See the last page for disclaimer

See the last page for disclaimer最新动态➢26Q1 扣非净利润同比增长227.51%。公司26Q1 营业收入为28.36 亿元，同比下降5.41%；归母净利润为2.33 亿元，同比增长177.38%；扣非净利润为2.34 亿元，同比增长227.51%。公司2025 年营业收入为110.28 亿元，同比下降0.35%；归母净利润为-7814.27 万元，同比下降133.89%；扣非净利润为1700.66万元，同比下降92.50%。动向解读➢公司坚持“一体两翼”总体业务战略。公司致力于通过产业链延伸、产品结构优化与附加值提升，在现有“一体两翼”产业格局基础上进行深化与升级，为公司高质量发展注入强劲动力。“一体”是指以南京诚志为核心的清洁能源产业，聚焦煤炭清洁利用。“两翼”分别指以诚志永华、诚志华青和诚志新材料为核心的化工新材料产业和以合成生物为核心的生命医疗产业。公司坚持“诚志2.0 版”发展战略，丰富下游产业链，持续研发或引进乙烯、丙烯、丁二烯等产品的下游高新技术和高附加值产品技术，向下游新材料领域延伸发展，打造多元化产品结构，提高竞争力。➢超高分子量聚乙烯项目于2026 年2 月试生产成功。子公司诚志华青在青岛西海岸新区董家口经济区投资建设了超高分子量聚乙烯项目，超高分子量聚乙烯主要用于生产管材、型材、纤维、中空制品、注塑制品和隔膜制品。公司超高分子量聚乙烯项目已于2025 年完成了装置中交，并于2026 年2 月试生产成功。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8.41、9.39、10.50 亿元。参考同行业公司，我们给予公司2026 年22 倍PE，对应目标价15.18 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
2 May 2026
诚志股份 Chengzhi Shareholding (000990.SZ)聚焦煤炭清洁利用，以“化工新材料+生命医疗”为两翼Focus on the clean utilization of coal & 'New chemical materials + life and medical care' as the two wings主要财务数据及预测2026E2027E2028E营业总收入11,02814,80615,92817,065(+/-)%-0.3%34.3%7.6%7.1%净利润(归母)-781,050(+/-)%-133.9%1176.1%11.7%11.8%每股净收益(元)-0.060.690.770.86净资产收益率(%)-0.4%4.5%4.8%5.1%市盈率—18.2116.3014.58See 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（元）EPS（元/股）PE（倍）24A25A26E24A25A26E688268.SH华特气体188.301.541.132.36600989.SH宝丰能源30.700.861.552.56600309.SH万华化学89.544.154.205.45平均风险提示➢政策、法规风险；行业风险 ；技术风险；安全环保风险；商誉减值风险；管理风险。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1,7865,1959,259 13,744营业总收入11,028 14,806 15,928 17,065交易性金融资产1,7351,7351,7351,735营业成本9,418 10,082 10,795 11,482应收账款及票据1,1321,5191,6341,751税金及附加存货1,0271,1001,1771,252销售费用其他流动资产1,0081,044管理费用流动资产合计6,583 10,557 14,849 19,560研发费用长期投资1,1001,1001,1001,100EBIT3,2043,5163,871固定资产5,0504,5984,0253,360其他收益在建工程1,172公允价值变动收益-124无形资产及商誉7,6807,6617,6397,615投资收益其他非流动资产6,2116,1796,1216,064财务费用非流动资产合计21,212 20,458 19,630 18,759减值损失-77总资产27,795 31,015 34,479 38,319资产处置损益短期借款2,1792,1992,2192,239营业利润3,1083,4673,870应付账款及票据1,5201,6271,7431,854营业外收支-42-42-42-42一年内到期的非流动负债所得税其他流动负债净利润2,9003,2393,621流动负债合计4,6584,9195,0935,263少数股东损益2,0592,3002,571长期借款2,4992,5492,5992,649归属母公司净利润-781,050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,%)-0.4%4.5%4.8%5.1%非流动负债合计4,4604,5064,5564,606ROA(%)0.3%9.9%9.9%9.9%总负债9,1189,4259,6509,870ROIC(%)1.6%10.8%10.6%10.4%实收资本(或股本)1,2151,2151,2151,215销售毛利率(%)14.6%31.9%32.2%32.7%其他归母股东权益 16,482 17,336 18,276 19,326EBIT Margin(%)3.9%21.6%22.1%22.7%归属母公司股东权17,697 18,551 19,491 20,541销售净利率(%)0.8%19.6%20.3%21.2%少数股东权益3,0385,3387,909资产负债率(%)32.8%30.4%28.0%25.8%股东权益合计18,677 21,590 24,829 28,450存货周转率(次)9.79.59.59.5总负债及总权益27,795 31,015 34,479 38,319应收账款周转率(次)10.912.511.311.3总资产周转率(次)0.40.50.50.5现金流量表2026E2027E2028E净利润现金含量-13.84.54.84.7经营活动现金流1,0783,8004,5124,924资本支出/收入7.4%2.6%2.5%2.3%投资活动现金流-1,045-368-374-373EV/EBITDA12.073.842.701.62筹资活动现金流-49-20-74-66P/E(现价&最新股本摊薄)—18.2116.3014.58汇率变动影响及其-3-3P/B(现价)0.870.830.790.75现金净增加额-193,4094,0644,485P/S(现价)1.391.030.960.90折旧与摊销1,1301,1781,221EPS-最新股本摊薄(元)-0.060.690.770.86营运资本变动-357-74-77DPS-最新股本摊薄(元)0.000.000.000.00资本性支出-818-392-391-391股息率(现价,%)0.0%0.0%0.0%0.0%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，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. 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