34.60% | 1,165,589,005 | | YANG YA ZHEN | 11.64% | 392,168,813 | | Hong Kong Securities Clearing Company Limited | 8.89% | 299,441,735 | | Jiaxing Maoyuan Investment Co., Ltd. | 4.15% | 139,864,401 | - Controlling shareholder Zhejiang Satellite Holding Co., Ltd. and shareholder YANG YA ZHEN (wife of Yang Weidong) are parties acting in concert, serving as the company's actual controllers[145] Preferred Shares Information Preferred Shares The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[153] Bond Information Bonds The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[156] Financial Report Audit Report The semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[158] Financial Statements This section presents the company's H1 2024 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and owners' equity changes, with detailed notes Consolidated Balance Sheet As of June 30, 2024, total assets were 65.635 billion yuan, total liabilities 39.347 billion yuan, and parent company equity 26.264 billion yuan, with a 59.95% asset-liability ratio Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 65,635,473,115.44 | 64,581,962,271.67 | | Total Liabilities | 39,346,640,664.56 | 39,088,605,353.24 | | Net Assets Attributable to Shareholders | 26,264,113,194.75 | 25,464,935,653.13 | Consolidated Income Statement In H1 2024, total operating revenue was 19.40 billion yuan, total costs 17.021 billion yuan, total profit 2.370 billion yuan, and net profit 2.053 billion yuan, with 2.056 billion yuan attributable to parent shareholders Consolidated Income Statement | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 19,400,396,418.76 | 20,333,070,090.77 | | Total Profit | 2,369,802,417.59 | 2,104,170,998.31 | | Net Profit | 2,052,559,716.76 | 1,825,053,149.96 | | Net Profit Attributable to Parent Company Shareholders | 2,056,106,640.22 | 1,827,446,958.97 | Consolidated Cash Flow Statement In H1 2024, net cash from operating activities was 2.115 billion yuan, investing activities -1.565 billion yuan, and financing activities -2.539 billion yuan, resulting in a net decrease of 1.951 billion yuan in cash and equivalents Consolidated Cash Flow Statement | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 2,115,005,378.54 | 2,877,364,103.29 | | Net Cash from Investing Activities | -1,565,230,511.55 | -1,443,562,767.63 | | Net Cash from Financing Activities | -2,539,383,500.14 | 492,752,580.56 | | Net Increase in Cash and Cash Equivalents | -1,950,735,130.87 | 1,914,358,277.50 |