Securities code: Zhejiang Satellite Petrochemical Co.Ltd(002648) securities abbreviation: Satellite chemistry Announcement No.: 2022019 summary of 2021 annual report of satellite Chemistry Co., Ltd
1、 Important note: the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should carefully read the full text of the annual report in the media designated by the CSRC. Tips of non-standard audit opinions □ applicable √ not applicable to the profit distribution plan of common stock or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable whether to convert accumulation fund into share capital √ yes □ no
The company’s profit distribution plan for ordinary shares reviewed and approved by the board of directors is: taking 1716647629 as the base, distribute cash dividends of 3.50 yuan (including tax) to all shareholders for every 10 shares, send 0 bonus shares (including tax), and increase 4 shares for every 10 shares to all shareholders with capital reserve.
Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation: Satellite Chemical Stock Code: Zhejiang Satellite Petrochemical Co.Ltd(002648)
Shenzhen Stock Exchange
Stock abbreviation before change (if any) Zhejiang Satellite Petrochemical Co.Ltd(002648)
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Shen Xiaowei Ding Liping
Office address: No. 196, Fuqiang Road, Nanhu District, Jiaxing City, Zhejiang Province
Fax: 057382229088
Tel: 057382229096
E-mail [email protected]. [email protected].
2. Introduction to main business or products during the reporting period
(I) main business
In the past ten years since satellite chemical went public, it has adhered to the mission of “chemical industry makes life better”, firmly become the real economy and the industry with its own advantages. Through independent research and development of acrylic polymer emulsion, in order to solve the raw material supply and protection constraints, we must adhere to the upstream development to create an industrial chain integration. In 2017, the company formulated the “double five year plan” to clarify that satellite chemistry adheres to
With light raw materials as the core, it is the development goal of a low-carbon chemical new material technology company. The business covers aerospace, rail transit, infrastructure engineering, automobile, new energy, semiconductor, home, textile, home care and other application fields.
1. Characteristic industrial chain brings scale effect
During the reporting period, the company gave full play to the spirit of hard struggle from the entrepreneurship and development of new polymer materials and successfully completed the smooth operation of the phase I project of Jiangsu Lianyungang Port Co.Ltd(601008) base with the joint efforts of all satellite people; Successfully completed the digestion and absorption of imported patents and realized the leading long-term stable operation of PDH in the industry; Successfully completed the comprehensive application of independent innovation process in the new acrylic acid and ester project in Pinghu base, providing raw material guarantee for the company to promote low-carbon new chemical materials technology company. (1) Build functional chemicals such as ethylene oxide downstream ethylene glycol and polyether macromonomer, give play to the advantages of scale and cost, and provide high-performance products for downstream high transmittance pet and functional water reducing agents for infrastructure construction; (2) build up new polymer materials such as acrylic acid and ester downstream super absorbent polymer (SAP) and polymer emulsion. After more than ten years of research and innovation, the SAP products of the company are replaced by domestic products, creating the original intention of the national brand and becoming a supplier of well-known brands in China. (3) Building the utilization of green hydrogen energy to produce electronic grade hydrogen peroxide and other new energy materials has been widely used in the pre electronic grade chemicals and photovoltaic fields of G1 and G2 in East China market. During the reporting period, all production units operated stably. The company adopted green and low-carbon lightweight raw materials. The scale of products in the industrial chain was industry-leading and operated continuously and stably, forming the comprehensive competitiveness of satellites in terms of scale, cost, quality and brand.
