Satellite chemical ( Zhejiang Satellite Petrochemical Co.Ltd(002648) . SZ) released an updated annual report on March 22. In 2021, the company achieved an operating revenue of 28.557 billion yuan, an increase of 165.09% over the same period last year; The net profit attributable to shareholders of listed companies was 6.007 billion yuan, an increase of 261.62% over the same period of last year; The net cash flow from operating activities was 3.668 billion yuan, an increase of 806.08% over the same period of last year, and the basic earnings per share was 3.50 yuan, an increase of 221.10% over the same period of last year. The company plans to pay out 3.50 yuan (including tax) for every 10 shares and increase 4 shares for every 10 shares to all shareholders with capital reserve.
Satellite chemistry is the world’s leading acrylic manufacturer, and is one of China’s few large-scale manufacturers of acrylic and ester, polymer emulsion and functional polymer materials with the whole industry chain. The company’s business covers aerospace, rail transit, infrastructure engineering, automobile, new energy, semiconductor, home, textile, home care and other application fields.
During the reporting period, the operating revenue of satellite chemistry mainly came from the production and sales of functional chemicals such as acrylic acid and ester, ethylene glycol, ethylene oxide and new polymer materials. During the period, the company realized an operating revenue of 28.557 billion yuan, an increase of 165.09% over the same period of last year; The net profit attributable to the shareholders of the listed company was 6.007 billion yuan, an increase of 261.62% over the same period of the previous year, and the revenue and net profit reached a record high of the companyP align = “center” figure: net profit of satellite chemistry in recent years source: wind
From the perspective of income structure, the company’s main business income mainly comes from functional chemicals, new polymer materials and new energy materials. Among them, functional chemicals are the main source of the company’s main business income, accounting for 67.88% in the current period. During the reporting period, the operating revenue of high-energy chemicals was 19.385 billion yuan, an increase of 281.67% over the same period of last year, and the gross profit margin was 37.58%, an increase of 5.98 percentage points over the same period of last year; New polymer materials achieved an operating revenue of 2.719 billion yuan, an increase of 218.39% over the same period of last year, and the gross profit margin was 33.21%, an increase of 5.16 percentage points over the same period of last year; New energy materials amounted to 233 million yuan, an increase of 0.97% over the same period last year, and the gross profit margin was 47.26%, an increase of 6.66 percentage points over the same period last yearP align = “center” figure: gross profit margin of satellite chemistry in recent years source: wind
In terms of cost, in 2021, the company’s operating cost was 19.5 billion yuan, a year-on-year increase of 153.88%, lower than the growth rate of 165.09% of operating revenue, resulting in an increase of 3.02 percentage points in gross profit margin. The cost rate during the period was 7.6%, down 3.7 percentage points from last year. Among them, the sales expense was 60.077 million yuan, a decrease of 77.70% over the same period of the previous year, which was mainly due to the implementation of the new income standard in the current period and the recording of sales freight and related logistics expenses into the main business cost; The management expense was 510 million yuan, an increase of 86.21% over the same period of last year, mainly due to the increase of employee salary and the withdrawal of incentive fund of stock ownership plan; The financial expense was 502 million yuan, an increase of 166.01% over the same period of last year, mainly due to the expense of corresponding loan interest after Jiangsu Lianyungang Port Co.Ltd(601008) Petrochemical was put into operation; R & D expenditure was 1.091 billion yuan, an increase of 126.91% over the same period last year, mainly due to the increase in R & D project investment.
At the end of the reporting period, the asset liability ratio of satellite chemical was 60.20%, an increase of 2.38 percentage points over the same period of last year.
In 2022, the company is expected to put into operation a number of new projects. Among them, the phase II project of Jiangsu Lianyungang Port Co.Ltd(601008) base (including 400000 T / a high-density polyethylene, 730000 T / a ethylene oxide and Shanghai Pudong Development Bank Co.Ltd(600000) T / a styrene) is expected to be completed in the middle of 2022, and the phase I project of the supporting green new material Industrial Park (including 100000 t / a ethanolamine, 400000 T / a polystyrene, 150000 T / a battery grade carbonate and other devices) will be carried out smoothly, It is planned to be completed successively in the third and fourth quarters of 2022; The new energy and new material integration project of Pinghu base is expected to be completed by the end of 2023.
