2025年4月25日，卫星化学(002648.SZ)发布2025年第一季报。截至2025年4月30日，共有152个机构投资 者披露持有卫星化学A股股份，合计持股量达18.52亿股，占卫星化学总股本的54.99%。其中，前十大 机构投资者包括浙江卫星控股股份有限公司、香港中央结算有限公司、嘉兴茂源投资有限公司、广发证 券股份有限公司、BILL & MELINDA GATES FOUNDATION TRUST、中国工商银行股份有限公司-华泰 柏瑞沪深300交易型开放式指数证券投资基金、科威特政府投资局、工银安盛人寿保险有限公司-年金产 品2、景顺长城策略精选灵活配置混合A、华安策略优选混合A，前十大机构投资者合计持股比例达 51.98%。相较于上一季度，前十大机构持股比例合计下跌了0.05个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计49个，主要包括天弘中证细分化工指数发起A、 华安策略优选混合A、招商瑞阳混合A、华安优势企业混合A、招商安华债券A等，持股增加占比达 0.25%。本期较上一季度持股减少的公募基金共计40个，主要包括鹏华汇智优选混合A、华泰柏瑞沪深 300ETF、景顺长城景气进取混合A ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 45.65 billion yuan (up 10% year-on-year) and net profit attributable to shareholders reaching 6.07 billion yuan (up 27% year-on-year) [7] - The increase in performance is primarily attributed to the production launch of a 100,000-ton ethanolamine project and an 800,000-ton polyol project [7] - The company has initiated a share buyback program, purchasing 350,000 shares at a maximum price of 18.90 yuan per share, totaling 6.59 million yuan [7] - The decline in ethane prices due to lower natural gas prices in the U.S. has improved profitability, with an average ethane price of 143 USD/ton in 2024 (down 35 USD/ton year-on-year) [7] - New projects are progressing steadily, including the first phase of the Lianyungang α-olefin high-end new materials industrial park, with a total investment of 26.6 billion yuan, expected to be completed by the end of 2025 [7] - The company has adjusted its net profit forecasts for 2025 and 2026 to 7 billion yuan and 9.1 billion yuan, respectively, with a new forecast for 2027 at 10.7 billion yuan [7] Financial Summary - Total revenue projections for the company are as follows: 53.77 billion yuan in 2025, 63.11 billion yuan in 2026, and 71.31 billion yuan in 2027, with year-on-year growth rates of 17.78%, 17.38%, and 12.99% respectively [1] - Net profit attributable to shareholders is projected to be 7.04 billion yuan in 2025, 9.08 billion yuan in 2026, and 10.75 billion yuan in 2027, with growth rates of 15.93%, 29.00%, and 18.38% respectively [1] - The latest diluted EPS is expected to be 2.09 yuan in 2025, 2.70 yuan in 2026, and 3.19 yuan in 2027 [1] - The P/E ratios based on the closing price on April 25, 2025, are projected to be 9, 7, and 6 times for 2025, 2026, and 2027 respectively [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 12.329 billion yuan for Q1 2025, representing a year-on-year increase of 40.03% - The net profit attributable to shareholders was 1.568 billion yuan, up 53.38% year-on-year - The net profit after deducting non-recurring items was 1.692 billion yuan, reflecting a 59.17% increase year-on-year - The net cash flow from operating activities reached 1.599 billion yuan, a significant increase of 141.91% year-on-year [2][6] Financial Performance - The average price of ethane in Q1 2025 was 205 USD/ton, a 26.20% increase from the previous quarter - The average prices for ethylene, HDPE, ethylene glycol, and epoxy ethane in Q1 2025 were 6,279, 8,474, 4,658, and 6,967 yuan/ton respectively, with changes of +1.28%, -3.50%, -0.90%, and -0.38% [12] - The company has invested in a 100,000-ton ethanolamine facility, enhancing its product matrix and achieving a total capacity of 1.82 million tons of ethylene glycol and other derivatives [12] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.45 billion yuan, 9.52 billion yuan, and 12.26 billion yuan respectively, with corresponding PE ratios of 10.0X, 6.8X, and 5.3X [12]

Investment Rating - The report maintains a "Strong Buy" rating for Satellite Chemical, with a target price of 25.32 CNY [2][8]. Core Views - Satellite Chemical reported a significant year-on-year revenue increase of 40.03% in Q1 2025, achieving a total revenue of 12.329 billion CNY. The net profit attributable to shareholders reached 1.568 billion CNY, marking a 53.38% increase year-on-year [2][8]. - The company is expected to continue its high-quality growth, driven by the successful launch of new production lines and cost reduction initiatives [2][8]. Financial Performance Summary - For 2024A, the projected main revenue is 45.648 billion CNY, with a year-on-year growth rate of 10.0%. By 2025E, revenue is expected to rise to 50.435 billion CNY, reflecting a growth rate of 10.5% [4]. - The net profit attributable to shareholders is forecasted to be 6.072 billion CNY in 2024A, increasing to 7.096 billion CNY in 2025E, which corresponds to a growth rate of 16.9% [4]. - The earnings per share (EPS) is projected to grow from 1.80 CNY in 2024A to 2.11 CNY in 2025E [4]. Market and Industry Insights - The report highlights that the company has successfully launched new products, including a 100,000-ton/year ethanolamine plant and an 800,000-ton multi-carbon alcohol project, contributing to significant revenue growth [2][8]. - The report notes that the price of ethane has shown a downward trend, which is expected to alleviate cost pressures for the company [2][8]. - The company is expanding its industrial chain, with a total investment of 26.6 billion CNY in the alpha-olefins project, which is anticipated to enhance profitability through the production of high-value-added products [2][8].

