卫星化学Q3营利双下滑 前三季度业绩“高开低走”

Core Viewpoint - Satellite Chemical reported a slowdown in profit growth despite revenue increase in the first three quarters of 2023, with the third quarter showing the most significant pressure [1] Financial Performance - For the first three quarters of 2023, the company achieved revenue of approximately 34.77 billion, a year-on-year increase of 7.73% [1] - Net profit attributable to shareholders was approximately 3.76 billion, a year-on-year increase of 1.69% [1] - In the third quarter, revenue was 11.31 billion, a year-on-year decrease of 12.15%, and net profit was 1.01 billion, a year-on-year decrease of 38.21% [1] Accounts and Investments - Accounts receivable increased by 61.62% compared to the end of the previous year, mainly due to short-term business reflecting accounts receivable balance [1] - Prepayments increased by 161.7% compared to the end of the previous year, primarily due to an increase in prepaid material costs [1] - Investment income increased by 278% year-on-year due to higher foreign exchange investment gains [1] Business Operations - The company operates two core industrial chains based on light hydrocarbons (ethane and propane), focusing on functional chemicals, polymer new materials, and new energy materials [2] - The company’s main products include polypropylene, acrylic acid and esters, ethylene glycol, ethylene oxide, propylene oxide, and polyethylene [2] - In September, the company announced routine maintenance for its polyethylene and ethylene oxide/ethylene glycol facilities, which lasted approximately 45 days, and production resumed on October 16 [2] Future Projects - The α-olefin comprehensive utilization high-end new materials industrial park project is set to start construction in the second quarter of 2024, with a total planned investment of approximately 26.6 billion [2] - The project is expected to expand the company's upstream ethylene production capacity, with plans for new production lines for various chemicals set to be operational by 2025 [2]