东岳集团 20250415 摘要 • 东岳集团业务均衡，涵盖制冷剂、含氟高分子和有机硅。受益于制冷剂价 格上涨和配额优势，制冷剂利润占比提升，成为公司盈利增长点。 • 公司股价受 PVDF 需求和产能扩张预期影响波动。2024 年三代制冷剂配 额制度实施，标志着制冷剂板块进入新景气周期，推动股价上行。 • 东岳集团通过回购股份减少新华联债务危机的影响，目前以自然人股东为 主，董事长张总持股 15%。子公司东岳高分子、东岳有机硅等仍为控股子 公司。 • 二代制冷剂 R22 因维修需求和配额限制，价格大幅上涨，东岳集团 R22 配额占比 29.5%，毛利润可观。三代制冷剂 R32 在家用空调中广泛应用， 价格持续上涨，价差显著。 • PTFE 产能增速稳定，中低端产品过剩，高端产品依赖进口。AI 服务器等 新兴需求驱动高端 PTFE 需求增长，东岳集团等龙头企业已布局。 • PVDF 市场受新能源需求影响经历价格暴涨暴跌，目前产能过剩逐步消化。 东岳集团等企业正深耕 PVDF 高端应用，寻求差异化发展。 • 预计东岳集团 2024-2026 年归母净利润分别为 8 亿、22 亿和 30 亿元。 给予公司 7-8 ...

整体的价格都处于一个盈利不怎么多的一个状态但我们来讲的话呢 还有这个降等增效的这么一个政策让我们这个韩国货物材料的这个成本进一步降低在市场上竞争力还是非常高的所以这个服务业绩有了不错的一个增长 那这个去年有机归这个业务分部的这个对外销售收入增长是大概7%多这个虽然增长不多但是其实也是有很好的一个表现因为去年有机归的价格也是有比较大的波动这个降了不少但是我们东岳硅材那边他们通过对这个销售的拓展 进一步抓住市场所以这个对外销售收入不仅没降反而有所增长然后分布业绩呢是呃因为二二三年是一个亏损所以呃去年还是一个扭亏为盈的这种这种情况呃还是表现非常不错的呃在行业内呃处于一个比这个这个盈利情况比较好的一个一个情况一个一个位置 除了这三个最主要的板块还有像这个29RMG烧点这个分布它的对外销售收入虽说减少但是分布业绩也大涨了将近50%其实这个分布主要是我们的一些副产品而且他们主要都是这种达宗的化工产品 所以我们基本上就是跟着市场走市场下车怎么动我们就怎么动这个量上面我们不会太大波动因为我们要保证其他产品的这个生产这个 整个产业链的要运行起来所以这个量还不会有太大的变化所以就是这个市场价格的变化以及我们的相对增效能够让我们这 ...

证券研究报告 | 2025年04月11日 东岳集团（00189.HK） 优于大市 国内氟硅行业龙头企业，充分受益于制冷剂景气度上行 公司为我国氟、硅行业龙头，制冷剂、含氟高分子、有机硅为公司主要营收 构成。东岳集团成立于 1987 年，2007 年于香港主板上市，上市以来经过近 20 年发展，已经成为中国氟硅行业龙头企业，业务板块涵盖制冷剂、含氟高 分子、有机硅材料、含氟功能膜材料等方向。当前公司控股公司东岳绿冷科 技主营制冷剂产品的生产销售，其中二代制冷剂 R22 产能达 22 万吨，居全 国第一，公司 2025 年制冷剂生产配额合计达 12.99 万吨，居国内领先水平； 控股公司东岳高分子及华夏神舟主营含氟高分子的生产销售，公司拥有 5.5 万吨 PTFE 产能、2.5 万吨 PVDF 产能，分别居国内第一、第二；控股公司东 岳有机硅材料（东岳硅材）2020 年于创业板上市，主营有机硅单体、中间体 及下游硅橡胶、硅油、气相白炭黑等深加工产品，当前具备 60 万吨有机硅 单体及 20 万吨下游深加工产品产能，居国内前列；控股公司东岳氟硅材料 主营烧碱、PVC、二氯甲烷等大宗原料。公司氟、硅、膜、氢产业链下共 ...

