25H1扣非净利润同比上涨58.7%，储备项目积极推进

25H1扣非净利润同比上涨58.7%，储备项目积极推进Recurring profit +58.7%&Activelypromoting reserve projects 25H1扣非净利润同比上涨58.7%。25H1，公司营业收入为228.2亿元，同比上升35.0%；归母净利润为57.2亿元，同比上升73.0%；扣非归母净利润为55.8亿元，同比上升58.7%。2025Q2，公司营业收入为120.5亿元，同比上升39.0%；归母净利润为32.8亿元，同比上升74.2%；扣非归母净利润为29.8亿元，同比上升46.6%。25H1，公司主要产品聚烯烃（含EVA）产量240.46万吨，同比增长96.64%，焦炭产量341.80万吨，同比基本持平。 ⚫新项目顺利投产，新产能贡献显著。一是内蒙260万吨/年煤制烯烃及配套40万吨/年绿氢耦合制烯烃项目按计划建成投产并全面达产，上半年生产聚烯烃116.35万吨，占公司聚烯烃总产量的48.39%。该项目是目前为止全球单厂规模最大的煤制烯烃项目，也是首个规模化应用绿氢与现代煤化工协同生产工艺制烯烃的项目。该项目建成后，公司烯烃产能已达到520万吨/年，产能规模跃居我国煤制烯烃行业第一位。内蒙烯烃项目示范应用了多项具有我国自主知识产权的大国重器设备，设备国产化率超过98%，项目采用最先进的DMTO-Ⅲ技术，依托项目的区位优势、技术优势及投资优势，公司烯烃生产成本进一步降低，核心竞争力进一步增强。二是10万吨/年醋酸乙烯项目实现一次性开车成功并顺利投产，实现了EVA装置主要原料自主供应，保障了主要原料的质量和稳定供应，为企业产业链协同发展与成本优化奠定了坚实基础。三是OCC装置实现一次性开车成功，产出产品各项指标全部合格。 在建项目进展顺利，储备项目积极推进。一是宁东四期烯烃项目于2025年4月开工建设，且项目建设进展顺利，截至7月底，设计到图率24%，设备订货率达80%，土建基础施工完成80%，土建主体框架施工完成35%，钢结构已全面开始图纸深化及加工制作，该项目计划于2026年底建成投产。二是新疆烯烃项目、内蒙二期烯烃项目前期工作正在积极推进。 盈利预测。我们预计公司2025-2027年归母净利润分别为118.12亿元、129.95亿元和141.06亿元。考虑到同行业可比公司估值，我们给予公司2025年12倍PE，对应目标价为19.32元，维持给予“买入”评级。 ⚫风险提示。项目爬坡进度低于预期，下游需求不及预期。 Summary ➢In 2025H1,recurring net profit increased by 58.7%YoY. In 25H1, the company's operating revenueincreased by 35.0%YoYto 22.82 billion yuan; the net profit increased by 73.0%YoYto 5.72 billionyuan; and the recurring net profit increased by 58.7%YoYto 5.58 billion yuan. In 2025Q2, thecompany's operating revenue was 12.05 billion yuan(YoY+39.0%); net profit was 3.28 billion yuan(YoY+74.2%); and net profit was 2.98 billion yuan(YoY+46.6%). In2025H1, the company's mainproduct, polyolefin (including EVA), had a production capacity of 2.4046 million tonnes(YoY+96.64%).The coke production capacity was 3.418 million tonnes, which was basically the sameYoY.➢The new project has been successfully implemented, with significant contributions from the new production capacity. The Inner Mongolia 2.6 million tonne/year coal-to-olefin project, which supports theproduction of 400,000 tonnes/year of green hydrogen-coupled olefin, has been completed and isoperating as planned, having fully reached production capacity. In the first half of the year, the projectproduced 1,163,500 tonnes of polyolefin, accounting for 48.39% of the company's total polyolefinproduction. It is currently the world's largest single-plant coal-to-olefin project, and the first to use greenhydrogen and modern coal chemical collaborative production technology to produce olefins on a largescale. Following completion of the project, the company'solefin production capacity reached 5.2 milliontonnes per year, making it the largest in China's coal-to-olefin industry. The Inner Mongolia olefinproject demonstrates the application of multiple large-scale pieces of heavy machinery withindependent intellectual property rights in China, with a localisation rate of over 98%. Adopting the mostadvanced DMTO-III technology, the project leverages its location, technological and investmentadvantages to further reduce production costs and enhance core competitiveness. Secondly, the100,000-tonne-per-year vinyl acetate project achieved a successful one-time start-up and smoothproduction. This realises an independent supply of the main raw materials for the EVA unit, ensuringtheir quality and stable supply, and laying a solid foundation for the coordinated development of theenterprise's industrial chain and cost optimisation. Thirdly, the OCC device achieved a successful one-time start-up and produced products with all indicators meeting the required standards.➢The ongoing projects are progressing smoothly and the reserve projects are being actively promoted. Construction of the Ningdong Phase IV olefin project began in April 2025, andis progressing well. As ofthe end of July, 24% of the design drawings had been completed, 80% of the equipment had beenordered, 80% of the civil foundation construction had been completed, 35% of the civil main frameconstruction had been completed, andthe steel structure had fully started the production of drawingsfor further development. The project is planned for completion and operation by the end of 2026.Secondly, the preliminary work on the Xinjiang and Inner Mongolia Phase II olefin projects isactivelyunderway.➢Profit forecast: Weexpectthat the company's net profitin 2025-2027will be11.81billion yuan,13.00 billion yuan, and14.11billion yuan. Considering the valuation of comparable companies in the sameindustry, we have given the company PE of12xfor 2025, which corresponds toTPof RMB19.32. Weinitiate with the company witha "Buy" rating.➢Risk warning.The project's progress is slower than expected, and demand from downstream is lower than expected. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 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，继续覆盖化工和新材料行业。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500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。 微信：zhuangcharles邮箱：charles.zhuang