26Q1归母净利润同比增长10.39%，投资建设新能源电池正极材料项目
26Q1归母净利润同比增长10.39%，投资建设新能源电池正极材料项目26Q1 NetProfit +10.39%YoY&Construction of a new energy battery cathode material project 最新动态 ➢26Q1归母净利润同比增长10.39%。2026Q1，公司实现营业收入119.81亿元，同比下降8.06%。实现归母净利润14.25亿元，同比增长10.39%。实现扣非净利润13.92元，同比增长9.54%。 ➢引入合作方投资建设新能源电池正极材料项目。控股子公司云南云聚能新材料有限公司投资建设20万吨/年高性能磷酸铁新材料前驱体项目及配套项目，参股公司云南友天新能源科技有限公司投资建设15万吨/年磷酸铁锂项目。投资金额：聚能新材磷酸铁项目投资估算18.39亿元，其中建设投资17.16亿元；友天科技磷酸铁锂项目投资估算26.54亿元，其中建设投资14.62亿元。公司引入北京当升材料科技股份有限公司为合作方，双方通过建设磷酸铁、磷酸铁锂项目，开展新能源产业合作。本次合作，当升科技拟受让浙江友山新材料科技有限公司持有的聚能新材49%股权和友天科技51%股权，公司放弃上述转让股权的优先认购权。 ➢公司25年归母净利润同比下降3.40%。2025年，公司实现营业收入484.15亿元，同比下降21.47%。实现归母净利润51.56亿元，同比下降3.40%。实现扣非净利润50.07亿元，同比下降3.60%。主要业绩驱动因素：2025年，公司充分发挥矿化一体和全产业链规模化运营优势，持续强化精益生产管理能力，主要生产装置保持长周期、高负荷运行，尿素、复合肥产品产量同比增加；做好国内化肥保供稳价的基础上，有效统筹协调国际国内市场，尿素、复合肥销量同比增加，磷肥、复合肥、饲钙价格同比上升，但主要原料硫磺价格大幅上涨，尿素、聚甲醛价格同比下跌，导致产品毛利同比下降；持续发挥战略采购优势，采购价格优于市场价格，同时煤炭采购成本同比下降，有效控制主要产品生产成本；进一步强化财务管控，持续优化调整负债结构，带息负债同比减少，融资成本同比降低，财务费用同比下降。 动向解读 ➢磷矿资源进一步夯实。公司现有磷矿储量近8亿吨，原矿生产能力1450万吨/年，擦洗选矿生产能力618万吨/年，浮选生产能力750万吨/年，是我国重要的磷矿采选企业之一。2025年12月，参股公司聚磷新材（公司持股35%）取得镇雄县碗厂磷矿采矿权，矿产资源量24.38亿吨，公司磷矿资源进一步夯实。 ➢技改优化，产能提升。2025年，通过技改优化，子公司天安化工、大为制氨合成氨产能已分别由50万吨/年提升至58万吨/年，金新化工合成氨产能由50万吨/年提升至64万吨/年、尿素产能由80万吨/年提升至112万吨/年。 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53.44、56.18、58.65亿元。参考同行业公司，我们给予公司2026年14.5倍PE，对应目标价42.50元，给予“买入”评级。 风险提示 ➢下游需求不及预期风险；原材料价格上涨的风险。 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 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 understand and 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 di