越南三期顺利推进，拟在摩洛哥建设第二海外生产基地

越南三期顺利推进，拟在摩洛哥建设第二海外生产基地 Vietnam's third phase is progressing& Tobuild a second overseas production base in Morocco 最新动态 ➢25Q1-Q3公司归母净利润同比增长50.55%。2025年前三季度，公司实现营收27.63亿元，同比增长3.54%；归母净利润为2.01亿元，同比增长50.55%；实现扣非净利润1.86亿元，同比增长56.05%。2025Q3，公司实现营收7.96亿元，同比增长1.44%；实现归母净利润为4.50亿元，同比下降19.72%；实现扣非净利润4.28亿元，同比下降20.72%。 动向解读 ➢全钢工程子午线轮胎智能制造项目第二阶段和越南三期顺利推进。1）公司年产38万条全钢工程子午线轮胎智能制造项目分两阶段建设：第一阶段（年产20万条）2024年内已达到预定可使用状态，第二阶段（年产18万条）处于建设期，项目于2026年3月31日达到预定可使用状态。2）公司正在积极推进越南三期（年产600万条半钢子午线轮胎智能制造项目）建设。2025年7月10日，项目首条轮胎成功下线，下一步将加速推进多产品测试验证，力争2026年一季度实现销售。 ➢拟在摩洛哥建设第二海外生产基地。根据公司“国际化、智能化、绿色化、高端化”发展战略，为进一步提升国际竞争力，公司拟在建设越南生产基地取得海外项目管理成功经验的基础上，在摩洛哥投资建设第二海外生产基地，优化产能布局，提升生产经营韧性和抵御风险能力，推动公司高质量发展。 ➢制定未来三年（2025-2027年）股东回报规划。未来三年（2025～2027年），在符合法律法规及《公司章程》规定的前提下，公司每年度至少进行一次利润分配。公司合并报表、母公司报表中当年末未分配利润均为正值且报告期内盈利，现金流满足公司正常生产经营及重大投资计划资金需求的情况下，除特殊情况外，公司每年现金分红总额不少于年度经审计合并报表扣除非经常性损益后归属于上市公司股东的净利润的30%。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为6.12亿元、8.51亿元、9.39亿元，参考同行业公司，给予公司2026年12倍PE，对应目标价6.60元，首次覆盖给予“买入”评级。 风险提示 ➢产业政策风险、环保政策风险、税收政策风险。 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，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、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：新奥能源、长江基建集团、中集安瑞科、宏华集团、中海油田服务、安东油田服务、惠生工程、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、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、信义光能、华新水泥。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 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 suchjurisdiction.