卫星化学(002648)：2025年上半年归母净利润同比增长33% 高端新材料成长可期

Core Viewpoint - The company reported a significant increase in net profit and revenue for the first half of 2025, indicating strong operational performance despite external challenges [1] Financial Performance - In the first half of 2025, the company achieved revenue of 23.46 billion yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 2.74 billion yuan, up 33.4% year-on-year [1] - The second quarter of 2025 saw revenue of 11.13 billion yuan, a year-on-year increase of 5.1% but a quarter-on-quarter decrease of 9.7% [1] - The net profit for the second quarter was 1.18 billion yuan, reflecting a year-on-year increase of 13.9% and a quarter-on-quarter increase of 25.1% [1] - The operating cash flow for the first half of 2025 was 5.05 billion yuan, a substantial increase of 138.9% year-on-year [1] Segment Performance - The company’s revenue from functional chemicals, high polymer materials, new energy materials, and other businesses in the first half of 2025 was 12.22 billion yuan, 5.24 billion yuan, 300 million yuan, and 5.69 billion yuan respectively, with year-on-year growth rates of 32.1%, -4.4%, -14.9%, and 32.2% [2] - The gross margins for these segments were 19.9%, 29.5%, 21.6%, and 13.6%, with year-on-year changes of +2.6, +0.7, +0.3, and -5.8 percentage points respectively [2] Market Conditions - The average price of ethane in the U.S. for the first half of 2025 was 25.9 cents per gallon, a year-on-year increase of 33.6% [2] - The domestic propane CFR average price for the first half of 2025 was 616.4 USD per ton, a year-on-year decrease of 1.5% [2] - The company is expected to benefit from the expansion of price differentials due to declining costs in the second half of the year [2] Future Development - The company is investing 25.7 billion yuan in a new high-end materials project in Lianyungang, which is expected to start production in 2026 [3] - A high-level R&D team has been established to address critical technology challenges, focusing on high-end polyethylene elastomers and other products [3]