浙江巨化股份有限公司 增资控股甘肃巨化新材料有限公司 暨实施高性能氟氯新材料一体化项目的 可行性研究报告 二〇二五年二月 | 释义 | 1 | | --- | --- | | 第一节 | 项目概况 5 | | | 一、项目内容 5 | | | 二、项目主体 6 | | 第二节 | 项目背景 10 | | 第三节 | 项目实施的必要性和可行性 13 | | | 一、必要性 13 | | | 二、可行性 16 | | 第四节 | 项目投资方案 20 | | | 一、标的公司项目规划 20 | | | 二、本次增资方案 23 | | 第五节 | 项目经济效益 26 | | 第六节 | 项目风险及应对措施分析 27 | | | 一、市场风险 27 | | | 二、因环保标准提高而带来的风险 27 | | | 三、重要原材料、能源价格上行以及新增折旧摊销等风险 27 | | | 四、产业政策风险 28 | | | 五、审批风险 28 | | | 六、项目实施风险 28 | | 第七节 | 实施本项目对上市公司的影响 30 | | 第八节 | 公司内部审议情况 31 | | | 一、董事会审议情况 31 | | | 二、 ...

浙江巨化股份有限公司 关于增资控股甘肃巨化新材料有限公司 实施高性能氟氯新材料一体化项目暨关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 浙江巨化股份有限公司（以下简称"公司"、"本公司"或"巨化股份"） 拟与控股股东巨化集团有限公司（以下简称"巨化集团"）共同增资甘肃巨化新 材料有限公司（以下简称"甘肃巨化"），将甘肃巨化注册资本由 1.00 亿元增至 60.00 亿元。其中本公司认缴出资 42.00 亿元，占比 70%；巨化集团认缴出资 18.00 亿元（含巨化集团前期已出资 1.00 亿元），占比 30%。 本次，公司与巨化集团拟实缴注册资本分别为 7.00 亿元和 2.00 亿元，将甘 肃巨化实缴注册资本增至 10.00 亿元。根据甘肃巨化股东全部权益价值的评估结 果，经各方协商，本次实缴增资的价格为 1.000406 元/注册资本。 本次增资后，本公司取得甘肃巨化控股权，并由其实施高性能氟氯新材料一 体化项目（以下简称"本项目"或"项目"，公司增资控股甘肃巨化并实施本项 目以下合称 ...

浙江巨化股份有限公司 关于 2024 年"提质增效、重回报" 专项行动方案执行情况的报告 （2024 年度） 为了深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提 高上市公司质量的意见》要求，践行"以投资者为本"理念，推动浙江巨化股份有限 公司（以下简称"公司"或"巨化股份"）高质量发展和投资价值提升，增强投资者 回报，提升投资者获得感，助力资本市场健康发展，公司董事会九届八次会议审议批 准了《巨化股份 2024 年"提质增效重回报"专项行动方案》（以下简称《专项行动方 案》）。根据上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡 议》（上证公告〔2024〕13 号）、《专项行动方案》相关规定，现将公司 2024 年度 《专项行动方案》执行情况报告如下： 一、概述 2024 年，面对机遇挑战并存复杂严峻的经营环境，面对多变的资本市场，面对繁 重的经营发展任务，公司坚持战略自信，稳中求进，主动作为，以"创造价值，回报 社会"为宗旨，以"在高质量发展中创造价值，实现好发展好投资者利益"为目标， 以确定性工作应对不确定性环境，完整准确全面贯彻新发展理念，积极践行"以投资 者为本"理念 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 3 月 7 日 14 点 00 分 召开地点：浙江巨化股份有限公司办公楼二楼视频会议室（浙江省衢州市柯 城区） 浙江巨化股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (五) 网络投票的系统、起止日期和投票时间。 证券代码：600160 证券简称：巨化股份 公告编号：2025-07 (七) 涉及公开征集股东投票权 无 1 股东大会召开日期：2025年3月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 7 日 至 2025 年 3 月 7 日 采用上海证券交易所网络投 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-05 浙江巨化股份有限公司 董事会九届十四次（通讯方式）会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江巨化股份有限公司（以下简称"公司"）董事会于 2025 年 2 月 8 日以 电子邮件、书面送达等方式向公司董事发出召开董事会九届十四次会议（以下简 称"会议"）的通知。会议于 2025 年 2 月 18 日在公司二楼视频会议室以现场结 合通讯方式召开。会议由公司董事长周黎旸先生主持。会议应出席董事 12 人， 实际出席 12 人（其中出席现场会议董事 8 名，董事赵海军、鲁桂华、张子学、 刘力以通讯（视频）方式参会）。公司监事列席了本次会议。会议的召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。与会董事经 认真审议后，做出如下决议： 一、以 12 票同意、0 票反对、0 票弃权，通过《关于审议<公司关于 2024 年 "提质增效重回报"专项行动方案执行情况的报告（2024 年度）>的议案》 二、以 8 票同意 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [4][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87 to 2.1 billion yuan for 2024, with the fourth quarter projected to contribute 612 to 842 million yuan [5] - The supply tightness in the refrigerant market is expected to persist, driven by improved downstream demand and price increases [6][7] Market Performance - The company's stock closed at 25.66 yuan on February 5, 2025, with a yearly high of 26.72 yuan and a low of 14.25 yuan [2] - The circulating A-shares total 2.7 billion, with a market capitalization of 69.275 billion yuan [2] Financial Data - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.515 billion yuan in 2024, reflecting a year-on-year increase of 18.7% [12] - The net profit is expected to rise significantly from 944 million yuan in 2023 to 1.984 billion yuan in 2024, marking a 110.3% increase [12] - The diluted EPS is forecasted to be 0.73 yuan in 2024, increasing to 1.16 yuan in 2025 and 1.34 yuan in 2026 [8][12] Supply and Demand Dynamics - The company’s main products are expected to see a 14.96% increase in external sales volume, reaching 3.1438 million tons in 2024 [6] - The average selling price of refrigerants is projected to rise by 32.69% year-on-year