25年归母净利润同比增长6.6%，哈萨克斯坦基地目标26年投产

25年归母净利润同比增长6.6%，哈萨克斯坦基地目标26年投产25NetProfit +6.6%YoY &Kazakhstan basetoproducein 2026 最新动态 ➢2025年归母净利润同比增长6.6%。2025年集团收入同比轻微增加0.4%至约279亿元，主要由于动物营养分部的收入增加所致；归母净利润为约25亿元，同比增加6.6%。2025年，公司向第三方出售碳排放配额利得为1.08亿元。2025年分板块看，1）食品添加剂分部的毛利同比增加17.1%至约18.13亿元，主要由于味精及淀粉甜味剂毛利贡献增加。食品添加剂分部的毛利率为13.5%，同比增加2.7个百分点。这反映玉米及煤炭价格下跌对成本的影响大于食品添加剂产品平均售价下跌的影响。2）动物营养分部的毛利同比增加23.0%至约24.95亿元，主要由于苏氨酸及赖氨酸的毛利贡献增加所致。动物营养分部的毛利率为23.7%，同比微增0.5个百分点。3）高档氨基酸分部的毛利同比下跌4.4%至约7.84亿元。2025年，高档氨基酸分部的毛利率为39.7%，同比增加2.7个百分点。4）胶体分部的毛利同比减少41.8%至约4.39亿元，主要由于黄原胶的毛利贡献减少所致。胶体分部的毛利率为35.8%，同比下跌5.7个百分点。2025年黄原胶平均售价为每吨约18037元，同比下跌16.1%。5）其他分部的收入同比增加23.3%至约7.63亿元，乃主要由于肥料的收入上升；而2025年此分部录得毛损约4890万元。 ➢玉米和煤炭的成本下降。2025年，玉米颗粒占总生产成本约56.6%（2024年：56.5%）。2025年玉米颗粒（主要材料成本）平均价格为每吨约人民币1826元，同比下跌7.0%。煤炭成本为主要的能源成本。玉米消费量的增加被玉米价格的下跌所抵销，导致2025及2024年玉米颗粒的总成本维持相近水平。2025年，煤炭占总生产成本约15.7%（2024年：17.4%）。2025年，煤炭平均单位成本为每吨约人民币342元，同比减少11.2%。集团的主要生产基地有其自身的发电厂，通过直接自签订长期合约的当地煤矿中采购煤炭，尽享该等地区低成本煤炭之利，以保证公司的煤炭供应量。 动向解读 ➢哈萨克斯坦基地目标2026年生产。哈萨克斯坦斯坦生产基地的第一期工程2025年4月动工兴建，截至2025年底已达致工程进度的中段，目标2026年开始生产并为公司的业绩作出贡献。哈萨克斯坦斯坦生产基地的第一期主要计划生产苏氨酸及数种高档氨基酸，主要供应欧洲市场。为充分发挥哈萨克斯坦斯坦的优势，公司可能于2026年开展规划及建设哈萨克斯坦斯坦生产基地第二期工程。 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25.92亿元、27.31亿元、28.79亿元，参考同行业公司，考虑到A-H股估值差异，给予公司2026年7倍PE，按港币兑人民币汇率为0.88计算，对应目标价8.22港元，维持“买入”评级。 风险提示 ➢产品价格波动的风险、原材料价格波动的风险。 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) 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 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