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Capital Securities Starts Satellite Chemical at Buy With 23 Yuan Price Target
Earnings Beat: Satellite Chemical Co.,Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
Satellite Chemical (002648.SZ): The performance of the POE pilot products has reached international standards, and the industrialization facility is scheduled to start construction by the end of this year.
Gelonghui October 23rd | Satellite Chemical (002648.SZ) held a conference call on October 22, 2024, regarding the progress of the 'Company's α-olefin and POE project construction.' The company stated that the α-olefin products include C4, C6, C8, and the industrial devices for the above products are planned to start construction in the fourth quarter of this year and be completed by the end of 2025, meeting the raw material requirements of the company's polyethylene, POE, and other devices, further leveraging the advantages of the integrated industry chain. The performance of POE trial products has already met international standards, and the industrial devices are planned to start construction at the end of this year, with completion by the end of 2025.
Satellite Chemical (002648.SZ): The first phase of the α-olefin comprehensive utilization high-end industrial park project has placed orders for the construction of 6 VLEC ethane ships in July 2023, and is expected to be delivered in early 2026.
Gelonghui October 23rd | Satellite Chemical (002648.SZ) held a conference call on October 22, 2024, regarding the "reservation status of ethane vessels for the high-end new materials industrial park project associated with the company's alpha-olefin comprehensive utilization." The company stated that six VLEC ethane vessels for the first phase of the alpha-olefin comprehensive utilization high-end industrial park project were ordered for construction in July 2023 and are expected to be delivered in early 2026, in line with the progress of the first phase of the company's project. Eight ULEC ethane transportation vessels for the second phase have been ordered in two batches in August and October 2024 and will be fully matched.
Satellite Chemistry: Report for the third quarter of 2024
Satellite Chemical (002648.SZ): The net income for the third quarter was 1.637 billion yuan, a year-on-year increase of 2.08%.
On October 21st, Gelonghui announced its third quarter report for 2024. During the reporting period, the revenue was 12.875 billion yuan, an increase of 9.89% year-on-year. The net income attributable to shareholders of the listed company was 1.637 billion yuan, an increase of 2.08% year-on-year. The net income attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.854 billion yuan, an increase of 28.64% year-on-year. The basic earnings per share was 0.49 yuan.
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