25年归母净利润同比增长102.5%，受益于制冷剂价格上涨

25年归母净利润同比增长102.5%，受益于制冷剂价格上涨25Net profit+102.5%YoY&Benefiting from the increase in refrigerant prices 最新动态 ➢2025年归母净利润同比增长102.5%。公司2025年实现收入143.55亿元，同比增长1.2%;实现归母净利润16.42亿元，同比增长102.5%。集团制冷剂分部的主要产品，如R22、R32等，在配额限制的政策影响下，价格进一步大幅增长。集团在该情况下，把握行业动态，紧跟政策导向，优化市场配置，与市场各方做好充分沟通，针对行情变化提前做好布局，创造出了优秀的经营业绩，并为未来产业的布局打下了良好的基础。2025年，制冷剂业务分部为集团业绩最佳的业务分部，含氟高分子材料、二氯甲烷及烧碱业务分部业绩有所下滑，而有机硅业务分部出现亏损。 ➢2025年制冷剂分部业绩同比增长183.71%。2025年制冷剂分部业绩为盈利人民币2.88亿元，同比增长183.71%。配额政策对制冷剂行业持续影响，部分产品价格（如R32、R134a等）同比进一步增长，导致该分部对外销售收入增长。而其成本的增长则并不十分明显，导致该分部业绩大幅增长。 ➢加快能源中心项目建设。集团2025年启动建设的能源中心项目目前正稳步推进，按计划将于2026年上半年建成投产。该项目在技术水平、节能降耗及环保效能等方面均优于集团旧有电厂，建成后将有效提升成本管控能力，更好履行社会责任。因此，集团2026年将全力以赴加快项目建设进度，推动项目早日投产达效。 动向解读 ➢加强科研支持力度，赋能产业链升级。集团始终重视自主创新发展，以科技研发作为集团发展的基础。集团在未来将聚焦社会各领域对氟硅化工产品不断提升的需求进行研发，特别是关键领域应用的研发突破，如AI、新能源、高端装备制造、机器人等新赛道，加快可产业化科研成果转型；同时，要进一步通过技术创新，着力提升工艺水平，实现提质增效及循环节能。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为21.09亿元、25.31亿元、29.50亿元，参考同行业公司并考虑到A-H股估值差异，给予公司2026年11倍PE，按港币兑人民币汇率为0.88计算，对应目标价15.25港元，维持“买入”评级。 风险提示 ➢财务与流动性风险、政策与合规风险、产品价格波动的风险。 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，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、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、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、新特能源、中裕能源、北京燃气蓝天； 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、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.