Satellite Petrochemical (002648): Net profit increased by 94% annually in the first quarter. Hydrogen applications open up room for growth

Satellite Petrochemical (002648): Net profit increased by 94% annually in the first quarter. Hydrogen applications open up room for growth

Event description: The company announced that it achieved operating income in the first quarter of 201921.

0.6 million yuan, an increase of 20 in ten years.

18%; net profit attributable to mother is 2.

20,000 yuan, an increase of 94 in ten years.


Attributable non-net profit is 2.

29 ppm, a 97-year increase.


Lower than market expectations.

The company estimates that the net profit attributable to mothers will be 5 in the first half of 2019.


10,000 yuan, an increase of 65 in ten years.

3% -86.


Event Comments: 1. The second phase of dehydrogenation Q1’s poor profitability will increase the company’s performance in the first quarter of 2019. The average price in the first quarter of 2019 was 7,570 yuan / ton, which was gradually reduced by 6.

9%; CFR East China price was US $ 492 / ton, a continuous decline of 4.


The improvement of initial dehydrogenation profitability narrowed.

The second phase of the company’s PDH project 45 injected PDH production capacity into commissioning at the end of 2018, and achieved full load production in February 2019, expanding the company’s combined production capacity to 90 microns / year, further improving the company’s performance.

2. The price of carbonic acid and esters entered the growth channel. The average price of carbonic acid in the first quarter of 2019 was 8413 yuan / ton, exceeding the growth of 8.

3%, the spread is 2662 yuan / ton, an increase of 50 ahead of schedule.

0%; butyl acrylate is 9964 yuan / ton, an annual increase of 6.

7%, the spread is 627 yuan / ton, more than 79.


Acrylic and ester prices and earnings growth increased company performance.

After the explosion in Jiangsu, the prices of acrylic acid and esters 都市夜网 rose sharply. On April 16, the price of satellite acrylic acid was 9,700 yuan / ton, and butyl acrylate was 11,200 yuan / ton.

3. The company has a strong ability to withstand risks. The ethylene project has been promoted smoothly. The layout of satellite petrochemical products is reasonable and the ability to resist risks is strong.

The company currently has a total of 90 lbs / year of formaldehyde, 30 lbs / year of polypropylene, 48 tons / year of polycarbonate, 22 tons of hydrogen peroxide / year, 45 tons / year of acrylate and related downstream products.

At the same time, the company is actively deploying the C2 industry chain, and the Lianyungang Petrochemical 320 Index / Young Hydrocarbon Comprehensive Utilization and Processing Project is advancing steadily. The first phase of the project is expected to be completed 杭州桑拿网 by 2020.

If successfully put into production, it will create huge value for the company.

4. Establishing Zhejiang Satellite Hydrogen Technology Co., Ltd. Layout The hydrogen energy utilization company established the Satellite Hydrogen Technology Co., Ltd. with its own funds while focusing on development and lightweight division.

In the future, it will make full use of the surplus bicarbonate in the production process, carry out the development of hydrogen energy business, participate in the development of hydrogen energy utilization technology, seek the construction of hydrogen refueling stations, contribute to the gradual improvement of hydrogen sources, and build a leading domestic source of surplus hydrogen sources.

The company has a surplus of formaldehyde2.

For 6 years / future, future budget projects will bring more than 20 Euros / year of hydrogen, with huge profit potential.

Investment rating and estimation: It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 13 respectively.



11 trillion, corresponding to EPS 1.24/1.


45 yuan, corresponding to PE is 14.



18 times, maintaining the “highly recommended” level.

Risk warning: raw material prices fluctuate dynamically; increasing production capacity exceeds expectations; downstream demand is less than expected; project construction progress is less than expected.