据不完全统计，截至发稿，本周（4月21日-4月27日）包括 万润股份、 金晶科技、 浪潮软件、 湖南海 利、 杰瑞股份、 科华控股、 卫星化学、 中胤时尚、 中京电子、 哈尔斯、 华光环能、 双塔食品、 威 海广泰、 芯瑞达、 永冠新材、 中远海发、 海程邦达、 节能风电、 德业股份、 南微医学、 奥海科技、 凯淳股份、 金海高科、 凯龙股份、 凯撒旅业、 鞍钢股份、 圆通速递、 鑫科材料、 桐昆股份、 浙商中 拓、 ...

Core Viewpoint - Satellite Chemical's Q1 2025 performance met expectations, with significant year-on-year growth in revenue and net profit, driven by new capacity releases and rising product prices [2][3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 12.329 billion yuan, a year-on-year increase of 40.03%, and a net profit of 1.568 billion yuan, up 53.38% year-on-year, aligning with performance forecasts [2]. - The company's gross margin for Q1 2025 was 21.68%, showing a slight year-on-year increase of 0.02 percentage points, despite a quarter-on-quarter decline of 5.43 percentage points [3]. Capacity Expansion and Market Position - The company is positioned as a leading player in the domestic light hydrocarbon cracking sector, with multiple projects set to launch in 2025 and 2026, which are expected to significantly boost performance [4]. - New capacity releases in the second half of 2024 are anticipated to contribute positively to revenue and profit growth [3][4]. Product Pricing and Cost Factors - The increase in prices for acrylic acid and esters has enhanced profitability in the C3 industry chain, contributing to overall performance growth [3]. - The impact of ethane tariffs is expected to diminish, with a planned reduction in import tariffs from 2% to 1% by the end of 2024, which will alleviate cost pressures on the C2 industry chain [4]. Profit Forecasts - The company revised its profit forecasts, expecting net profits of 6.3 billion yuan, 7.5 billion yuan, and 9.1 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 4%, 18%, and 21% [5]. - The current A-share price corresponds to a low PE ratio of 9, 8, and 6 for the years 2025, 2026, and 2027, indicating potential for investment [5].

证券代码：002648 证券简称：卫星化学 公告编号：2025-026 卫星化学股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况及内外部经营环境未发生重大变化。 4、经核实，公司及控股股东、实际控制人不存在关于公司应披露而未披露 的重大事项或处于筹划阶段的重大事项。 5、经核实，公司控股股东、实际控制人未在公司股票异常波动期间买卖公 司股票。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大影响的信息； 一、股票交易异常波动情况 卫星化学股份有限公司（以下简称"公司"）股票（证券代码：002648，证 券简称：卫星化学）连续3个交易日（2025年4月23日 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-025 卫星化学股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 卫星化学股份有限公司（以下简称"公司"）于2025年4月10日召开第五届 董事会第九次会议审议通过了《关于回购公司股份方案的议案》。公司拟使用自 有/自筹资金以集中竞价交易的方式回购公司部分股份，用于实施公司事业合伙 人持股计划或其他股权激励计划。本次回购股份的资金总额不低于2亿元（含）、 不超过4亿元（含），回购价格不超过29.50元/股（含）。按回购上限价格和拟回 购金额的上、下限测算，预计本次回购股份的数量为6,779,661股-13,559,322股， 约占公司目前已发行总股本的0.20%-0.40%，具体回购股份的数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限为自公司董事会审议通 过本回购方案之日起不超过十二个月。具体内容详见公司在《证券时报》《中国 证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方案 的公告暨回购报告书》（ ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [9][20]. Core Insights - The company's net profit attributable to shareholders for Q1 2025 is projected to increase by 53.4% year-on-year, reaching 1.57 billion [1]. - Ethane cracking profits remain robust, with average profits for ethane cracking, naphtha-based ethylene, and coal-based olefins at 2439, -7, and 1378 RMB/ton respectively [2]. - A new project is expected to double the company's ethylene production capacity from 2.5 million tons to 5 million tons by the end of 2025 [3]. - The average price of acrylic acid in Q1 2025 is expected to be 8062 RMB/ton, up from 6300 RMB/ton in Q1 2024, indicating potential growth in the C3 segment [4]. - The company maintains profit forecasts of 7.53 billion, 9.53 billion, and 11.61 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.24, 2.83, and 3.45 RMB per share [5]. Financial Data and Valuation - Revenue is projected to grow from 41.49 billion RMB in 2023 to 93.69 billion RMB in 2027, with a growth rate of 30% in 2025 [7][14]. - The net profit attributable to shareholders is expected to increase significantly, with a growth rate of 56.42% in 2023 and 24.04% in 2025 [5][15]. - The company's P/E ratio is forecasted to decrease from 13.47 in 2023 to 5.56 in 2027, indicating improving valuation metrics [7][15]. - The company's total assets are projected to grow from 64.58 billion RMB in 2023 to 98.46 billion RMB in 2027 [13][15].

Group 1 - Satellite Chemical (002648) reached the daily limit increase, with a trading volume of 5.727 billion yuan and a turnover rate of 9.01% [1] - The post-market data shows that the Shenzhen Stock Connect special seat bought 748 million yuan and sold 310 million yuan [1] - One institutional special seat had a net purchase of 214 million yuan, while another institutional special seat had a net sale of 118 million yuan [1]