Investment Rating - The report maintains an "Outperform" rating for Dongyue Group [2][10]. Core Views - In 2024, the profit attributable to owners increased by 14.55%, while revenue decreased by 2.15% to RMB 14.181 billion. The gross profit margin improved by 4.81 percentage points to 21.62% [6][10]. - The company has completed the disposal of its real estate business assets, marking the end of its involvement in this sector since 2011 [9]. - The fluorine-silicon chemical industry faced significant external market impacts, leading to price adjustments for key products like refrigerants R22 and R32, which contributed to the company's performance improvement [6][10]. Business Segment Summary - **Fluorine-containing Polymer Materials**: External sales were approximately RMB 3.825 billion, a year-on-year decrease of 15.98%, accounting for 26.97% of total sales, with segment profit increasing by 50.87% to RMB 508 million [7]. - **Refrigerants**: External sales reached about RMB 3.248 billion, up 13.10% year-on-year, representing 22.90% of total sales, with segment profit soaring by 159.63% to RMB 806 million [7]. - **Silicones**: External sales were approximately RMB 5.213 billion, a year-on-year increase of 7.20%, accounting for 36.76% of total sales, with a segment profit turnaround to RMB 102 million [7]. - **Methylene Chloride and Caustic Soda**: External sales were about RMB 1.104 billion, down 6.16% year-on-year, accounting for 7.79% of total sales, with segment profit increasing by 49.85% to RMB 372 million [7]. Quota and Market Position - Dongyue Group holds the largest second-generation refrigerant quota in the country, with a total production quota of 44,600 tonnes for 2025, representing 27.26% of the industry [8]. - The company also has a production quota of 86,100 tonnes for third-generation refrigerants in 2025, reflecting a 5.70% increase from the previous year [8]. Profit Forecast - The forecast for net profit from 2025 to 2027 is RMB 1.800 billion, RMB 2.109 billion, and RMB 2.531 billion respectively, with a target price set at HKD 12.00 based on a PE ratio of 10.62 for 2025 [10].

Summary of the Conference Call for Dongyue Group Industry Overview - The conference call primarily discusses the performance and strategies of Dongyue Group in the refrigerant and fluoropolymer materials industry, as well as its organic silicon segment and real estate business. Key Points and Arguments 1. Overall Performance in 2024 - Dongyue Group adopted a cautious and diversified operational strategy amid a less optimistic economic environment, achieving notable performance growth. The refrigerant segment showed the best performance with a revenue increase of 13%, and some performance metrics surged by 160%, primarily due to significant price increases for R32 and R22 products [3][4][33]. 2. Refrigerant Segment - The refrigerant business experienced a 13% revenue growth, with some performance metrics increasing by 160%. This was mainly attributed to the price hikes of R32 and R22 due to quota regulations. The company quickly adjusted its product structure and optimized market allocation to enhance competitiveness [4][34]. 3. Fluoropolymer Materials Segment - The fluoropolymer materials segment saw a 16% decline in external sales revenue, but segment performance increased by over 50%. This was due to product price advantages and cost control measures, as well as targeted marketing in high-end application areas [4][5][35]. 4. Organic Silicon Segment - The organic silicon segment turned from a loss in 2023 to profitability in 2024, with a slight increase in external sales revenue. This turnaround was attributed to adjustments in sales strategy and improvements in production efficiency [6][35]. 5. Real Estate Business Impact - The real estate business negatively impacted overall profits in 2024 due to asset disposals, leading to significant declines in other business segments and resulting in depreciation and tax issues. The company has been gradually exiting the real estate sector since 2020, with most remaining assets processed by the end of 2024 [7][38]. 6. Research and Development Focus - The company is focusing on market-oriented projects, optimizing R&D investments despite a decrease in R&D spending. The emphasis is on high-end applications such as high-end PTFE and PVDF to meet future market demands [8][10][28][37]. 7. Cost Control and Efficiency Measures - Dongyue Group will continue to implement cost reduction and efficiency enhancement policies, including expense management and cross-training in key departments to improve professionalism and inject new vitality into the company [8][42]. 8. Future Development Strategies - Looking ahead, the company plans to continue executing established policies and actively seize market opportunities. In the refrigerant sector, it will closely follow market price trends, while in fluoropolymer and organic silicon materials, it anticipates a recovery and aims to enhance competitiveness [9][39]. 