天赐材料 Guangzhou Tinci Materials Technology (002709.SZ)

26Q1扣非净利润同比增长 1062.23%，锂离子电池材料单价及销量上升 26Q1 Recurring net profit +1062.23% & Price and sales of lithium-ion battery materials increased

最新动态

26Q1扣非净利润同比增长1062.23%。26Q1，公司实现营收66.73亿元，同比增长 91.29%；实现归母净利润16.54亿元，同比增长1005.75%；实现扣非净利润15.60亿元，同比增长1062.23%。营收大幅增长的原因为锂离子电池材料单价及销量上升；营业外收入8636.9万元，变动原因为收到侵犯商业秘密一案经济损失赔偿款。

电解液业务在产品、研发和创新等方面取得了丰硕成果。2025年磷酸铁锂市场全年需求旺盛，公司订单充足，双基地产线维持满产状态。磷酸铁方面，2025年通过不断加大技术投入，产品迭代进展顺利，通过质量提升和运营效率改善的方式，实现了整体产能利用率的提升。电池用胶方面，公司持续深化电芯及模组等粘结材料及有机硅橡胶的业务。在电芯粘结剂上，客户群体规模和销售规模有了新的突破，各类型粘结剂均实现了客户突破和量产供应；在模组 PACK胶黏剂业务上，2025年，公司有多款产品通过主流整车厂多轮验证并已导入量产，同时，PACK胶产品海外销售收入也屡创新高。

动向解读

锂离子电池材料在建产能约100万吨。截至3月，公司锂离子电池材料在建产能约100万吨，包括：41，000t/a锂离子电池材料项目（一期）、年产9.5万吨锂电基础材料及10万吨二氯丙醇项目、年产20万吨锂电材料项目、年产25万吨电解液生产扩建项目、年产20万吨锂电池电解液项目、年产20万吨锂电池电解液改扩建和10万吨铁锂电池回收项目、年产75500吨锂电基础材料项目、年产25000吨磷酸铁锂正极材料、年产8万吨锂电添加剂材料项目。

持续推进全球锂资源战略纵深布局。资源循环业务方面，公司持续推进全球锂资源战略纵深布局，重点强化非洲区域资源整合能力。依托属地运营团队，在尼日利亚、津巴布韦等核心资源国系统开展锂矿勘探、战略采购及渠道体系构建，同步通过矿山项目联合开发模式锁定高潜力资源标的。

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76.09、90.69、108.45亿元。参考同行业公司，我们给予公司2026年20倍PE，对应目标价74.60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

16,650

35,028

41,716

49,736

(+/-)%

33.0%

110.4%

19.1%

19.2%

净利润(归母)

1,362

7,609

9,069

10,845

(+/-)%

181.4%

458.7%

19.2%

19.6%

每股净收益(元)

0.67

3.73

4.45

5.32

净资产收益率(%)

7.6%

35.6%

35.3%

35.1%

市盈率

90.57

16.21

13.60

11.37

资料来源：公司年报（2025），OpenDelP研究所；


股票代码

公司名称

市值(亿元)

归母净利润(亿元)

PE(倍)

25A

26E

27E

25A

26E

27E

300037.SZ

新宙邦

519

10.97

20.71

23.87

47

25

22

002407.SZ

多氟多

432

2.14

24.72

29.89

202

17

14

平均

125

21

18

资料来源：OpenDeIP，股价为2026年4月30日收盘价。

风险提示

技术迭代风险、原材料价格波动的风险、海外扩张风险、知识产权的风险。


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

1,915

30

2,835

6,200

交易性金融资产

489

489

489

489

应收账款及票据

6,882

14,479

17,243

20,558

存货

1,619

2,841

3,385

4,036

其他流动资产

2,152

3,547

4,077

4,712

流动资产合计

13,057

21,386

28,028

35,995

长期投资

374

374

374

374

固定资产

7,502

7,717

7,728

7,563

在建工程

2,400

2,137

1,953

1,823

无形资产及商誉

1,427

1,387

1,346

1,305

其他非流动资产

2,166

2,120

2,112

2,104

非流动资产合计

13,870

13,735

13,513

13,170

总资产

26,927

35,121

41,541

49,165

短期借款

1,079

1,279

1,479

1,679

应付账款及票据

4,554

7,991

9,519

11,353

一年内到期的非流动负债

824

679

679

679

其他流动负债

1,036

1,947

2,317

2,760

流动负债合计

7,493

11,895

13,994

16,470

长期借款

987

1,387

1,487

1,587

应付债券

0

0

0

0

租赁负债

30

30

30

30

其他非流动负债

380

351

351

351

非流动负债合计

1,397

1,768

1,868

1,968

总负债

8,891

13,663

15,862

18,439

实收资本(或股本)

