SATELLITE CHEMICAL CO.,LTD.
卫星化学
002648
Shenzhen Stock Exchange
Company Profile
1. Corporate culture with work arduously as the core Satellite Chemical adheres to a corporate culture with "harmony" at its core, being sincere in business and dedicated in work, forming a future development goal of building an outstanding benchmark with like-minded and united efforts. Under the requirements of "technological leadership" and "management leadership," it is committed to the mission of "making life better with chemical industry," and strives to build a new industrial enterprise with excellent products, distinguished brands, leading innovation, and modern governance. Satellite Chemical always maintains the core values of "joint development of individuals and enterprises, and joint development of enterprises and society." It continuously contributes to local economic tax revenue, profits for investors, and income for employees, promoting regional economic development and taking on social responsibilities. The company is committed to building a Satellite team with "seven qualities": cultural beliefs, a broad vision, a sense of responsibility, tenacious will, a spirit of learning and innovation, outstanding performance, and professional standards. 2. Full industrial chain layout based on green and low-carbon. The company is committed to a strategy of building a low-carbon chemical new material technology company with light hydrocarbon integration at its core, promoting green and low-carbon high-quality development. Currently, the company's joint venture in the United States, ORBIT, has ethane export storage capacity and the world's largest ethane fleet, which can provide a long-term, stable supply of sufficient and low-cost green and low-carbon ethane raw materials for the Lianyungang base and the high-end new material industrial park project for comprehensive utilization of alpha-olefins. This lays a foundation for the company's high-quality development. During the reporting period, China's first industrial nuclear steam supply project, "Harmony No. 1," was launched in the Xuwei New District. It will provide clean steam for the company's Lianyungang base, further reducing carbon emissions. The company is accelerating the strategy of strengthening, supplementing, and extending the C3 industrial chain. During the reporting period, the new material and new energy integrated project at the Pinghu base was successfully completed, which will more efficiently utilize the propylene resources of PDH to produce higher aliphatic alcohols, forming a closed-loop industrial chain from propylene to acrylic acid to acrylate esters. The company has been honored as a national-level green supply chain management enterprise, a national manufacturing single-champion demonstration enterprise, and has been included in the national green factory list and the Zhejiang Province common prosperity practice observation point list. The subsidiary Lianyungang Petrochemical was rated as a "leader" in energy efficiency in key industries by the Ministry of Industry and Information Technology for the year 2023. The company will continue to practice the concept of green and low-carbon development, vigorously promote cross-industry and cross-field collaborative cooperation, and promote high-quality development of the industry in the process of accelerating green and low-carbon transformation. During the reporting period, the company's MSCI ESG (Environmental, Social, and Governance) rating has been upgraded from CCC to B. 3. The establishment of a management system led by scientific and technological innovation The company has always adhered to the belief that "technology creates the future." It leads production with cost through process optimization and technological improvements; leads the industry with technology through innovation-driven research and development; and leads the market with management through intelligent marketing and professional operations. During the reporting period, the Satellite Chemical National Postdoctoral Research Workstation was officially awarded, marking that Satellite is at the forefront in building a high-level innovative talent team, promoting in-depth integration of industry, academia, and research, and providing a high-level platform support for the company to accelerate the cultivation of new quality productive forces. During the reporting period, the company started the construction of the high-end new material industrial park project for the comprehensive utilization of alpha-olefins, extending the layout to the downstream high-end polyolefins (mPE), polyethylene elastomers, and poly-alpha-olefins. The aforementioned high-end new materials are currently mainly dependent on imports due to issues such as high-carbon alpha-olefin raw materials, catalysts, and production processes. These products have a wide range of downstream applications, with good application prospects in protective materials, high-end film materials, photovoltaics, new energy vehicles, high-end lubricating oil base oils, and polymer modification, and the product profit space is considerable. 4. The construction of a modern industrial system driven by intelligence. Developing digitalization is an important measure to promote high-quality development in industries. The company empowers manufacturing with 5G networks to build "cloud-based factories." Leveraging the "Nebula" industrial internet platform, a dynamic data warehouse for enterprises is constructed, achieving automated collaboration in procurement, production, marketing, and logistics. At the same time, through the construction of 5G+ scenarios, an industrial ecosystem integrating safety and environmental protection, emergency rescue, energy efficiency analysis, logistics tracking, and public services is established. The company has been awarded the title of a national-level industrial internet pilot demonstration 5G factory. Satellites Chemical will continue to deepen the research and application of big data, artificial intelligence, and other technologies in industrial scenarios. By digitizing and intelligentizing the industrial chain, they will profoundly build new competitive advantages in the market of digital transformation, lead the digital transformation of the entire industry, and promote continuous improvement in the management level, operational level, and production safety level of the industry and enterprise management.