9. Production Capacity and New Projects - The company is constructing a new 60,000-ton R32 facility in two phases, with the first phase of 11,000 tons expected to be completed before the peak season to address supply shortages. The polyurethane project is also expected to be launched in April and May [4][25][55]. 10. Market Conditions and Price Trends - The market conditions for refrigerants, particularly R22, are expected to fluctuate based on seasonal demand, with current prices remaining stable compared to earlier months. The company anticipates increased sales in the second quarter [17][49]. 11. Talent Management Adjustments - The company has implemented job rotation training in key departments to enhance the professionalism and capabilities of its workforce, contributing to the company's growth [11][42]. 12. Future Dividend Plans - Future dividend distributions will be determined based on the company's operational performance, with no specific plans currently in place [21][60]. 13. Inventory Levels - The company does not currently face concerns regarding inventory levels for R22, as the stock is not at levels that would raise alarms following quota reductions [22][53]. 14. Export and Domestic Demand - Domestic demand showed improvement in March after a slow start to the year, while export data quality remains uncertain due to potential licensing issues [23][54]. 15. PTFE Applications - PTFE is widely used in high-end applications, including electronics and new energy sectors, with the company performing well in the domestic market and seeking further development opportunities [18][50]. Conclusion - Dongyue Group's strategic focus on optimizing product offerings, enhancing operational efficiency, and navigating market challenges positions it well for future growth in the refrigerant and fluoropolymer materials sectors, despite the challenges posed by its real estate business.

Core Viewpoint - Dongyue Group reported a revenue of RMB 14.181 billion for the year ending December 31, 2024, a decrease of 2.15% year-on-year, while net profit attributable to shareholders increased by 14.55% to RMB 0.811 billion, with earnings per share at RMB 0.46 and a proposed final dividend of HKD 0.1 per share [1] Group Performance - The fluorosilicone chemical industry faced significant external environmental changes, leading to product price adjustments. The refrigerant segment saw substantial price increases for key products like R22 and R32 due to quota restrictions, prompting the company to optimize product structure and market allocation, contributing to performance growth and laying a solid foundation for future industry layout [1] - The organic silicon segment turned profitable due to effective cost management and strong market expansion capabilities amid supply-demand imbalances in the industry [1] - The fluoropolymer materials segment maintained a competitive edge through high product quality and a focus on high-end products, achieving stable performance despite intensified market competition and declining product prices [1] Operational Efficiency - In a competitive environment, the company enhanced operational efficiency, resulting in increased production of major products compared to 2023, while reducing raw material consumption, overall energy consumption, and by-product output [2] - A data analysis system was established across production processes to analyze production data, provide guidance, and improve efficiency. The company maintained strict safety and environmental standards, achieving a significant reduction in abnormal shutdown rates and ensuring compliance with wastewater and air emission standards [2] Research and Development - The company placed significant emphasis on independent research and development, with R&D expenses amounting to approximately RMB 707 million for the year. Over 40 projects related to new products, technologies, and energy-saving measures were initiated, contributing significantly to revenue and profit growth [2] - By the end of 2024, the R&D team had grown to over 800 members, with more than 60% holding doctoral or master's degrees. The company received 121 patent authorizations during the year, bringing the total to over 600 patents [2] - The company also published four national standards, four industry standards, and 20 group standards during the review period, further promoting industry development [2]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 14,181 million, a decrease of 2.15% from RMB 14,493 million in 2023[4] - Gross profit increased to RMB 3,067 million, representing a gross margin of 21.62%, up from 16.81% in the previous year[4] - Profit before tax rose significantly to RMB 1,423 million, compared to RMB 653 million in 2023, marking a substantial increase[5] - Net profit