研報掘金丨華泰證券:維持衞星化學“增持”評級,預計25-26年業績仍有增長空間
華泰證券研報指出,近期受益於乙烷關税下調以及C3部分產品景氣改善,衞星化學(002648.SZ)競爭優勢與盈利能力有望得到進一步提升。考慮25年公司α-烯烴項目落地,預計25-26年業績仍有增長空間。維持“增持”評級。經國務院批准,《2025年關税調整方案》將自2025年1月1日起實施,其中乙烷對最惠國税率由2%下調至1%。本次關税調整將直接減少公司採購成本,提升了以乙烷裂解為核心工藝的輕烴化工企業的競爭力,同時為保障國內供應鏈穩定奠定了基礎。伴隨公司25年α-烯烴綜合利用項目投產,公司成本優勢有望進一步凸顯。此外,多碳醇項目建成投產,高端新材料長期成長性可期。
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