东海证券晨会纪要

Key Recommendations - Satellite Chemical (002648) achieved a revenue of 19.4 billion yuan in H1 2024, a year-on-year decrease of 4.59%, while net profit attributable to shareholders was 2.056 billion yuan, an increase of 12.51% [11] - In Q2 2024, the company reported revenue of 10.596 billion yuan, a year-on-year decrease of 2.53% but a quarter-on-quarter increase of 20.34% [11] - The revenue breakdown by product for Q2 includes functional chemicals at 9.247 billion yuan, polymer new materials at 5.488 billion yuan, new energy materials at 357 million yuan, and other businesses at 4.308 billion yuan [11] C2 Business Performance - The average price of key C2 products in Q2 2024 was as follows: HDPE at 8,646.77 yuan/ton, ethylene oxide at 6,880.65 yuan/ton, and ethylene glycol at 4,486.05 yuan/ton, with respective changes of +363.44, +208.98, and -105.28 yuan/ton compared to Q1 2024 [12] - The price of ethylene glycol has risen from an average of 4,165.94 yuan/ton in 2023 to approximately 4,650 yuan/ton currently [12] - The company has optimized its production efficiency during maintenance, enhancing the stability and quality of operations [12] C3 Business Insights - In Q2 2024, the average prices for C3 products were: PP powder at 7,608.06 yuan/ton, acrylic acid at 7,177.42 yuan/ton, and butyl acrylate at 9,835.48 yuan/ton, with changes of +179.73, +867.58, and -66.16 yuan/ton respectively compared to Q1 2024 [13] - The successful commissioning of the first phase of the 800,000-ton multi-carbon alcohol project will enhance the company's efficiency in utilizing propylene resources [13] - The new projects are expected to support the company's growth trajectory by establishing a closed-loop supply chain for propylene and its derivatives [13] Machinery Equipment Industry - The machinery equipment sector is focusing on global expansion through mergers and acquisitions, with companies like Giant Star Technology acquiring regional leaders to enhance their market presence [15] - The global market is witnessing a Matthew effect, where leading companies are likely to gain more market share due to their financial and managerial capabilities [16] - Investment suggestions include focusing on companies with strong product matrices and overseas layouts, such as XCMG, Zoomlion, and Sany Heavy Industry [17] Tire Industry Overview - The tire industry is experiencing stable demand, with expectations of improved cost conditions as raw material prices are projected to decline [29] - The production capacity utilization rate remains high, particularly for semi-steel tires, while full-steel tires face competitive pressures [29] - The export share of domestic tire manufacturers is expected to increase as production facilities are established in Southeast Asia [29]