attributable to equity holders was RMB 811 million, an increase from RMB 708 million in the prior year[4] - Basic earnings per share improved to RMB 0.46, up from RMB 0.32 in 2023[4] - The company reported a total comprehensive income of RMB 1,008 million, up from RMB 596 million in 2023[5] - The company recorded revenue of approximately RMB 14,181,087,000 for the year ending December 31, 2024, a decrease of 2.15% compared to RMB 14,493,323,000 in 2023[58] - The company achieved a net profit of approximately RMB 987,497,000 in 2024, compared to RMB 611,085,000 in 2023, representing a significant increase[58] Equity and Assets - Total equity as of December 31, 2024, reached RMB 17,472 million, compared to RMB 16,938 million in 2023[4] - The company's equity attributable to owners increased from RMB 12,107,060 thousand in 2023 to RMB 14,794,221 thousand in 2024, an increase of about 22.2%[7] - The company's total equity increased from RMB 16,938,409 thousand in 2023 to RMB 17,471,837 thousand in 2024, representing an increase of approximately 3.1%[7] - The net asset value per share increased to RMB 10.00, compared to RMB 7.71 in the previous year[4] - Total assets decreased from RMB 17,388,956 thousand in 2023 to RMB 17,997,192 thousand in 2024, representing a decline of approximately 3.5%[6] Liabilities - Total liabilities decreased from RMB 4,559,789 thousand in 2023 to RMB 2,939,678 thousand in 2024, a reduction of about 35.5%[7] - Current liabilities decreased significantly from RMB 4,500,284 thousand in 2023 to RMB 2,822,668 thousand in 2024, a decline of approximately 37.2%[7] Revenue by Segment - Revenue from high polymer materials was RMB 3,824,967 in 2024, down from RMB 4,552,407 in 2023, representing a decline of 16%[13] - Revenue from refrigerants increased to RMB 3,247,702 in 2024, compared to RMB 2,871,580 in 2023, marking an increase of 13.1%[13] - Revenue from organic silicon products was RMB 5,212,703 in 2024, a slight increase from RMB 4,862,426 in 2023, reflecting a growth of 7.2%[13] - The high polymer materials segment reported external sales of RMB 3,824,967,000, a decrease of 15.98% from RMB 4,552,407,000 in 2023, but the segment's profit increased by 50.87% to RMB 508,088,000[61] - The refrigerant segment's external sales increased by 13.10% to RMB 3,247,702,000, with profits soaring by 159.63% to RMB 806,356,000[63] - The organic silicon division's external sales increased by 7.20% to RMB 5,212,703,000, accounting for 36.76% of the group's total external sales[65] Research and Development - Research and development expenses decreased to RMB 707 million from RMB 935 million, indicating a focus on cost management[5] - Research and development costs amounted to approximately RMB 707 million, with over 40 new projects contributing to revenue and profit growth[50] - The group obtained 121 patent grants during the year, bringing the total number of patents to over 600 by year-end[50] Dividends - The company declared a final dividend of HKD 0.10 per share, consistent with the previous year[4] - The proposed final dividend for 2024 is RMB 160,456,029, maintaining the same dividend per share of HKD 0.10 as in 2023[31] - The board of directors proposed a final dividend of HKD 0.10 per share for shareholders listed on June 16, 2025[58] Cost Management - Distribution and selling expenses decreased by 13.09% to RMB 437,188,000 due to reduced operational costs[70] - Administrative expenses increased by 13.53% to RMB 734,857,000, primarily due to increased asset impairment provisions[71] - Cost control measures have led to a reduction in procurement, engineering, maintenance, and transportation costs, enhancing market competitiveness[51] - The group has strengthened management practices to ensure ongoing cost reduction and efficiency improvements[56] Investments - The group has made an additional investment of RMB 15,648,000 in Zibo Runxin during the year ending December 31, 2023[39] - The group's total investment in Taihe is RMB 600,000,000, representing 6% of Taihe's registered capital of RMB 10,000,000,000[34] Employee Information - As of December 31, 2024, the group employed 6,922 employees, a slight decrease from 6,977 in 2023[82] - The total employee costs for 2024 amounted to RMB 1,054,873,000, a decrease from RMB 1,345,678,000 in 2023, representing a reduction of approximately 21.5%[28] Market Conditions - The market for refrigerants, including key products like R22 and R32, saw significant price increases due to quota restrictions, positively impacting the company's performance[48] - The company’s management noted that the fluorosilicone industry faced significant changes due to external economic factors, affecting product pricing and market conditions[47] Miscellaneous - The company has not identified any significant impact from the newly issued international financial reporting standards on its operational performance and financial position[11] - The company will not buy, sell, or redeem any listed securities for the fiscal year ending December 31, 2024[90] - The audit committee will review the financial reporting and internal controls for the fiscal year ending December 31, 2024, on March 24, 2025[93]

