国内复合肥龙头企业，积极推动各磷矿项目建设

国内复合肥龙头企业，积极推动各磷矿项目建设 Leading domestic compound fertilizer enterprises&Construction of phosphate miningprojects 最新动态 ➢26Q1归母净利润同比增长19.6%。2026Q1，公司营业收入为61.0亿元，同比上升6.8%；归母净利润为3.04亿元，同比上升19.6%；扣非归母净利润为2.56亿元，同比上升2.4%。2025年，公司营业收入为214.0亿元，同比上升5.0%；归母净利润为8.27亿元，同比上升2.8%；扣非归母净利润为8.03亿元，同比上升12.0%。2025年，公司营业收入为214.0亿元，同比上升5.0%；归母净利润为8.27亿元，同比上升2.8%；扣非归母净利润为8.03亿元，同比上升12.0%。2025年，面对复杂多变的外部环境，公司坚持稳中求进，统筹推进磷复肥、磷化工、新能源材料和纯碱业务稳步发展。一方面，把握市场机遇，灵活调整经营策略，积极应对原料价格波动，保障公司经营效益最大化。另一方面，深入推进“资源+产业链”布局，加快合成氨、磷矿、热法磷酸等重要项目落地，增强公司的经营韧性。 动向解读 ➢磷矿开发稳步推进，筑牢磷资源保障根基。公司积极推动各磷矿项目建设：阿居洛呷磷矿290万吨采选工程稳步实施，巷道开拓、采准工程及辅助配套系统建设有序推进；牛牛寨东段磷矿400万吨采矿工程巷道建设按计划推进中；牛牛寨西段磷矿于2026年4月取得400万吨/年采矿许可证，夯实公司磷矿资源储备；参股49%的二坝磷矿50万吨/年采矿工程改建项目于2026年2月顺利复工。上述在建项目投产后，将保障公司生产所需磷矿石的高度自给，强化磷产业链成本优势。 ➢合成氨项目建成试生产，提升氮肥原料自给率。公司湖北应城基地70万吨合成氨项目已建成，目前装置运行平稳，实现满负荷生产。同时，下游复合肥配套的47.59万吨95%浓度尿浆溶液于2026年3月试生产，补齐公司尿素原料的产能空白，氮肥原料自给率进一步提升。该合成氨项目采用先进的水煤浆气化技术，推动公司氮产业链绿色升级，进一步提高资源循环利用水平。 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13.78、17.06、20.89亿元。参考同行业公司，考虑到公司为复合肥龙头企业给予一定估值溢价，我们给予公司2026年16倍PE，对应目标价18.24元，给予“买入”评级。 风险提示 ➢市场竞争风险、原材料价格波动风险等。 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 suchjur