研报掘金丨华鑫证券：卫星化学业绩增厚预期仍较强，维持“买入”评级

Core Viewpoint - Satellite Chemical's gross margin for major products improved in H1 2025, with ongoing enhancement of integrated synergy advantages [1] Group 1: Company Performance - The company focuses on functional chemicals, high polymer new materials, new energy materials, and comprehensive utilization of carbon dioxide and hydrogen, achieving a balance between production and sales [1] - Despite external pressures such as product price declines, the company maintains industry-leading profitability through a leading light hydrocarbon integrated industrial chain [1] - The company plans to accelerate the construction of new acrylic acid capacity at the Pinghu and Jiaxing bases, promoting the development of high value-added products from light hydrocarbon comprehensive utilization [1] Group 2: Market Position - The company is steadily increasing its market share and industry influence [1] - The expectation for performance enhancement remains strong due to the company's leading position in the light hydrocarbon integrated industrial chain [1] - The investment rating is maintained at "Buy" based on the company's robust performance outlook [1]