卫星化学 20250926 摘要 卫星化学正从乳液生产向上游碳二产业链和下游新材料拓展，致力于成 为低碳化学新材料科技型企业，拥有丙烯、聚丙烯、丙烯酸及酯等多种 产能，并在连云港建设乙烷裂解制乙烯项目。 2025 年上半年，卫星化学营收约 230 亿元，同比增长 20%；净利润 27.44 亿元，同比增长 33%，主要利润来自功能化学品和高分子新材料， 新能源业务增速显著，资产负债率健康，研发投入持续增长。 卫星化学阿尔法烯烃项目总投资 266 亿元，分期建设，主要产品包括阿 尔法烯、POE 和聚乙烯，以及配套原料加工装置，全部投产后预计可实 现 330 亿收入，一期预计贡献 29.29 亿净利润。 中国高端聚烯烃产品紧缺，尤其是高端聚氨基甲酸酯，进口依存度高， 卫星化学的阿尔法烯烃项目旨在解决这一市场需求，POE 作为重要高端 产品，其主要原料是乙烯和阿尔法烯烃。 全球阿尔法烯烃市场集中度高，主要由海外化工巨头控制，卫星化学自 主研发催化剂技术，并积极扩产 POE，计划投产 10 吨级装置，以满足 自身需求并推动产业链延伸。 Q&A 请介绍一下卫星化学公司的历史发展和产业链布局情况。 近年来，中国国内乙炔产 ...

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the fiscal year 2024, indicating strong operational performance and growth potential in the industry [2]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 47.4 billion yuan, a year-on-year increase of 14% [2] - The net profit attributable to shareholders reached 6.1 billion yuan, reflecting a year-on-year growth of 27% [2] - In Q4 alone, the company generated 15.2 billion yuan in revenue, marking a 42% increase year-on-year and an 18% increase quarter-on-quarter [2] - The net profit for Q4 was 2.4 billion yuan, showing a remarkable year-on-year growth of 71% and a quarter-on-quarter increase of 46% [2] Group 2: Industry Chain and Project Developments - The profitability of the C3 industry chain has significantly improved, contributing to the substantial growth in Q4 performance [3] - The company successfully launched its multi-carbon alcohol project, which includes a production capacity of 400,000 tons of various chemical materials, enhancing the integration of the C3 industry chain [4] - The α-olefin comprehensive utilization project has commenced construction, which is expected to secure the company's long-term growth by producing high-end new materials [5] - The first phase of the α-olefin project is anticipated to be completed by the end of 2025, with further phases planned for completion in 2026 [5]