聚焦煤炭清洁利用，以“化工新材料+生命医疗”为两翼

聚焦煤炭清洁利用，以“化工新材料+生命医疗”为两翼 Focus on the clean utilization of coal&'New chemical materials + life and medical care' as the two wings 最新动态 ➢26Q1扣非净利润同比增长227.51%。公司26Q1营业收入为28.36亿元，同比下降5.41%；归母净利润为2.33亿元，同比增长177.38%；扣非净利润为2.34亿元，同比增长227.51%。公司2025年营业收入为110.28亿元，同比下降0.35%；归母净利润为-7814.27万元，同比下降133.89%；扣非净利润为1700.66万元，同比下降92.50%。 动向解读 ➢公司坚持“一体两翼”总体业务战略。公司致力于通过产业链延伸、产品结构优化与附加值提升，在现有“一体两翼”产业格局基础上进行深化与升级，为公司高质量发展注入强劲动力。“一体”是指以南京诚志为核心的清洁能源产业，聚焦煤炭清洁利用。“两翼”分别指以诚志永华、诚志华青和诚志新材料为核心的化工新材料产业和以合成生物为核心的生命医疗产业。公司坚持“诚志2.0版”发展战略，丰富下游产业链，持续研发或引进乙烯、丙烯、丁二烯等产品的下游高新技术和高附加值产品技术，向下游新材料领域延伸发展，打造多元化产品结构，提高竞争力。 ➢超高分子量聚乙烯项目于2026年2月试生产成功。子公司诚志华青在青岛西海岸新区董家口经济区投资建设了超高分子量聚乙烯项目，超高分子量聚乙烯主要用于生产管材、型材、纤维、中空制品、注塑制品和隔膜制品。公司超高分子量聚乙烯项目已于2025年完成了装置中交，并于2026年2月试生产成功。 策略建议 ➢盈利预测。我们预计公司2026-2028年归母净利润分别为8.41、9.39、10.50亿元。参考同行业公司，我们给予公司2026年22倍PE，对应目标价15.18元，给予“买入”评级。 风险提示 ➢政策、法规风险；行业风险；技术风险；安全环保风险；商誉减值风险；管理风险。 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700篇，对A股化工标的全面覆盖，覆盖港股化工标的包括： 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。 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.