资金方面，卫星化学8月13日主力资金净流出2.12亿元，近五日累计净流出1.01亿元。 截至2025年8月13日15时，卫星化学股价报18.85元，较前一交易日下跌1.21%。当日成交额达10.40亿 元，振幅为1.78%。 卫星化学属于化学原料板块，主要从事丙烯酸及酯、高分子乳液等化工产品的研发、生产和销售。公司 是国内领先的C2、C3产业链一体化企业，产品广泛应用于建筑、纺织、包装等领域。 消息面上，国信证券发布研报称，卫星化学2025年上半年归母净利润同比增长33.4%，新材料项目有望 打开未来成长空间。此外，QFII二季度持仓数据显示，卫星化学获外资机构持有，持仓市值超过4亿 元。社保基金101组合也在二季度新进成为公司前十大流通股东。 风险提示：市场有风险，投资需谨慎。 ...

长江商报消息 ●长江商报记者 张璐 主营业务强劲增长，轻烃行业龙头卫星化学（002648.SZ）业绩持续攀升。 8月11日，卫星化学公告称，公司2025年上半年实现营收234.6亿元，同比增长20.93%；实现净利润27.4亿元，同 比增长33.44%。这一成绩颇为亮眼。 公司表示，2025年上半年行业面临多重挑战，原材料价格剧烈波动，产品供应周期拉长，叠加关键化工品和能源 出口受限，经营难度显著增加。在此背景下，卫星化学通过科技创新与优化改进，提质增效与产品差异化发展取 得较好的成绩。 长江商报记者注意到，卫星化学一直重视科技创新，通过持续加码研发投入、构建全球研发创新平台，不断夯实 产业链一体化优势。2020年—2025年上半年，公司研发投入分别为4.81亿元、10.91亿元、12.41亿元、16.26亿元、 17.51亿元、7.73亿元，累计达69.63亿元。 截至2025年上半年，公司总资产已达692.96亿元，同比增长5.58%，创下历史新高，进一步彰显了其在行业中的稳 健发展态势。 功能化学品业务营收占52.08% 日前，卫星化学发布2025年半年度报告，报告期内，公司实现营收234.6亿元，同比 ...

Core Viewpoint - The company forecasts a net profit attributable to shareholders of 2.7-3.15 billion yuan for the first half of 2025, representing a year-on-year growth of 31.32%-53.2% [1] - The company expects a net profit of 2.852-3.302 billion yuan after deducting non-recurring items, with a year-on-year increase of 27.65%-47.79% [1] Financial Performance - For Q2 2025, the company anticipates a net profit of 1.13-1.58 billion yuan, showing a year-on-year growth of 9%-53% but a quarter-on-quarter decline of 28%-1% [1] - The expected net profit after deducting non-recurring items for Q2 2025 is 1.16-1.61 billion yuan, with a year-on-year change of -1%-37% and a quarter-on-quarter decrease of 5%-31% [1] - The decline in Q2 2025 performance is attributed to falling oil prices leading to narrowed product price spreads and increased costs from PDH unit maintenance [1] Product Price Spreads - The calculated price spreads for Q2 2025 are 567 USD/ton for ethane-ethylene, 823 RMB/ton for styrene, and 393 RMB/ton for ethylene glycol, with changes of -43 USD/ton, +499 RMB/ton, and +126 RMB/ton respectively [2] - Despite some tariff disruptions on ethane imports, the overall impact is limited, and the supply-demand balance for ethane remains loose, suggesting continued low prices and improved profitability for ethylene production [2] - The decline in oil prices has led to a narrowing of C3 product price spreads, with calculated spreads for propane to propylene, acrylic acid, and butyl acrylate being 68 USD/ton, 2038 RMB/ton, and 2509 RMB/ton respectively, reflecting decreases of -35 USD/ton, -357 RMB/ton, and -718 RMB/ton [2] Project Development - The progress of new material projects has slowed due to Sino-U.S. trade impacts, with planned capacities for 2025 including 40,000 tons of EAA, 160,000 tons of high polymer emulsion, 150,000 tons of SAP, 80,000 tons of neopentyl glycol, and 100,000 tons of refined propylene acid [3] - The company's future growth is primarily dependent on the α-olefin comprehensive utilization high-end new material industrial park project, with the third phase expected to be completed in the second half of 2026 and gradually contribute to performance from 2026 to 2027 [3] - The fourth phase of the project has been delayed due to Sino-U.S. trade issues [3] Investment Analysis - The company maintains its profit forecast for 2025 but has lowered the profit predictions for 2026-2027 to 7.7 billion and 9.4 billion yuan, respectively, from previous estimates of 9.2 billion and 11.5 billion yuan [3] - The corresponding PE valuations are adjusted to 9X, 8X, and 6X for the years 2025, 2026, and 2027 [3] - The company remains optimistic about the growth potential of the C2 segment and the recovery of the C3 segment, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a year-on-year increase in performance for Q2 2025, with expectations for recovery in the second half of the year [7] - The company anticipates a net profit attributable to shareholders of 2.7 to 3.15 billion yuan for H1 2025, representing a year-on-year growth of 31.32% to 53.2% [7] - The report highlights that the decline in oil prices has led to a narrowing of product price spreads, impacting profitability [7] - The company is expected to benefit from a stable supply-demand balance in the ethane market, which may enhance profitability in the C2 segment [7] - New material projects are facing delays due to trade tensions, but the company has significant growth potential from its high-end new materials industrial park [7] Financial Data and Profit Forecast - Total revenue is projected to reach 53.971 billion yuan in 2025, with a year-on-year growth rate of 18.2% [6] - The net profit attributable to shareholders is expected to be 6.875 billion yuan in 2025, reflecting a year-on-year growth of 13.2% [6] - Earnings per share are forecasted to be 2.04 yuan in 2025, with a PE ratio of 9 [6] - The company’s gross margin is projected to be 22.6% in 2025 [6] - The return on equity (ROE) is expected to be 19.5% in 2025 [6]