to 26,765 yuan per ton in 2024 [6] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 35, 22, and 19, respectively, based on the closing price of 25.66 yuan [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87-2.10 billion yuan in 2024, representing a year-on-year growth of 98%-123%. The non-net profit is projected to be 1.72-1.95 billion yuan, with a year-on-year increase of 109%-137% [2][4]. - In Q4 2024, the company anticipates a net profit of 610-840 million yuan, showing a year-on-year growth of 211.1%-328.0% and a quarter-on-quarter increase of 44.6%-98.9% [2][4]. - The company is positioned to benefit from the rising prices of refrigerants, with a projected increase in sales volume and prices in the upcoming quarters [10][11]. Summary by Sections Company Performance - The company forecasts a significant increase in net profits for 2024, with Q4 expected to show particularly strong growth [2][4]. - The refrigerant prices have increased by 32.7% year-on-year, contributing to the company's positive outlook [10][11]. Market Dynamics - The refrigerant industry is experiencing an upward trend, with strong demand in the air conditioning sector, which is expected to exceed 200 million units in total production and sales for 2024 [10][11]. - The company’s sales volume for refrigerants in Q4 is projected to reach 107,000 tons, a 25.3% increase from Q3 [10][11]. Future Outlook - The company is expected to continue benefiting from the favorable market conditions in the refrigerant industry, with projected net profits for 2024-2026 being 1.97 billion, 4.94 billion, and 6.32 billion yuan respectively [10][11].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [27]. Core Views - The report highlights that the refrigerant industry is expected to benefit from improved supply and demand dynamics, with a positive long-term outlook for refrigerant prices due to increasing overseas demand and a concentrated supply structure [4]. - The long-term contract prices for refrigerants have seen an increase, with R32 contract prices rising to approximately 41,000 yuan per ton, reflecting a positive market response [4]. - The company is projected to achieve significant revenue growth, with expected revenues of 25.3 billion yuan, 29.5 billion yuan, and 34.2 billion yuan for 2024, 2025, and 2026, respectively, alongside substantial profit increases [4]. Summary by Sections Company Basic Data - Total shares outstanding: 2,699.75 million - Total market capitalization: 68,492.56 million - Circulating market capitalization: 68,492.56 million - Highest/Lowest price in December: 26.72/14.25 yuan - Debt-to-asset ratio: 33.87% - Net asset value per share: 6.32 yuan - Price-to-earnings ratio (TTM): 47.10 - Price-to-book ratio (PB): 4.01 - Return on equity: 7.37% [1]. Financial Projections - Expected revenue for 2024: 25.3 billion yuan, with a year-on-year growth of 22.5% - Expected revenue for 2025: 29.5 billion yuan, with a year-on-year growth of 16.4% - Expected revenue for 2026: 34.2 billion yuan, with a year-on-year growth of 16.1% - Expected net profit for 2024: 1.98 billion yuan, with a year-on-year growth of 110% - Expected net profit for 2025: 3.92 billion yuan, with a year-on-year growth of 98.1% - Expected net profit for 2026: 6.23 billion yuan, with a year-on-year growth of 59% [4][5]. Industry Overview - The refrigerant market is characterized by a high concentration of supply, with CR3 and CR5 ratios exceeding 70% and 90% for major refrigerants by 2025, indicating a stable competitive environment [4]. - The report anticipates that the ongoing exit of gray capacity will further optimize the competitive order, maintaining a high level of market