Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 45.6 billion RMB in 2024, a year-on-year increase of 10%, with a net profit attributable to shareholders of 6.1 billion RMB, reflecting a 27% year-on-year growth [1] - The fourth quarter of 2024 saw a revenue of 13.4 billion RMB, with a quarter-on-quarter increase of 26% and a year-on-year increase of 4%, while the net profit attributable to shareholders reached 2.4 billion RMB, marking a 71% quarter-on-quarter increase [1] - The company is expected to continue its growth trajectory due to the advantages of ethane resources and the upcoming launch of new material projects [1] Summary by Sections Financial Performance - In 2024, the functional chemicals, polymer materials, and new energy materials segments generated revenues of 21.7 billion, 12 billion, and 800 million RMB, respectively, with year-on-year growth rates of 2%, 1%, and 81% [2] - The gross margins for these segments were 20%, 35%, and 22%, with respective year-on-year changes of +5%, +5%, and -15 percentage points [2] - The company’s net profit forecast for 2025-2027 is 7.4 billion, 8.6 billion, and 9.6 billion RMB, with corresponding EPS of 2.19, 2.56, and 2.86 RMB [5] Market Conditions - The prices of key products such as acrylic acid and its esters have shown positive trends, with average price increases of 11%, 13%, and 6% for acrylic acid, acrylic acid methyl ester, and acrylic acid butyl ester, respectively, since the beginning of 2025 [3] - The company benefits from low raw material prices, with the price of ethane remaining at a five-year low, which supports profitability in the C2 segment [3] Project Developments - The company is advancing its high-end new materials project, which includes a capacity of 1.7 million tons per year for high-end polyolefins and is expected to be completed by the end of 2025, with production starting in early 2026 [4]
卫星化学(002648):轻烃优势助力增长,新项目投产在即