研報掘金丨中金:維持衞星化學“跑贏行業”評級,上調目標價25.4%至28.1元
中金公司研報指出,衞星化學(002648.SZ)預吿2024年歸母淨利潤同比增長27%,其中Q4歸母淨利潤23.89億元,同比增長71.2%,環比增長46.0%,超市場預期。主要是由於丙烯酸及酯盈利以及C2下游產品價格較好。2H24公司兩套丁辛醇裝置陸續投產,大部分用於下游丙烯酸酯的配套原材料,進一步增強公司C3產業鏈的一體化優勢;同時形成少量外銷,對公司業績有增量貢獻。此外,4Q24丙烯酸及酯行業多套裝置檢修,供給端受到影響,且萬華化學丙烯酸裝置投產進度略低於市場預期,丙烯酸酯外採原料,推動丙烯酸市場價格上行。我們預計公司C3產業鏈盈利環比提升。公司正在有序推進α-烯烴綜合利用項目的建設,項目一階段公司計劃於2025 年底中交,2026年初投產,項目二階段公司計劃於2026年底中交,2027年初投產。由於丙烯酸及酯盈利及C2下游產品價格超我們預期,,維持“跑贏行業”評級,上調目標價25.4%至28.1元。
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