26Q1归母净利润同比增长23.85%，国内天然碱龙头企业

26Q1归母净利润同比增长23.85%，国内天然碱龙头企业26Q1 Net Profit +23.85%YoY&Leading domestic natural alkali company 最新动态 ➢26Q1归母净利润同比增长23.85%。26Q1，公司实现营业收入27.18亿元，同比下降5.25%；归母净利润4.20亿元，同比增长23.85%；扣非净利润4.19亿元，同比增长25.29%。2025年，公司营业收入约120.75亿元，同比减少8.97%；归母净利润约9.42亿元，同比减少47.98%；扣非净利润12.16亿元，同比减少41.33%。公司拟以2025年12月31日的总股本37.17亿股为基数，向全体股东每10股现金分红3元（含税），2025年度现金分红总额为11.15亿元。 动向解读 ➢公司在国内已探明具有开采价值的天然碱资源中占据重要份额。公司天然碱储量丰富且品质优良，为公司长期稳定经 营 发展 提 供 了坚 实的资源 保 障 。 其 中 ： 阿 拉 善 塔 木 素 天 然 碱矿保 有 固 体 天 然 碱矿石 量102616.61万吨，矿物量67537.76万吨；安棚碱矿探明储量19308万吨，保有储量10938万吨；吴城碱矿探明储量3267万吨，保有储量1761万吨。此外，公司持有蒙大矿业34%股权，蒙大矿业纳林河二号矿井煤炭保有资源量和可采储量分别为11.57亿吨和6.68亿吨。公司控股子公司博大实地持有泰盛恒矿业16.95%股权，泰盛恒矿业所属井田经核实区内总资源量中保有资源量12.31亿吨。 ➢在建项目为公司发展奠定基础。公司280万吨/年纯碱装置于2025年12月投料试车，目前正处于试车阶段，产能爬坡，逐步释放；另有160万吨/年小苏打产能按照计划有序推进项目建设，计划2026年中建成试车。 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18.41、22.40、24.85亿元。参考同行业公司，我们给予公司2026年23倍PE，对应目标价11.50元，给予“买入”评级。 风险提示 ➢原材料及产品价格大幅波动、进度不及预期。 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600篇，主要覆盖标的包括： 1）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； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 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 officer of 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.