26Q1归母净利润同比增长15.03%，特种肥料锚定“提质增收”

26Q1归母净利润同比增长15.03%，特种肥料锚定“提质增收” 26Q1net profit+15.03%YoY&Specialty fertilizers aiming at 'improving quality and increasing revenue' 最新动态 ➢26Q1归母净利润同比增长15.03%。26Q1，公司营业收入为3.41亿元，同比增长11.8%；归母净利润为2659.77万元，同比增长15.03%；扣非净利润为2555.35万元，同比上升17.84%。2025年，公司营业收入为13.82亿元，同比增长11.87%；归母净利润为5923.52万元，同比减少36.71%；扣非净利润为1.01亿元，同比增长15.36%。 动向解读 ➢创新赋能农化助剂再升级，深耕市场海内外业务获新篇。在国内市场，公司主动挖掘开拓新客户潜力、推进新产品等，聚焦绿色高效定制化产品研发，持续优化生产流程与采购供应链模式，多措并举推动国内农化助剂业务实现稳健高质量增长；在海外市场，公司充分释放全球化运营协同优势，重点深耕欧洲、非洲、东盟及前独联体等核心战略区域，通过本土化运营布局、区域资源整合协同，持续提升农化助剂产品市场渗透率，推动海外农化助剂业务实现跨越式提升，成为公司整体增长的核心支撑。 ➢特种肥料锚定“提质增收”，综合解决方案稳步推广。2025年，特种肥料业务围绕“提质增收”目标，以“测土配肥+田间示范”为抓手，实现从“产品供给”向“综合解决方案”的深度转型，紧扣“精准化、绿色化、高效化、营养化”战略导向，持续优化产品结构，特种肥料业务实现营业收入8009.85万元。 策略建议 ➢盈利预测。我们预计公司2026-2028年EPS分别为0.31、0.35和0.39元。参考同行业公司，考虑到公司在生物肥料研发和市场应用方面的领先优势，给予一定估值溢价，我们给予公司2026年33倍PE，对应目标价10.23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700篇，对A股化工标的全面覆盖，主要覆盖标的包括： 1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、威格斯（Victrex）、三井化学（Mitsui Chemicals）、住友化学（Sumitomo Chemical）、立邦（Nippon Paint）、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、味丹国际； 2）能源&公用事业：沙特阿美（Saudi Aramco）、挪威国家石油（沙索）、中国海洋石油、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：沙索（Sasol）、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 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