26Q1归母净利润同比增长57.96％，毛利率创近两年单季度新高

26Q1归母净利润同比增长57.96%，毛利率创近两年单季度新高26Q1 NetProfit+57.96%&Grossmargin reachesnew single-quarter high in nearly two years 最新动态 ➢26Q1归母净利润同比增长57.96%。26Q1，公司实现收入83.44亿元，同比增长7.36%，环比增长12.50%；归母净利润11.16亿元，同比增长57.96%，环比增长18.59%。公司2025年实现营业收入309.69亿元，同比下降9.52%；归母净利润33.15亿元，同比下降15.04%。26Q1新能源新材料相关产品及醋酸产品产销量同比增长。26Q1，公司新能源新材料相关产品产量为131.67万吨，同比增长14.6%；销量为83.83万吨，同比增长26.2%；化学肥料产量为143.26万吨，同比下降1.5%；销量为136.58万吨，同比下降6.0%；有机胺系列产品产量为13.95万吨，同比增长10.6%；销量为13.41万吨，同比下降0.7%；醋酸及衍生品产量为37.83万吨，同比增长5.3%；销量为38.01万吨，同比增长12.7%； 动向解读 ➢公司产量稳定，项目建设顺利。产销量方面，2025年公司化学肥料产量590.43万吨，同比增长22.19%；有机胺系列产量62.62万吨，同比增长9.08%；醋酸及衍生品产量157.68万吨，同比增长5.80%；新能源新材料相关产品产量488.45万吨，同比增长13.24%。项目建设方面，2025年20万吨/年二元酸项目、酰胺原料优化升级项目建成，BDO与NMP一体化装置顺利投产；气化平台升级改造项目已开工，同时推进多项技改，在建工程期末余额24.61亿元，同比下降49.06%。 ➢煤化工景气向好。2025年公司依托成熟煤气化平台，在行业需求偏弱背景下保持稳健运营。进入四季度，尿素、醋酸、尼龙6、己二酸等主要产品价格随行业减产检修逐步恢复，景气度边际改善。此外，地缘冲突推升全球能源价格，煤化工凭借成本与供应链优势凸显战略价值，公司产品结构覆盖新能源材料、化肥、有机胺、醋酸等领域，有望持续受益于油煤价差扩大与行业景气上行。 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49.78、57.99、62.94亿元。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46.80元，给予“买入”评级。 风险提示 ➢在建工程不及预期的风险、发生安全事故的风险。 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.