卫星化学：四期乙烷船开始下单制造，放量成长可期

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported strong performance in Q3 2024, with a revenue of 32.275 billion yuan, a year-on-year increase of 0.71%, and a net profit attributable to shareholders of 3.693 billion yuan, up 7.64% year-on-year [1]. - The company benefits from a significant cost advantage in its ethylene production process due to low raw material prices and energy consumption, with the cost of ethane at 19.9 cents per gallon, which is historically low [1]. - The company has initiated the construction of additional ethane ships, with six ships ordered in July 2023 and eight more planned for 2024, indicating a strong growth trajectory [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 32.275 billion yuan, with a net profit of 3.693 billion yuan and a non-recurring net profit of 4.088 billion yuan [1]. - In Q3 2024 alone, the company reported a revenue of 12.875 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 21.51% [1]. - The company’s projected net profits for 2024-2026 are adjusted to 5.395 billion yuan, 6.490 billion yuan, and 7.684 billion yuan respectively, with corresponding P/E ratios of 12, 10, and 8 times [2][3]. Financial Metrics - The company’s revenue is expected to grow from 41.487 billion yuan in 2023 to 50.614 billion yuan in 2024, reflecting a growth rate of 22% [3]. - The net profit is projected to increase from 4.789 billion yuan in 2023 to 5.395 billion yuan in 2024, with a year-on-year growth rate of 12.6% [3]. - The company’s P/E ratio is forecasted to decrease from 13.2 in 2023 to 11.7 in 2024, indicating a more attractive valuation over time [3].