华鲁恒升 Shandong Hualu-Hengsheng Chemical (600426.CH)

26Q1归母净利润同比增长 57.96%，毛利率创近两年单季度新高

26Q1 Net Profit +57.96% & Gross margin reaches new single-quarter high in nearly two years

最新动态

26Q1归母净利润同比增长 57.96%。26Q1，公司实现收入83.44亿元，同比增长 7.36%，环比增长12.50%；归母净利润11.16亿元，同比增长 57.96%，环比增长18.59%。公司2025年实现营业收入309.69亿元，同比下降 9.52%；归母净利润33.15亿元，同比下降 15.04%。26Q1新能源新材料相关产品及醋酸产品产销量同比增长。 26Q1，公司新能源新材料相关产品产量为131.67万吨，同比增长 14.6%；销量为83.83万吨，同比增长 26.2%；化学肥料产量为143.26万吨，同比下降 1.5%；销量为136.58万吨，同比下降 6.0%；有机胺系列产品产量为 13.95万吨，同比增长 10.6%；销量为13.41万吨，同比下降 0.7%；醋酸及衍生品产量为37.83万吨，同比增长 5.3%；销量为38.01万吨，同比增长 12.7%；

动向解读

公司产量稳定，项目建设顺利。产销量方面，2025年公司化学肥料产量590.43万吨，同比增长 22.19%；有机胺系列产量62.62万吨，同比增长 9.08%；醋酸及衍生品产量157.68万吨，同比增长 5.80%；新能源新材料相关产品产量488.45万吨，同比增长 13.24%。项目建设方面，2025年20万吨/年二元酸项目、酰胺原料优化升级项目建成，BDO与NMP一体化装置顺利投产；气化平台升级改造项目已开工，同时推进多项技改，在建工程期末余额24.61亿元，同比下降 49.06%。

煤化工景气向好。2025年公司依托成熟煤气化平台，在行业需求偏弱背景下保持稳健运营。进入四季度，尿素、醋酸、尼龙6、己二酸等主要产品价格随行业减产检修逐步恢复，景气度边际改善。此外，地缘冲突推升全球能源价格，煤化工凭借成本与供应链优势凸显战略价值，公司产品结构覆盖新能源材料、化肥、有机胺、醋酸等领域，有望持续受益于油煤价差扩大与行业景气上行。

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49.78、57.99、62.94亿元。参考同行业公司考虑到公司为煤化工行业龙头企业给予一定估值溢价，我们给予公司2026年20倍PE，对应目标价46.80元，给予 “买入”评级。

主要财务数据及预测

财务摘要(百万元)

2025

2026E

2027E

2028E

营业总收入

30,969

34,371

37,233

38,303

(+/-)%

-9.5%

11.0%

8.3%

2.9%

净利润(归母)

3,315

4,978

5,799

6,294

(+/-)%

-15.0%

50.1%

16.5%

8.6%

每股净收益(元)

1.56

2.34

2.73

2.96

净资产收益率(%)

10.0%

13.6%

14.3%

14.0%

市盈率

24.65

16.42

14.10

12.99

资料来源：公司年报（2025），OpenDelP研究所；


股票代码

公司名称

股价(元)

EPS(元/股)

PE(倍)

24A

25A

26E

24A

25A

26E

600989.SH

宝丰能源

30.70

0.86

1.55

2.56

36

20

12

600309.SH

万华化学

89.54

4.15

4.20

5.45

22

21

16

平均

29

21

14

资料来源：OpenDelP，股价为2026年4月30日收盘价。

风险提示

在建工程不及预期的风险、发生安全事故的风险。


财务报表分析和预测（单位：百万元）

资产负债表

2025

2026E

2027E

2028E

货币资金

2,085

8,572

16,156

23,288

交易性金融资产

0

0

0

0

应收账款及票据

49

90

98

100

存货

1,493

1,509

1,614

1,645

其他流动资产

5,257

5,891

6,168

6,267

流动资产合计

8,885

16,062

24,034

31,300

长期投资

0

0

0

0

固定资产

32,994

32,397

29,705

26,918

在建工程

2,461

1,461

961

1,461

无形资产及商誉

2,857

3,071

3,270

3,359

其他非流动资产

1,981

1,916

1,842

1,836

非流动资产合计

40,292

38,844

35,778

33,574

总资产

49,177

54,906

59,812

64,874

短期借款

776

776

776

776

应付账款及票据

1,615

3,218

3,442

3,509

一年内到期的非流动负债

1,997

1,997

1,997

1,997

其他流动负债

1,377

1,579

1,697

1,739

流动负债合计

5,765

7,571

7,913

8,022

长期借款

8,139

8,139

8,139

8,139

应付债券

0

0

0

0

租赁负债

40

40

40

40

其他非流动负债

82

82

82

82

非流动负债合计

8,262

8,262

8,262

8,262

总负债

14,027

15,832

16,175

16,283

实收资本(或股本)

