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Chinese petrochemical maker converting imported US ethane/propane into ethylene, propylene and downstream plastics/acrylics.
Chinese petrochemical maker converting imported US ethane/propane into ethylene, propylene and downstream plastics/acrylics.
Buys cheap US shale ethane, ships it to its Lianyungang complex, and cracks it into ethylene and downstream plastics, so profit depends on the gap between that feedstock cost and Chinese chemical prices. Propane is processed into propylene the same way.
In one line: A Chinese Dow Chemical-lite, built on US shale ethane imports.
Moat: narrow (cost advantage, scale). Low-cost US ethane feedstock import model undercuts naphtha-based Chinese petrochemical peers.
Headquarters: Jiaxing, Zhejiang, China · Founded: 1990 · Employees: 4,811
Size Satellite Chemical (002648.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $12.4B, the 196th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.47 on 6 Nov 2026.
Performance Over six months the shares fell 17.3%, against -25.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 19.9% over the last twelve months (peer median +0.9%); the operating margin is 22.7% (peer median 10.9%).
Valuation It trades at 7.2× forward earnings against a peer median of 14.6× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -47 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.9 points above its cost of capital (6.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥57.7B | CN¥46.0B | CN¥45.5B | CN¥41.4B | CN¥37.0B |
| Revenue growth | — | +1% | +10% | +12% | — |
| Gross profit | CN¥19.8B | CN¥9.79B | CN¥10.2B | CN¥7.85B | CN¥5.77B |
| EBITDA | n/a | CN¥13.0B | CN¥12.8B | CN¥10.1B | CN¥6.81B |
| Net income | CN¥10.6B | CN¥5.31B | CN¥6.07B | CN¥4.79B | CN¥3.10B |
| Free cash flow | CN¥14.4B | CN¥7.47B | CN¥7.84B | CN¥5.97B | CN¥2.26B |
| Capital expenditure | CN¥2.85B | CN¥2.66B | CN¥3.14B | CN¥2.41B | CN¥3.92B |
| Total debt | CN¥27.2B | CN¥25.3B | CN¥27.8B | CN¥31.2B | CN¥28.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Satellite Chemical 002648.SZ | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% |
| Rongsheng Petrochemical 002493.SZ | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% |
| Hengli Petrochemical 600346.SS | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% |
| Wanhua Chemical 600309.SS | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% |
| LyondellBasell LYB | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002648.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -0.6% | 7th lowest of 21 |
| 6-month return | -17.3% | -25.3% | 10th highest of 21 |
| Distance from 52-week high | -19.4% | -41.0% | 5th highest of 21 |
| Revenue growth (TTM) | +19.9% | +0.9% | 6th highest of 21 |
| Operating margin | 22.7% | 10.9% | 3rd highest of 21 |
| Forward P/E | 7.2× | 14.6× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -13.2% | 8.1% | least demanding of 16 |
| Growth delivered (Del g) | +33.8% | +10.4% | highest of 16 |
| Hurdle (Req g minus delivered) | -47.0 pp | -2.8 pp | least demanding of 16 |
| ROIC minus cost of capital | +17.9 pp | -1.3 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |