卫星化学：国内领先的轻烃一体化生产企业，产品向高端化布局

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a leading integrated producer in the light hydrocarbon industry in China, focusing on high-end product development [1][4]. - In the first half of 2024, the company achieved a revenue of 19.4 billion yuan, a year-on-year decrease of 4.6%, while the net profit attributable to the parent company was 2.06 billion yuan, reflecting a year-on-year increase of 12.5% [3][5]. - The company has established a dual industrial chain layout of C2 and C3, with significant production capacities in both areas [4][6]. Financial Performance - In Q2 2024, the company reported a revenue of 10.6 billion yuan, a year-on-year decrease of 2.5% but a quarter-on-quarter increase of 20.3% [3]. - The gross profit margin for the first half of 2024 was 21.08%, up 3.6 percentage points year-on-year, while the net profit margin was 10.58%, an increase of 1.4 percentage points [3]. - The average price of raw material ethane in the first half of 2024 was 142 USD/ton, down 15.7% year-on-year, while the prices of related C2 products, such as ethylene oxide and ethylene glycol, increased by 2.0% and 10.3% respectively [6]. Business Strategy - The company has a competitive advantage in its C2 business due to its access to low-cost ethane resources from the U.S., supported by a joint venture with a leading U.S. energy company [4][6]. - The C2 product line is moving towards high-end applications, with a new high-end materials industrial park project initiated in June 2024 [4]. - The company is enhancing its C3 industrial chain integration, with a new multi-carbon alcohol project successfully producing qualified products, which will help reduce production costs [6]. Financial Forecast - The company is projected to achieve net profits of 6.12 billion, 7.38 billion, and 9.03 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.22, 7.65, and 6.25 [7].