卫星化学（002648）：业绩延续强势，市值跃升渐近

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company continues to demonstrate strong performance, with a projected net profit growth of 26.8% in 2024 and further growth expected in the following years [4][10] - The C2 chain benefits from low-cost ethane sourced from the US, with a significant price drop of 22.37% year-on-year, enhancing profitability [2][3] - The C3 chain is showing signs of recovery, driven by the successful launch of 800,000 tons of butanol production and positive price trends for key products [2][3] Financial Performance - The company reported a revenue of 41.49 billion in 2023, with a projected increase to 45.65 billion in 2024, reflecting a year-on-year growth rate of 10% [6] - The net profit for 2023 was 4.79 billion, expected to rise to 6.07 billion in 2024, indicating a growth rate of 26.8% [6] - Earnings per share (EPS) are projected to increase from 1.42 in 2023 to 1.80 in 2024 [6] Production Capacity and Market Expansion - The company is expanding its C2 production capacity significantly, with phase three expected to be operational by early 2026 and phase four by early 2027 [3] - There is a strong market demand for high-end polyethylene, with an annual import gap of over 13 million tons in China, indicating potential for growth in differentiated new materials [3]