2,034

2,039

2,039

2,039

其他归母股东权益

15,818

19,334

23,673

28,862

归属母公司股东权益

17,852

21,372

25,711

30,900

少数股东权益

185

85

-33

-174

股东权益合计

18,036

21,458

25,679

30,726

总负债及总权益

26,927

35,121

41,541

49,165

现金流量表

2025

2026E

2027E

2028E

经营活动现金流

1,182

2,973

8,478

9,966

投资活动现金流

-332

-1,121

-1,159

-1,151

筹资活动现金流

-557

-3,727

-4,515

-5,450

汇率变动影响及其他

-7

-10

0

0

现金净增加额

287

-1,885

2,804

3,365

折旧与摊销

1,057

1,241

1,367

1,487

营运资本变动

-1,617

-5,866

-1,939

-2,325

资本性支出

-659

-1,181

-1,178

-1,173

利润表

2025

2026E

2027E

2028E

营业总收入

16,650

35,028

41,716

49,736

营业成本

12,947

22,718

27,064

32,276

税金及附加

91

191

227

271

销售费用

72

151

180

215

管理费用

859

1,808

2,153

2,567

研发费用

847

1,782

2,122

2,530

EBIT

1,750

8,672

10,330

12,318

其他收益

150

315

375

447

公允价值变动收益

15

0

0

0

投资收益

8

16

19

23

财务费用

182

76

85

66

减值损失

-234

5

5

5

资产处置损益

9

19

23

27

营业利润

1,600

8,657

10,306

12,313

营业外收支

-62

-62

-62

-62

所得税

194

1,086

1,294

1,548

净利润

1,344

7,510

8,951

10,704

少数股东损益

-18

-99

-118

-141

归属母公司净利润

1,362

7,609

9,069

10,845

主要财务比率

2025

2026E

2027E

2028E

ROE(摊薄,%)

7.6%

35.6%

35.3%

35.1%

ROA(%)

5.3%

24.2%

23.4%

23.6%

ROIC(%)

7.3%

30.5%

30.7%

31.0%

销售毛利率(%)

22.2%

35.1%

35.1%

35.1%

EBIT Margin(%)

10.5%

24.8%

24.8%

24.8%

销售净利率(%)

8.1%

21.4%

21.5%

21.5%

资产负债率(%)

33.0%

38.9%

38.2%

37.5%

存货周转率(次)

8.7

10.2

8.7

8.7

应收账款周转率(次)

2.8

3.3

2.6

2.6

总资产周转率(次)

0.7

1.1

1.1

1.1

净利润现金含量

0.9

0.4

0.9

0.9

资本支出/收入

4.0%

3.4%

2.8%

2.4%

EV/EBITDA

33.93

12.78

10.62

8.77

P/E(现价&最新股本摊薄)

90.57

16.21

13.60

11.37

P/B(现价)

6.91

5.77

4.80

3.99

P/S(现价)

7.41

3.52

2.96

2.48

EPS-最新股本摊薄(元)

0.67

3.73

4.45

5.32

DPS-最新股本摊薄(元)

0.35

1.95

2.32

2.77

股息率(现价,%)

0.6%

3.2%

3.8%

4.6%

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

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.

(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 of the issuer mentioned in this Research Report.

(4) Global Prosperity Financial Company Limited and/or its subsidiaries have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months.

(5) Global Prosperity Financial Company Limited and/or its subsidiaries are not making a market in the securities in respect of the issuer mentioned in this Research Report.

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

DISCLAIMER

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Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Global Prosperity Financial Company Limited group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Global Prosperity Financial Company Limited.

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