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研報掘金丨華安證券:維持衛星化學“買入”評級,全年業績實現高增
格隆匯 03-26 17:13

華安證券研報指出,衛星化學(002648.SZ)24年實現歸母淨利潤60.72億元,同比增長26.77%,其中2024Q4實現歸母淨利潤23.79億元,同比增長70.47%,環比增長45.36%。四季度逆勢增長,全年業績實現高增。業務板塊分拆來看,全年功能化學品/高分子材料/新能源材料貢獻毛利44.17 億元/42.02億元/1.87億元,毛利率同比+4.78pct/+5.49pct/-14.54pct。綜合毛利率23.57%,同比+3.73pct。往後來看,認爲油價仍將保持高位震盪,美國天然氣供應過剩趨勢不變,乙二醇等產品供需改善,業績有保障。新項目方面,公司進一步加快平湖基地與嘉興基地新建丙烯酸產能的建設,爲高吸水性樹脂和高分子乳液升級擴能發展提供原料保障。另外,公司將投入研發100億元,加快向一流新材料平臺型企業邁步。維持“買入”評級。

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