2. New materials under construction bring future growth
During the reporting period, the company actively promoted the strategy of building a low-carbon chemical new material technology company with light chemical raw materials as the core, and accelerated the construction of phase II of Jiangsu Lianyungang Port Co.Ltd(601008) petrochemical project, including 400000 T / a high-density polyethylene, 730000 T / a ethylene oxide and Shanghai Pudong Development Bank Co.Ltd(600000) T / A styrene. At present, the installation of main equipment is completed, and the pilot production is expected to be completed in the middle of 2022. The first phase of the supporting green new material industrial park project, including 100000 t / a ethanolamine, 400000 T / a polystyrene, 150000 T / a battery grade carbonate and other devices, has been under construction, and the trial production is planned to be completed in the third quarter and fourth quarter of 2022. The project is one of the important product series of the company’s three business segments of functional chemicals, new energy and new materials. Ethanolamine and carbonate will form a downstream product matrix of ethylene oxide with ethylene glycol and polyether monomers, so as to give full play to the advantages of ethylene oxide industrial chain, facilitate the switching between products and maximize the profits of product series. Battery grade carbonate series will have the following advantages: (1) it is in line with the development trend of new energy industry and has broad market prospects; (2) The products include four kinds of solvents for battery electrolyte, including 60000 tons of DMC, 50000 tons of EC and 40000 tons of Dec / EMC, which can provide the most complete solvent products for downstream customers; (3) The whole industrial chain from ethane to electrolyte solvent, large-scale and continuous production, has significant advantages in low production cost, supply stability and quality stability; (4) Realize circular economy and effectively capture carbon. Carbonate is prepared by the emission reaction between ethylene oxide and ethylene oxide. It is estimated that about 0.6 tons of carbon dioxide can be consumed per ton of carbonate;
In order to strengthen the competitiveness of new polymer materials, fill the propylene gap, form a complete industrial chain of acrylate, and accelerate the construction of new energy and new materials integration project in Pinghu base, it is expected to be completed by the end of 2023.
In the next two years, the above projects will further consolidate the satellite industry chain and explore new growth points in the fields of new energy, new materials and functional chemicals.
In the future, the company will make use of the unique ethane supply chain to further promote the construction of new projects, give full play to the green and low-carbon advantages brought by the lightweight of raw materials, and plan to expand the new product system of new energy, new materials and functional chemicals within the second five-year plan of the satellite.
3. Scientific and technological innovation brings about sustainable development
Adhering to the concept of “science and technology create the future”, the company has cultivated talent capital and made great efforts to drive innovation. In 2021, the company successfully realized the transformation of independently developed acrylic acid and ester production process. The newly-built Pinghu base has an annual output of 180000 tons of acrylic acid and 300000 tons of acrylic acid plant, which has been successfully started at one time. α- Olefin and Poe projects have completed pilot design, obtained invention patent authorization and owned independent intellectual property rights. There were 813 technical R & D teams, with R & D investment of 1.09 billion yuan, a year-on-year increase of 126.91%. In the second five-year plan of the satellite, it is planned to introduce 2 academicians and 100 doctors to complete the construction of the satellite global R & D center and build the R & D and innovation system of low-carbon new chemical materials technology company.
The company will make full use of the green hydrogen energy produced by the production of light chemical raw materials. First, plan the hydrogen energy utilization demonstration projects in the park, including hydrogen energy shuttle bus and hydrogen energy storage projects suitable for employees’ commuting; Second, build a circular economy and renewable energy utilization in the park, provide green hydrogen supply for enterprises in the park, and reduce carbon dioxide emissions caused by hydrogen production in the park; Third, plan the development of chemicals with hydrogen as raw material, such as electronic hydrogen peroxide, using nitrogen reaction in ethylene oxide production to provide synthetic ammonia for acrylonitrile, and using carbon dioxide in ethylene oxide production to produce methanol to provide raw materials for DMC, so as to form the coordination of industrial chain and build a green low-carbon production demonstration base.
(II) operation mode
Business model: focus on the development goal of building a low-carbon new material technology company with lightweight raw materials as the core, and adhere to the work requirements of hard work and customer service. The first is scientific and technological innovation. Cultivate talent capital, drive innovation, and give full play to the integration effect of C2 / C3 industrial chain efficiently and innovatively. Second, pay close attention to the “four sinks” management. Clearly form a consensus on business objectives, give full play to the advantages of industrial chain, scale, science and technology, take safety and environmental protection as the primary task, pay close attention to stable production, market opportunities and maximize the interests of the company. Third, strengthen the cadre team and consolidate the basic management.