Full description
Satellite Chemical is a leading integrated production enterprise in the light hydrocarbon industry chain in China. The company is the first to establish a controllable global supply chain for light hydrocarbons, using green processes to produce functional chemicals, high polymer new materials, and new energy materials. Satellite Chemical promotes the comprehensive utilization of carbon dioxide and hydrogen, and its application fields cover national economy and people's livelihood industries such as aerospace, automotive industry, electronic semiconductors, medical health, nutrition and care, sports and fitness, construction engineering, and environmental management. Light hydrocarbon industry is an encouraged direction for the diversified development of raw materials in the national petrochemical industry and one of the important implementation plans for the country to achieve the "dual carbon" goals. During the reporting period, the gross profit margin of the company's functional chemicals and high polymer new materials continued to grow well year-on-year; hydrogen was officially sold, and the operating income of new energy materials increased by 217.46% year-on-year. The company has achieved good results in cost reduction and efficiency improvement and product differentiation development through technological innovation and optimization improvement. The company continues to promote the "4R" green development concept, and has been awarded the national-level green supply chain management enterprise, national manufacturing single-item champion demonstration enterprise, national-level green factory, and national key industry energy efficiency "leader" enterprise. During the reporting period, the international organization MSCI ESG rating was upgraded from CCC to B level. 1. Keep implementating new projects, we continue the company's growth curve and drive green and low-carbon development. During the reporting period, the company's comprehensive utilization of alpha-olefins in the high-end new material industrial park project was smoothly initiated and constructed. The project is planned to have a total investment of about 26.6 billion yuan, and it will carry out strategic layout on the basis of the existing scale. The company actively responds to the national policies of "carbon peak and carbon neutrality," encouraging the diversification of petrochemical raw materials, promoting the light and green low-carbon development of petrochemical raw materials, and expanding the import of hydrogen-rich raw materials. The company uses its independently developed high carbon alpha-olefin technology, extending its layout downstream to high-end polyolefins with a capacity of 1.7 million tons (including metallocene polyethylene), polyethylene elastomers with a capacity of 600,000 tons, and poly-alpha-olefins with a capacity of 30,000 tons. It captures and utilizes the carbon dioxide (CO2) produced in the process, and carries out the resource utilization of the by-product hydrogen, achieving the overall carbon reduction target of the project, and further consolidating the development foundation of the company's functional chemicals, high-end new materials, and new energy materials. 2. Technology creates the future. Continuously increase investment in research and development to break through new material technologies. During the reporting period, the company invested CNY 795 million in R&D, representing a year-on-year increase of 10.25%. The company applied for 115 patents during the reporting period and was granted 63 patents. The company's alpha-olefins (C4, C6, C8) and POE pilot products have reached international benchmark standards. The development achievements of metal organic functional material catalysts and low ammonia ratio hydro-ammonia catalysts have met industrial requirements, achieving breakthroughs in technological bottlenecks. The aforementioned scientific and technological achievements will be accelerated in industrial transformation as planned. Super absorbent polymer (SAP) is accelerating customer-centric efforts, not only ensuring the stability of existing products but also speeding up the development of the latest generation of products. 3. The introduction of new production capacity achieves the strengthening, supplementing, and extending of the industrial chain, leveraging the advantages of integrated industrial chain operations. During the reporting period, the company's Pinghu base's new material and new energy integrated project was successfully completed. This will enable more efficient utilization of propylene resources from PDH (Propane Dehydrogenation) to produce higher aliphatic alcohols, forming a closed-loop industrial chain from propylene to acrylic acid to acrylate esters. This achieves self-sufficiency in core raw materials, ensuring stable raw material supply and reducing production costs. On July 16, 2024, the company disclosed the "Announcement on the Successful Commissioning of the First Phase of the Satellite Energy Phase III Project." 4. The equipment operates stably, exploring and tapping into the potential of the equipment to achieve cost reduction and efficiency enhancement. During the reporting period, the company's self-developed and innovative super absorbent polymer (SAP) equipment, which has been in development for over a decade, achieved full load operation. This fulfilled the initial intention of creating a national brand and became a supplier for well-known brands both domestically and internationally. The ethane cracking to ethylene unit maintained high efficiency and stable operation, with capacity utilization leading the industry. Breaking through conventional thinking, the company optimized the comprehensive specific consumption of the propane dehydrogenation to propylene unit, setting a new historical high for daily propylene production. The new acrylic acid and ester units continued to optimize, leading new process innovations, setting a new high for operation cycles, and leading the industry in cost, laying a solid foundation for the long-term operation of the equipment. During the reporting period, the company's Lianyungang base has been running steadily and continuously for three years, setting a new record for the first long-term operation of similar equipment in the industry, and successfully completed the routine maintenance of the equipment. 5. Strengthen overseas layout, deepen international cooperation, and implement the go-global strategy. During the reporting period, the company specifically established a subsidiary, Satellite Global Company, to concentrate resources and accelerate the expansion of overseas markets. Currently, the company's exports of acrylic acid and esters, polyether macromonomers, ethylene amines, and super absorbent polymers rank among the top in the country. It has established cooperative relationships with customers in more than 160 countries and regions worldwide, and its product performance has been widely recognized by customers. The company has built a global brand influence for Satellite, and will continue to strive to be an outstanding enterprise with excellent products and a distinguished brand.