Guohai Securities: Maintain a "buy" rating on Satellite Chemical, optimistic about the long-term growth of the company.

Guokai Securities research report pointed out that in the first half of 2026, Satellite Chemical's net profit attributed to the parent company increased significantly year-on-year, and the high-end polyolefin project opened up long-term growth potential. In the first half of 2026, the company is expected to achieve a net profit attributed to the parent company of 6-7 billion yuan, a year-on-year increase of 118.68%-155.13%. The company's integrated advantages in the industrial chain ensure stable operation of facilities, product iteration and service upgrades drive market growth; technological innovation improves quality and reduces costs, optimized management enhances operational efficiency, and comprehensive competitiveness is enhanced; diversified supply chain layout, strategic procurement and the use of financial tools effectively cushion cost fluctuations, ensuring stable profitability of the main business. Overseas high-cost olefin capacity is concentratedly exiting, global olefin supply is expected to be reshaped, and olefin price differentials are expected to continue. The comprehensive utilization project of alpha olefins is progressing smoothly, supporting the company's long-term growth. The company's C2 business has significant cost advantages, the comprehensive utilization project of alpha olefins opens up growth space, accelerates the layout of various new materials such as POE, and is optimistic about the company's long-term growth, maintaining a "buy" rating.