See the last page for disclaimer最新动态➢26Q1 归母净利润同比增长15.03%。26Q1，公司营业收入为3.41 亿元，同比增长11.8%；归母净利润为2659.77 万元，同比增长15.03%；扣非净利润为2555.35 万元，同比上升17.84%。2025 年，公司营业收入为13.82 亿元，同比增长11.87%；归母净利润为5923.52 万元，同比减少36.71%；扣非净利润为1.01 亿元，同比增长15.36%。动向解读➢创新赋能农化助剂再升级，深耕市场海内外业务获新篇。在国内市场，公司主动挖掘开拓新客户潜力、推进新产品等，聚焦绿色高效定制化产品研发，持续优化生产流程与采购供应链模式，多措并举推动国内农化助剂业务实现稳健高质量增长；在海外市场，公司充分释放全球化运营协同优势，重点深耕欧洲、非洲、东盟及前独联体等核心战略区域，通过本土化运营布局、区域资源整合协同，持续提升农化助剂产品市场渗透率，推动海外农化助剂业务实现跨越式提升，成为公司整体增长的核心支撑。➢特种肥料锚定“提质增收”，综合解决方案稳步推广。2025 年，特种肥料业务围绕“提质增收”目标，以“测土配肥+田间示范”为抓手，实现从“产品供给”向“综合解决方案”的深度转型，紧扣“精准化、绿色化、高效化、营养化”战略导向，持续优化产品结构，特种肥料业务实现营业收入8009.85 万元。策略建议➢盈利预测。我们预计公司2026-2028 年EPS 分别为0.31、0.35 和0.39 元。参考同行业公司，考虑到公司在生物肥料研发和市场应用方面的领先优势，给予一定估值溢价，我们给予公司2026 年33 倍PE，对应目标价10.23 元，给予“买入”评级。Charles Zhuang 庄怀超SFC CE: BTE209微信: zhuangcharles; 电话: (852) 9748 7114;环球富盛理财有限公司
22 May 2026
富邦科技Hubei Forbon Technology (300387.SZ)26Q1 归母净利润同比增长15.03%，特种肥料锚定“提质增收”26Q1 net profit +15.03% YoY & Specialty fertilizers aiming at 'improving quality and increasing revenue'主要财务数据及预测2026E2027E2028E营业总收入1,3821,4711,5681,674(+/-)%11.9%6.5%6.6%6.8%净利润(归母)(+/-)%-36.7%50.6%12.1%11.6%每股净收益(元)0.200.310.350.39净资产收益率(%)4.1%5.9%6.3%6.7%市盈率(现价&最新股本摊薄)42.4528.1925.1522.54See the last page for disclaimer可比上市公司估值比较股票代码公司名称股价EPS（元）PE（倍）（元）24A25A26E24A25A26E000422.SZ
湖北宜化14.410.601.011.15000902.SZ
新洋丰14.161.451.681.93平均风险提示➢原材料及产品价格大幅波动、进度不及预期。See the last page for disclaimer财务报表分析和预测（单位：百万元）资产负债表2026E2027E2028E利润表2026E2027E2028E货币资金营业总收入1,3821,4711,5681,674交易性金融资产营业成本1,0371,1021,1731,250应收账款及票据税金及附加存货销售费用其他流动资产管理费用流动资产合计1,0171,2051,3891,583研发费用长期投资EBIT固定资产其他收益在建工程公允价值变动收益无形资产及商誉投资收益其他非流动资产财务费用非流动资产合计1,0451,003减值损失-6总资产2,0622,2082,3512,504资产处置损益-1-1-1-2短期借款营业利润应付账款及票据营业外收支-48-48-48-48一年内到期的非流动负债所得税其他流动负债净利润流动负债合计少数股东损益长期借款归属母公司净利润应付债券租赁负债主要财务比率2026E2027E2028E其他非流动负债ROE(摊薄,%)4.1%5.9%6.3%6.7%非流动负债合计ROA(%)3.1%4.3%4.5%4.8%总负债ROIC(%)5.1%4.7%4.9%5.1%实收资本(或股本)销售毛利率(%)25.0%25.1%25.2%25.3%其他归母股东权益1,1691,2111,2901,377EBIT Margin(%)10.6%8.7%9.0%9.3%归属母公司股东权1,4581,5001,5791,666销售净利率(%)4.4%6.3%6.6%6.9%少数股东权益资产负债率(%)26.9%29.7%30.5%31.1%股东权益合计1,5061,5511,6331,725存货周转率(次)5.65.55.55.5总负债及总权益2,0622,2082,3512,504应收账款周转率(次)5.45.25.25.2总资产周转率(次)0.70.70.70.7现金流量表2026E2027E2028E净利润现金含量0.61.71.61.5经营活动现金流资本支出/收入0.7%3.4%3.1%2.9%投资活动现金流-13-38-36-35EV/EBITDA12.8113.8812.4911.02筹资活动现金流-14P/E(现价&最新股本摊薄)41.0427.2524.3121.79汇率变动影响及其P/B(现价)1.671.621.541.46现金净增加额P/S(现价)1.761.651.551.45折旧与摊销EPS-最新股本摊薄(元)0.200.310.350.39营运资本变动-77-27-30-32DPS-最新股本摊薄(元)0.070.070.070.08资本性支出-10-50-48-48股息率(现价,%)0.8%0.8%0.9%1.0%备注：（1）表中计算估值指标的收盘价日期为2026 年 5 月21 日；（2）以上各表均为简表See the last page for disclaimer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，主要覆盖标的包括：1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、威格斯（Victrex）、三井化学（MitsuiChemicals）、住友化学（Sumitomo Chemical）、立邦（Nippon Paint）、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、味丹国际；2）能源&公用事业：沙特阿美（Saudi Aramco）、挪威国家石油（沙索）、中国海洋石油、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：沙索（Sasol）、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电话：(852) 97487114; (86) 18801353537COMPANY RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionBuyRelative 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.NeutralRelative 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 DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingDefinitionOutperform跑赢大市Relative Performance>5%;or the fundamental outlook of the sector is favorable.NeutralRelative 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 ofthe issuer mentioned in this Research Report.(4) Global Prosperity Financial Company Limited and/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 Limited and/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 with Global ProsperityFinancial Company Limited and/or its subsidiaries.DISCLAIMERThis 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 Limited group 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 of Global 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 Research Reportmay contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and 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 or resident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubject Global Prosperity Financial Company Limited and its group companies to any registration or licensing requirement within suchjurisdiction.© 2025 Global Prosperity Financial Company Limited. All Rights Reserved.Unit 2301, 23/F., 308 Central Des Voeux, 308 Des Voeux Road Central, Sheung Wan, Hong Kong