云母耐温绝缘材料龙头，高端赛道稳步扩容

云母耐温绝缘材料龙头，高端赛道稳步扩容 Leading mica high-temperature insulation material company& Steadily expanding in the high-end market 最新动态 ➢25年归母净利润同比增长11.10%。26Q1，公司营业收入为3.13亿元，同比增长20.61%；归母净利润为5525.74万元，同比增长5.51%，扣非净利润为5458.33万元，同比增长5.90%。2025年，公司营业收入为11.89亿元，同比增加12.52%；归母净利润为2.42亿元，同比增长11.10%；扣非净利润为2.24亿元，同比增长9.71%。 动向解读 ➢公司是全球电力电工电热云母耐温绝缘材料龙头企业。公司具有稳定的云母原料供应来源，产品覆盖全产业链，从绝缘云母纸、玻璃纤维布及制品，到耐火云母带、耐高温云母板、电热异型制品、硅晶发热膜和新能源安全防护复合零部件等。通过全产业链一体化布局，公司具备较强的全面配套供应能力、研发迭代协同能力以及成本竞争优势。 ➢项目建设为公司发展奠定基础。1）平安电工武汉生产基地建设项目达到预定可使用状态日期为2026年12月31日；2）湖北平安电工科技股份公司通城生产基地建设项目达到预定可使用状态日期为2026年12月31日；3）新材料研发中心项目达到预定可使用状态日期为2026年12月31日；4）生产基地智能化升级改造项目达到预定可使用状态日期为2026年12月31日。 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2.90、3.46、4.07亿元。参考同行业公司，我们给予公司2026年70倍PE，对应目标价109.20元，给予“买入”评级。 风险提示 ➢市场竞争加剧、原材料供应及价格波动。 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.