Production mode: the company adopts the management mode of overall planning by the production safety and Environment Center, and each production base arranges production and operation based on the principle of “safety, stability, long-term, full and excellent”. The company formulates monthly production objectives according to the annual production and operation plan, and makes action adjustment according to market demand and device conditions.
Procurement mode: the main raw materials required by the company’s production are ethane, propane (LPG), alcohol and other bulk raw materials. The company has established SRM management system, established long-term and close cooperation with global suppliers by actively exploring supply channels outside China, and adopted contract, spot and other procurement modes to realize the stable supply of raw materials
Sales mode: the company’s main business is the production and sales of petrochemical products and new chemical materials. All the main products are sold in the form of direct sales and distribution through market-oriented operation. In recent years, the uncertainty of the stable operation of overseas devices has increased, which has promoted overseas downstream manufacturers to develop cooperative business with relevant Chinese enterprises, and the company has steadily arranged the overseas market.
To sum up, satellite chemistry has completed the development from new polymer materials to the upstream, and built a functional chemical industry chain with global supply chain advantages, so as to provide raw material guarantee for the development and construction of satellite to low-carbon new chemical materials technology company. The satellite will accelerate the global market layout and promote the company’s green and low-carbon sustainable growth through customer service-oriented, continuous scientific and technological innovation and continuous pursuit of excellence.
(III) industry situation
2021 is an extraordinary year, full of challenges and opportunities. From the perspective of the global economy, 2021 is a year of strong economic recovery and rapid economic growth. The International Monetary Fund estimates that the global economic growth rate in 2021 will be 5.9%. The global economic outlook of the world bank predicts that the global economic growth rate in 2021 will be 5.5%, marking the recovery of the world economy in the epidemic. From the perspective of China’s economy, China is the country that has done the best in epidemic prevention and control among the world’s major powers and major economies. The Communist Party of China ushered in the Centennial birthday of the founding of the party, summarized the important achievements and historical experience of the Centennial struggle, achieved a well-off society in an all-round way, opened a new journey of the second Centennial goal, and leapt to a new platform for economic development. The petrochemical industry is a pillar industry of the national economy. Not only does the basic necessities of 1.4 billion people depend on chemical materials and petrochemical products, but China, as a large manufacturing country, needs a large number of chemical materials and high-performance composite materials for automobiles, household appliances, electronic information, rail transit and construction, as well as a large number of anti-corrosion materials, sealing materials and bonding materials, as well as a large number of fine chemicals and functional chemicals. Last year, 63.124 million tons of organic chemicals, 31.243 million tons of synthetic resin and 8.426 million tons of ethylene glycol were imported. Ethylene is still in short supply and needs to be imported. China’s consumption increased by 16.9%. This fully proves the strong demand for petrochemical products and chemical materials in the Chinese market.
According to the prediction of the American Chemical Council, the global chemical industry will grow by 3.8% in 2022. The European Chemical Industry Commission and the German chemical association are also optimistic about the global chemical market this year. The central economic work conference made it clear that the new renewable energy and raw material energy consumption are not included in the total energy consumption. It can be seen that both the international market and China’s favorable demand and policies provide more new opportunities for the petrochemical industry in 2022. 3. Main accounting data and financial indicators (1) whether the company needs to retroactively adjust or restate the accounting data of previous years in recent three years □ yes √ no
Unit: Yuan
Year end 2021 year end 2020 year end increase or decrease over the previous year year end 2019 year end
Total assets 48692432962973234058753725 50.56% 1792581691199
Net assets attributable to shareholders of listed companies 19362633841421363051514920 42.05% 924266421869
20212020 year-on-year increase or decrease 2019
Operating income 28557039117131077254769435 165.09% 1077866523859
Net profit attributable to shareholders of listed company Shanghai Feilo Acoustics Co.Ltd(600651) 0 Wuxi Etek Microelectronics Co.Ltd(688601) 66098127118 261.62% 127274606023
The deduction attributable to shareholders of listed companies is not subject to 5851985479081585,
