胶粘剂国产龙头，产品结构不断优化

胶粘剂国产龙头，产品结构不断优化 Leading domestic adhesive company&Continuously optimizing product structure 最新动态 ➢26Q1扣非净利润同比增长15.90%。26Q1，公司实现收入11.63亿元，同比增长8.6%；归母净利润0.83亿元，同比增长2.80%；扣非净利润为0.78亿元，同比增长15.90%。2025年，公司营业收入为44.4亿元，同比增长11.21%；归母净利润为2.21亿元，同比增长116.58%；扣非归母净利润为1.76亿元，同比增长234.98%。 动向解读 ➢深耕优质业务，驱动结构优化与业绩增长。2025年，公司主营胶粘剂产品实现销量34.98万吨，同比增长22.49%。公司聚焦高景气优质赛道发力，持续推进业务结构优化升级，经营业绩稳步提质增长。基本盘层面，公司持续深耕汽车、电子、光伏、包装四大核心业务，依托多年积累的品牌口碑与客户粘性，筑牢经营底盘。其中，汽车与电子板块深化头部客户合作、拓展新品矩阵，销量与营收同步增长；光伏硅胶业务稳固国内外核心市场份额，拓展新品市场，夯实盈利空间；包装胶业务海外市场开拓稳步推进，实现阶梯式突破。增长极层面，公司精准抢抓高景气市场机遇，加速推动锂电、乘用车、高端电子等高附加值用胶业务放量突破，相关业务增速显著高于公司整体业务平均增速。 ➢不断优化业务结构与产业布局。公司紧密围绕市场需求，持续加大在光伏新能源、消费电子、智能电器、新能源汽车、锂电储能、绿色包装等行业的资源投入，并不断优化业务结构与产业布局，其中，襄阳、广州新基地先后顺利建成并投入使用，光伏硅胶、电子电器用胶、锂电池用胶等新增产能纷纷投产。公司具备国际国内领先水平的全自动产线，通过推进全业务流程信息化、数字化建设，稳步向全面数字化、智能化转型迈进，实现了产供销信息流程一体化，达成智能化生产与网络化协同作业，全方位提升了供应链效率，降低了运营成本。 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2.70、3.12、3.64亿元。参考同行业公司，我们给予公司2026年30倍PE，对应目标价14.40元，给予“买入”评级。 风险提示 ➢市场竞争加剧、原材料价格波动、产品技术迭代。 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 officer of 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.