Investment Rating - The report does not provide a specific investment rating for the company [3] Core Insights - Dongyue Group focuses on the domestic chemical new materials market, reducing the impact of overseas policies such as tariffs [1][8] - The company has exited its real estate business to concentrate on its core chemical operations [1][34] - The company has seen significant growth in operating profit, particularly in the refrigerant segment due to quota implementation driving prices up [1][25][27] Summary by Sections Company Overview - Dongyue Group, established in 1987 and listed in Hong Kong since 2007, primarily produces four categories of chemical products: polymer materials, organic silicon, refrigerants, and dichloromethane and caustic soda [1][7] - The company generates 84.8% of its revenue from the domestic market, which mitigates the direct impact of overseas policies [1][8] Financial Performance - For 1H24, the company's operating profit increased by 135.2% year-on-year to 650 million RMB, driven by effective cost management and rising refrigerant prices [1][10] - The revenue for FY23 was 14,493 million RMB, with a growth rate of 26.4% compared to FY22 [5][11] Product Segments - **Refrigerants**: The implementation of production quotas has led to a significant increase in prices, with R32 refrigerant prices reaching 40,000 RMB per ton in December 2024, compared to 13,000 RMB and 18,000 RMB in the same period of 2022 and 2023 respectively [1][25][27] - **Polymer Materials**: The segment has shown a 35.2% increase in operating profit for 1H24, with a profit margin increase of 5 percentage points to 14.9% [13] - **Organic Silicon**: The segment turned profitable in 1H24, recording a profit of 53.68 million RMB due to lower production costs and increased sales [19] - **Dichloromethane and Caustic Soda**: This segment's performance improved by 44.4% in 1H24, attributed to a significant drop in unit costs [33] Market Position and Valuation - The company's FY25 price-to-earnings ratio is projected at 6.3 times, indicating a valuation comparable to its peers in the Hong Kong chemical sector [37]

Investment Rating - The investment rating for Dongyue Group is "Outperform the Market" [1] Core Views - Dongyue Group is a leading enterprise in the fluorosilicone industry, primarily engaged in fluorosilicone chemical business across five segments, including high polymer materials, refrigerants, organic silicon, dichloromethane, PVC, and caustic soda [5][6] - The company experienced a decline in net profit in 2024H1, amounting to 233 million yuan, a year-on-year decrease of 6.70%. The revenue for 2021-2024H1 was 15.847 billion yuan, 20.036 billion yuan, 14.554 billion yuan, and 7.285 billion yuan, reflecting year-on-year changes of +57.48%, +26.43%, -27.36%, and +1.07% respectively [5] - The company benefits from rising refrigerant prices, with R22's market average price increasing by 56.41% since January 29, 2024, and R32's price rising by 126.87% year-on-year [5] Summary by Sections Financial Performance - The company reported a net profit of 708 million yuan in 2023, with projections of 907 million yuan, 1.476 billion yuan, and 2.012 billion yuan for 2024, 2025, and 2026 respectively, indicating a significant recovery in profitability [7][11] - Revenue for 2023 is projected at 14.493 billion yuan, with expected growth to 15.940 billion yuan in 2024, 17.979 billion yuan in 2025, and 20.378 billion yuan in 2026, reflecting a year-on-year growth of 10.0%, 12.8%, and 13.3% [7][11] Market Position and Innovation - The company introduced 101 new product grades in 2023, enhancing its competitive edge and market position. It holds a total of 620 authorized patents and has published 127 various standards [6] - Research and development expenditures were approximately 935 million yuan in 2023, accounting for 6.45% of total revenue [6] Earnings Forecast - The forecasted net profits for 2024-2026 are 907 million yuan, 1.476 billion yuan, and 2.012 billion yuan, with corresponding EPS of 0.52 yuan, 0.85 yuan, and 1.16 yuan [6][11] - The estimated PE ratio for 2024 is between 16-18 times, leading to a reasonable value range of 8.32-9.36 yuan, which translates to 9.04-10.17 HKD based on the exchange rate [6]

