2025年净利润同比增长37.7%，产能增加夯实全球行业地位

25 Profit +37.7%&Increased production capacity consolidates global industry position 最新动态 ➢2025年净利润同比增长37.7%。2025年公司收入为392.87亿元，同比下降17.4%；2025年集团净利润为1.35亿元，同比增加约37.7%。2025年，集团焦炭及精细化工产品的产╱加工量分别为17.8百万吨及5.2百万吨，同比上升7.8%及5.0%。2025年公司高纯氢的产量为25.3百万Nm3，同比上升25.7%。2025年，集团焦炭产品的平均价格下跌至约1373.9元╱吨（不含税），同比下跌约25.6%；截止2026年3月底，集团的焦炭价格稍微回升至约1406.2元╱吨（不含税）。 ➢增加整体产能以夯实全球行业地位。2025年，集团完成定州生产园区的5000吨╱年氨基醇项目、萍乡生产园区的180万吨╱年焦炭项目，以及山西及吉林省的两项新运营管理服务项目。2025年焦炭业务分部的年产能增加至23.7百万吨，同时2025年精细化工产品业务分部的年产能增加至6.2百万吨。2025年氢能产品业务分部的年产能亦增加至140百万立方米。 动向解读 ➢以创新研发开发更多高价值精细化工产品，驱动业务发展。研发拓展产能的持续创新使集团得以引导己内酰胺行业的转变，与整个业界合力，使己内酰胺的售价由2025年11月初的人民币8050元╱吨稳步攀升至2025年末的人民币9450元╱吨。 ➢以液氢促进具备主要进入壁垒的新业务发展。凭借位于定州、刑台、唐山及呼和浩特，且氢能产品最高潜在资源为53亿立方米╱年的四个生产园区，集团2025年与北京航天试验技术研究所于定州生产园区建设全国首个产能为5吨╱天的液氢项目。 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12.41亿元、15.93亿元、18.40亿元，参考同行业公司，考虑到公司为国内焦炭行业龙头，给予一定估值溢价，给予公司2026年12倍PE，按港币兑人民币汇率为0.88计算，对应目标价3.80港元，给予“买入”评级。 风险提示 ➢行业周期性风险、产品价格波动风险、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。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、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：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.