prosperity [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The refrigerant segment has seen both volume and price increases, leading to a significant year-on-year growth in overall performance for the company [5] - The company expects a substantial rise in net profit for 2024, with estimates ranging from 1.87 to 2.10 billion yuan, representing a year-on-year increase of 98% to 123% [5] - The average selling price of refrigerants is projected to increase by 32.69% to 26,800 yuan per ton, with external sales volume expected to rise by 22.61% to 353,000 tons in 2024 [5] Summary by Sections Financial Performance - The company anticipates a net profit of 1.87 to 2.10 billion yuan for 2024, with a significant increase in the fourth quarter projected at 611 to 842 million yuan, reflecting a year-on-year growth of 211% to 327% [5] - The company’s main products, particularly the second and third generation refrigerants, are experiencing improved pricing and sales due to a favorable supply-demand balance [5][6] Market Outlook - The refrigerant prices are expected to continue their upward trend into 2025, supported by constrained supply and increasing downstream demand from air conditioning production [6] - The average market prices for the company's main refrigerant products have increased as of January 23, 2025, with R32, R125, and R134a showing price increases of 1.16%, 2.38%, and 3.53% respectively [6] Investment Recommendations - The report expresses strong confidence in the price increases of third-generation refrigerants and the cost advantages from the company's fluorine-chlorine linkage [7] - The profit forecasts for 2024 to 2026 have been revised upwards, with expected net profits of 2.03 billion, 3.87 billion, and 5.48 billion yuan respectively, indicating year-on-year growth rates of 114.8%, 90.9%, and 41.5% [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 25.37 CNY [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87-2.10 billion CNY in 2024, representing a year-on-year growth of 98%-123% [1] - The fourth quarter of 2024 is projected to see a net profit of 0.612-0.842 billion CNY, with a year-on-year increase of 211%-327% and a quarter-on-quarter increase of 45%-99% [1] - The refrigerant segment has shown strong performance with both volume and price increases, achieving a production of 149,900 tons in Q4 2024, up 19.09% year-on-year [2] - The company benefits from the rising spot prices of HFCs, with a projected market share of 45.82% for R32 in 2025, solidifying its leading position in the refrigerant market [3] Summary by Sections Financial Performance - The company forecasts a total revenue of 24.446 billion CNY for 2024, an 18.4% increase from 2023 [6] - The net profit attributable to shareholders is expected to reach 1.998 billion CNY in 2024, a significant recovery from a loss of 944 million CNY in 2023 [6] - The EBITDA is projected to grow from 1.968 billion CNY in 2023 to 3.373 billion CNY in 2024 [7] Segment Analysis - The refrigerant segment's revenue in Q4 2024 is expected to be 3.128 billion CNY, reflecting a year-on-year increase of 117.64% [2] - Other chemical products are facing competitive pressures, with prices for fluoropolymer materials and basic chemical products declining by 16.71% and 14.27% respectively [2] Market Outlook - The demand for refrigerants is expected to remain strong due to policies promoting the replacement of old units and robust export activity, with the total production and sales of household air conditioners in China exceeding 200 million units in 2024 [3] - The report anticipates continued growth in the company's profitability driven by the upward trend in HFCs spot prices [3]