卫星化学（002648）2025 年报点评 强推（维持） 25 年扣非净利稳健增长，新增项目逐步推进 目标价：33.52 元 事项： ❖ 卫星化学发布 2025 年年度报告，全年总营收 460.68 亿元，同比+0.92%；归母 净利润 53.11 亿元，同比-12.54%；扣非归母净利润 62.92 亿元，同比+4.02%； 25Q4 营收为 112.97 亿元，同比-15.52%，环比-0.12%；归母净利润 15.56 亿元， 同比-34.61%，环比+53.83%；扣非归母净利润 20.54 亿元，同比+4.80%，环比 +53.06%。 评论： ❖ 盈利较为稳定，费用管控优化。2025 年毛利率 22.31%，同比-1.25pct，净利率 11.52%，同比-1.76pct，盈利较为稳定；25 年期间费用率 6.90%，同比-1.12pct， 其中销售/管理/研发/财务费用率分别为 0.28%/1.13%/3.59%/1.90%。 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 | | 2025A | 2026E | 2027E | 2028E | | --- | ...

Core Viewpoint - Satellite Chemical reported a slowdown in profit growth despite revenue increase in the first three quarters of 2023, with the third quarter showing the most significant pressure [1] Financial Performance - For the first three quarters of 2023, the company achieved revenue of approximately 34.77 billion, a year-on-year increase of 7.73% [1] - Net profit attributable to shareholders was approximately 3.76 billion, a year-on-year increase of 1.69% [1] - In the third quarter, revenue was 11.31 billion, a year-on-year decrease of 12.15%, and net profit was 1.01 billion, a year-on-year decrease of 38.21% [1] Accounts and Investments - Accounts receivable increased by 61.62% compared to the end of the previous year, mainly due to short-term business reflecting accounts receivable balance [1] - Prepayments increased by 161.7% compared to the end of the previous year, primarily due to an increase in prepaid material costs [1] - Investment income increased by 278% year-on-year due to higher foreign exchange investment gains [1] Business Operations - The company operates two core industrial chains based on light hydrocarbons (ethane and propane), focusing on functional chemicals, polymer new materials, and new energy materials [2] - The company’s main products include polypropylene, acrylic acid and esters, ethylene glycol, ethylene oxide, propylene oxide, and polyethylene [2] - In September, the company announced routine maintenance for its polyethylene and ethylene oxide/ethylene glycol facilities, which lasted approximately 45 days, and production resumed on October 16 [2] Future Projects - The α-olefin comprehensive utilization high-end new materials industrial park project is set to start construction in the second quarter of 2024, with a total planned investment of approximately 26.6 billion [2] - The project is expected to expand the company's upstream ethylene production capacity, with plans for new production lines for various chemicals set to be operational by 2025 [2]