2,123

2,123

2,123

2,123

其他归母股东权益

30,957

34,448

38,507

42,913

归属母公司股东权益

33,080

36,571

40,630

45,036

少数股东权益

2,070

2,503

3,007

3,555

股东权益合计

35,150

39,074

43,637

48,591

总负债及总权益

49,177

54,906

59,812

64,874

现金流量表

2025

2026E

2027E

2028E

经营活动现金流

4,198

10,773

10,626

11,224

投资活动现金流

-3,646

-2,352

-855

-1,756

筹资活动现金流

80

-1,941

-2,187

-2,336

汇率变动影响及其他

7

7

0

0

现金净增加额

639

6,487

7,584

7,132

折旧与摊销

3,240

3,768

3,887

3,924

营运资本变动

-3,010

1,115

-46

-25

资本性支出

-3,646

-2,320

-820

-1,720

利润表

2025

2026E

2027E

2028E

营业总收入

30,969

34,371

37,233

38,303

营业成本

25,037

26,436

28,278

28,827

税金及附加

219

202

219

225

销售费用

93

89

97

100

管理费用

310

336

364

375

研发费用

886

663

719

739

EBIT

4,534

6,809

7,735

8,222

其他收益

153

198

214

220

公允价值变动收益

0

0

0

0

投资收益

-20

-32

-35

-36

财务费用

263

406

276

125

减值损失

-43

0

0

0

资产处置损益

0

0

0

0

营业利润

4,251

6,403

7,459

8,097

营业外收支

11

0

0

0

所得税

607

992

1,156

1,255

净利润

3,656

5,410

6,303

6,842

少数股东损益

340

433

504

547

归属母公司净利润

3,315

4,978

5,799

6,294

主要财务比率

2025

2026E

2027E

2028E

ROE(摊薄,%)

10.0%

13.6%

14.3%

14.0%

ROA(%)

7.6%

10.4%

11.0%

11.0%

ROIC(%)

8.4%

11.5%

12.0%

11.7%

销售毛利率(%)

19.2%

23.1%

24.1%

24.7%

EBIT Margin(%)

14.6%

19.8%

20.8%

21.5%

销售净利率(%)

11.8%

15.7%

16.9%

17.9%

资产负债率(%)

28.5%

28.8%

27.0%

25.1%

存货周转率(次)

17.8

17.6

18.1

17.7

应收账款周转率(次)

540.8

706.1

536.9

523.6

总资产周转率(次)

0.6

0.7

0.6

0.6

净利润现金含量

1.3

2.2

1.8

1.8

资本支出/收入

11.8%

6.7%

2.2%

4.5%

EV/EBITDA

9.73

7.95

6.59

5.71

P/E(现价&最新股本摊薄)

24.65

16.42

14.10

12.99

P/B(现价)

2.47

2.241

1.82

P/S(现价)

2.64

2.38

2.20

2.13

EPS-最新股本摊薄(元)

1.56

2.34

2.73

2.96

DPS-最新股本摊薄(元)

0.50

0.70

0.82

0.89

股息率(现价,%)

1.3%

1.8%

2.1%

2.3%

备注：（1）表中计算估值指标的收盘价日期为2026年4月30日；（2）以上各表均为简表资料来源：OpenDelP研究所


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



COMPANY RATING DEFINITION

The Benchmark: Hong Kong Hang Seng Index

Time Horizon: 6 to 18 months

Rating

Definition

Buy

买入

Relative Performance>15%;or the fundamental outlook of the Company or sector is favorable.

Accumulate

收集

Relative Performance is 5% to 15%;or the fundamental outlook of the Company or sector is favorable.

Neutral

中性

Relative Performance is -5% to 5%;or the fundamental outlook of the Company or sector is neutral.

Reduce

减持

Relative Performance is -5% to -15%;or the fundamental outlook of the Company or sector is unfavorable.

Sell

卖出

Relative Performance<-15%;or the fundamental outlook of the Company or sector is unfavorable.

SECTOR RATING DEFINITION

The Benchmark: Hong Kong Hang Seng Index

Time Horizon: 6 to 18 months

Rating

Definition

Outperform

跑赢大市

Relative Performance>5%;or the fundamental outlook of the sector is favorable.

Neutral

中性

Relative Performance is -5% to 5%;or the fundamental outlook of the sector is neutral.

Underperform

跑输大市

Relative Performance<-5%;Or the fundamental outlook of the sector is unfavorable.

DISCLOSURE OF INTERESTS

(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.

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(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officer mentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated Global Prosperity Financial Company Limited and/or its subsidiaries.

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