Research and Development - In the first half of 2024, the Group's R&D expenditure was approximately RMB 321,439,000, maintaining a high level of investment in innovation[12] - The Group completed the construction of 26 key R&D projects, focusing on high-end application materials, with an expected investment of nearly RMB 200 million[12] - The Group's R&D expenditure for the review period was approximately RMB321,439,000, with 26 key R&D projects expected to contribute to future growth after marketing and promotion[13] Operational Efficiency and Safety - The Group achieved over 90% operational efficiency during the review period, with no safety or environmental incidents reported[12] - The Group maintained a business operating ratio of over 90% with no safety or environmental incidents recorded, while comprehensive energy consumption and hazardous waste per ton of products showed a decline[14] - The focus on safety and environmental standards ensured stable production and maintained a leading cost advantage in the market[12] Financial Performance - For the six months ended June 30, 2024, the Group recorded revenue of approximately RMB7,261,012,000, an increase of 0.87% compared to RMB7,198,111,000 for the same period last year[24] - The gross profit margin increased to 19.83%, up from 15.73% in the corresponding period of 2023[25] - Profit before taxation for the period was approximately RMB672,878,000, significantly higher than RMB287,755,000 in the same period of 2023[25] - Net profit reached approximately RMB395,208,000, compared to RMB208,069,000 for the corresponding period last year[25] Market Conditions and Challenges - The domestic economy continues to recover, but market demand remains insufficient, posing challenges for the industry[10] - The Group's refrigerants segment performed well, but other product markets remained sluggish, prompting a focus on cost-saving measures and internal control enhancements[17] - The Group's strategic positioning and adherence to policy changes have allowed it to navigate the complexities of the current economic environment successfully[10] Product Segments Performance - The refrigerants segment saw significant growth due to policy impacts, leading to increased product prices[29] - The fluoropolymer segment generated revenue of RMB2,032,921,000 with a segment results margin of 14.92%[27] - The organic silicone segment reported revenue of RMB2,759,094,000 but had a negative segment results margin of 1.95%[27] - The dichloromethane and liquid alkali segment achieved a segment results margin of 25.75% with revenue of RMB515,594,000[27] Strategic Initiatives - The Group plans to intensify marketing for 26 high-end projects to expedite their contribution to business performance, emphasizing the development of high-end products as a core strategy[19] - The Group aims to further develop the fluorosilicon industry chain, enhancing resource recycling and market advantages through integrated operations[19] - Technological transformation projects, including energy-saving and automation upgrades, remain a priority, with a focus on ensuring proportional investment and output[19] Corporate Governance and Risk Management - The Board is responsible for assessing risks associated with strategic objectives and ensuring effective risk management and internal control systems are in place[48] - The company has established a Nomination Committee responsible for the appointment of new Directors[47] - The Corporate Governance Committee oversees corporate governance matters within the company[47] Shareholder and Equity Information - The Group completed an off-market share buy-back of 520,977,818 shares on March 5, 2024[40] - The Board has reviewed the effectiveness of risk management and internal control systems during the Reporting Period and deemed them effective and adequate[54] - The company declared dividends amounting to RMB (50,700) to non-controlling interests during the period[99] Cash Flow and Financial Position - The net cash inflow from operating activities during the review period was RMB409,516,000, compared to RMB713,108,000 for the six months ended June 30, 2023[39] - The total cash and cash equivalents at the end of the period were RMB 2,321,189,000, down from RMB 4,260,716,000 at the beginning of the period[103] - The company reported trade payables of RMB1,627,474,000 as of June 30, 2024, down from RMB2,159,485,000 as of December 31, 2023, indicating a reduction of approximately 25%[143] Employee and Management Information - As of June 30, 2024, the Group employed 8,393 employees, a decrease from 8,742 employees as of December 31, 2023[40] - The short-term employee benefits for key management personnel were RMB 28,589,000, slightly up from RMB 28,537,000 in the previous year, showing a marginal increase of 0.18%[179] - The employee option scheme has a cash contribution limit of HK$1,300,000,000, with no shares purchased in the market during the six months ended June 30, 2024[150] Future Outlook - The Group's future outlook includes increasing high-end product market promotion, further developing the industry chain ecology, and upgrading production technology[18] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[34]