煤制烯烃龙头企业，26Q1归母净利润同比增长50.23%

煤制烯烃龙头企业，26Q1归母净利润同比增长50.23% Leading coal-to-olefins enterprise&26Q1 Net Profit +50.23%YoY 最新动态 ➢26Q1归母净利润同比增长50.23%。2026Q1，公司实现营收132.37亿元，同比增长22.90%;归母净利润36.61亿元，同比增长50.23%;扣非净利润34.00亿元，同比增长30.92%。26Q1公司受益于原材料价格下跌。26Q1，公司气化原料煤平均采购单价为467.84元/吨，同比下跌5.30%；炼焦精煤平均采购单价为779.05元/吨，同比下跌7.06%；动力煤平均采购单价为330.34元/吨，同比下跌4.96%。 ➢宁夏500万吨煤制乙二醇项目报批。宁夏赛诺化学有限公司宁夏赛诺化学有限公司聚酯及原料项目（一期）报批。宁夏赛诺化学有限公司，由宁夏宝丰能源集团股份有限公司100%全资控股，2025年12月30日注册成立，注册资本10亿元。宁夏赛诺化学有限公司聚酯及原料项目是宝丰能源在宁东能源化工基地布局的高端聚酯产业链项目，依托宝丰现有煤制甲醇、烯烃等基础原料，向下游聚酯(如PET/PBT等)及关键原料(PTA/BD0等)延伸，打造“煤一甲醇一烯烃一聚酯/精细化工”一体化循环链条，提升产品附加值。宁夏赛诺化学有限公司聚酯及原料项目（一期）分两期建设，一期生产乙二醇，二期生产聚酯产品，目前重点推进一期工程。 动向解读 ➢加快重点项目建设，持续培育增长新动能。公司将严格按计划推进重点项目建设，确保宁东四期烯烃项目2026年底前顺利投产；加快丁家梁煤矿建设进度，力争早日达产达效；全面提速其他现代煤化工项目前期工作，尽快具备开工条件。通过项目落地持续扩大规模优势、巩固行业龙头地位，为稳增长、促发展注入强劲动力。 ➢地缘冲突带动油价中枢向上，煤制烯烃成本优势更为显现。2026年3月以来，因为美伊以冲突导致霍尔木兹海峡通航受阻影响原油贸易供需，国际油价大幅度攀升。截止5月2日，布油价格从2026年初约60美元/桶上涨至超过100美元/桶。油价上行推动油制烯烃成本，煤制烯烃成本优势凸显，煤制烯烃价差扩大增厚盈利。 策略建议 ➢盈利预测。我们预计公司2026-2028年归母净利润分别为145.18、160.59、182.44亿元。参考同行业公司考虑到公司为煤化工行业龙头企业给予一定估值溢价，我们给予公司2026年20倍PE，对应目标价39.60元，给予“买入”评级。 风险提示 ➢原料及产品市场变化风险；新项目投产及建设进度不及预期风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，对A股化工标的全面覆盖，覆盖港股化工标的包括： 化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.