卫星化学：乙烷关税税率调整，公司原料成本显著下滑

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The adjustment of the import tariff for ethane will significantly reduce the company's raw material costs, with the most-favored-nation tariff set at 2% and a temporary tariff of 1% for 2025 [2][4]. - The reduction in ethane costs is expected to improve the profitability of the company's ethane cracking project, with a projected net profit impact of approximately 100 million yuan due to a decrease of about 29.2 yuan per ton in ethane costs [9]. - The company is advancing its strategy to strengthen, supplement, and extend the C3 industrial chain, with the successful commencement of the α-olefin comprehensive utilization high-end new materials industrial park project, which has a total planned investment of approximately 26.6 billion yuan [9]. - The company forecasts net profits attributable to shareholders of 5.47 billion yuan, 7.14 billion yuan, and 11.07 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 11.6X, 8.9X, and 5.7X [9]. Summary by Sections Tariff Adjustment - The State Council Tariff Commission announced a reduction in the import tariff for ethane, with the most-favored-nation tariff at 2% and a temporary tariff of 1% for 2025, aimed at promoting green and low-carbon development [2][4]. Cost Optimization - The company's ethane import cost optimization is expected to enhance the profitability of its ethane cracking project, with a significant decrease in costs translating to a net profit increase of around 100 million yuan [9]. Project Development - The α-olefin comprehensive utilization high-end new materials industrial park project has commenced construction, with a total investment of approximately 26.6 billion yuan, which is part of the company's strategy to enhance its C3 industrial chain [9]. Financial Forecast - The company anticipates net profits of 5.47 billion yuan, 7.14 billion yuan, and 11.07 billion yuan for the years 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [9].