全球农化龙头企业，登记壁垒铸护城河

全球农化龙头企业，登记壁垒铸护城河 Global leading agrochemical company& Registration barriers forge a moat 最新动态 ➢2025年归母净利润同比上升132.1%。26Q1，公司营业收入为31.91亿元，同比上升18.8%；归母净利润为1.65亿元，同比下降35.6%；扣非归母净利润为1.64亿元，同比下降35.8%。2025年，公司营业收入为146.9亿元，同比上升10.5%；归母净利润为10.4亿元，同比上升132.1%；扣非归母净利润为10.7亿元，同比上升130.8%。26Q1，公司财务费用为7446.14万元，同比增长147.03%，主要系26Q1汇兑损失大幅增加所致；投资收益为-1678.68万元，同比下降212.89%，主要系26Q1远期结售汇业务的投资损失所致；公允价值变动收益为-4293.08万元，同比下降96.20%，主要系26Q1远期结售汇业务的公允价值变动所致。 动向解读 ➢公司2026年毛利率有望走高。公司战略规划明确的四个成长方向的顺利推进，都会助于毛利率的提升。公司持续积极的前瞻性进行重要偏新产品、重要差异化产品的登记规划，使得公司能持续在不同国家率先获得重要价值产品登记，有效的助于毛利率的提升。公司在毛利率偏高的北美、欧盟市场尚处于发展初期，成长较快，助于毛利率的提升。公司在研发创新支撑的先进制造端的进步使得公司更多原药项目成功落地，助于毛利率的提升。 ➢美国工厂的投入运营对于美国业务的成长提供了非常好的支撑。美国休斯顿工厂自2024年并购后一直保持满负荷运行状态，香槟工厂自2025年10月投入运营后，调试完毕的产线很快进入到高负荷运转，尚有SC和EC产线刚开始调试，近期也将在调试顺畅后进入高负荷运转。伴随美国登记的获得进度，公司有计划于2027年在现有香槟工厂空置场地投建一个独立的杀虫杀菌剂制剂加工车间和制剂成品公用仓库。 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13.52、16.13、20.20亿元。参考同行业公司，我们给予公司2026年22倍PE，对应目标价105.82元，给予“买入”评级。 风险提示 ➢汇兑风险、农药价格下探风险等。 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.