Investment Rating - The investment rating for the company is maintained at "Add - B" [1][2] Core Views - The report highlights that the refrigerant market remains buoyant, leading to continuous improvement in the company's performance. The company has effectively leveraged its competitive position in the fluorinated refrigerant market and integrated operations to achieve stable production and sales growth across various product lines [1][3] - The report anticipates sustained growth in refrigerant prices due to supply constraints and regulatory changes, which are expected to significantly enhance the company's profitability [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 17.906 billion yuan, an increase of 11.83% year-on-year. The net profit attributable to shareholders was 1.258 billion yuan, reflecting a year-on-year increase of 68.40% [1] - The gross profit margin improved to 16.95%, up by 4.08 percentage points year-on-year. In Q3 2024 alone, the company reported a revenue of 5.826 billion yuan, a decrease of 1.53% year-on-year and a decline of 11.86% quarter-on-quarter [1] - The report projects revenues of 24.812 billion yuan, 28.857 billion yuan, and 31.798 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.1%, 16.3%, and 10.2% [2][4] Market Position and Competitive Landscape - The company holds a leading position in the refrigerant market, with a market share of 38% in the third-generation refrigerants. The concentration ratio (CR3) for various refrigerants is notably high, indicating a favorable market structure [3] - The average prices for key refrigerants have shown significant increases, with R32 rising by 120.29% year-to-date, indicating strong demand and pricing power in the market [3] Future Outlook - The report suggests that the company is well-positioned to benefit from ongoing price increases in refrigerants due to regulatory changes and supply constraints. The continuous expansion into high-value-added products is expected to further enhance profitability [2][3]

巨化股份（ [Table_StockNameRptType] 600160） 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

巨化股份（600160.SH）2024 年三季报业绩点评 [盈利预测与财务指标 Table_Forcast] 前三季度业绩保持增长，看好制冷剂价格维持高位 2024 年 10 月 25 日 ➢ 事件：公司披露前三季度报告，实现营业收入 179.06 亿元，同比+11.83%； 实现归母净利润 12.58 亿元，同比+68.40%；实现扣非净利润 11.84 亿元，同 比+71.89%。其中 Q3 单季度实现营收 58.26 亿元，同比-1.53%，环比-11.86%； 实现归母净利润 4.23 亿元，同比+64.76%，环比-19.19%；实现扣非净利润 3.90 亿元，同比+67.81%，环比-22.81%。 ➢ 环比角度制冷剂、含氟精细化学品以及石化材料销售量略有下滑。分板块来 看，Q3 单季度制冷剂产量 14.11 万吨，环比-16.70%，同比+21.73%；销量 8.50 万吨，环比-9.84%，同比+10.46%；营业收入 23.94 亿元，环比+2.56%，同比 +60.04%；平均价格 28152.38 元/吨，环比+13.76%，同比+44.88%。含氟精 细化学品产量 0.11 万吨，环比 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company is a leader in refrigerant quotas and continues to benefit from the long-term prosperity of the refrigerant market [2] - The company's revenue and net profit have shown significant growth year-on-year, with a notable increase in the sales volume of fluorinated fine chemicals [2] - The report anticipates sustained high performance for the company due to its leading position in the refrigerant quota market and the expected recovery of the refrigerant market in Q4 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 17.906 billion yuan, a year-on-year increase of 11.83%, and a net profit of 1.258 billion yuan, a year-on-year increase of 68.40% [1] - In Q3 2024, the company reported revenue of 5.826 billion yuan, a year-on-year decrease of 1.53% and a quarter-on-quarter decrease of 11.86%, while net profit was 423 million yuan, a year-on-year increase of 64.67% but a quarter-on-quarter decrease of 19.19% [1] - The company expects EPS for 2024-2026 to be 0.77, 1.02, and 1.09 respectively, with corresponding P/E ratios of 26.2, 20.0, and 18.7 [3] Market and Product Insights - The sales volume of fluorinated fine chemicals, petrochemical materials, refrigerants, and basic chemical products saw significant increases, with year-on-year growth rates of 286.18%, 52.29%, 11.41%, and 11.41% respectively [2] - The average prices of refrigerants, fluorinated chemical raw materials, and petrochemical materials increased by 29.81%, 15.40%, and 1.90% year-on-year, while other product prices experienced varying degrees of decline [2] - The company has expanded its production quotas for HFC-32 and HFC-245fa, which is expected to support its growth in the upcoming quarters [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][12][13] Core Views - The company has shown significant growth in net profit, with a year-on-year increase of 68% in the first three quarters of 2024, and a 65% increase in the third quarter, despite a sequential decline of 19% [1][4] - The revenue for the first three quarters of 2024 reached 179.06 billion yuan, representing an 11.83% year-on-year growth [1][4] - The company is benefiting from rising refrigerant prices, with the average price of refrigerants increasing by 45% year-on-year in the third quarter [1][6] - The company is positioned to benefit from the ongoing recovery in the refrigerant market, with expectations of sustained high demand due to the end of the traditional off-season and the start of a new cooling year [1][11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 12.58 billion yuan, with a net profit margin of 7.76%, an increase of 3.03 percentage points year-on-year [1][4] - The third quarter saw revenues of 58.26 billion yuan, a slight decrease of 1.53% year-on-year, but the net profit was 4.23 billion yuan, up 64.76% year-on-year [1][4] - The gross margin for the first three quarters was 16.95%, reflecting an improvement of 4.08 percentage points year-on-year [1][4] Market Trends - The refrigerant market is experiencing a price increase, with R22 and R32 prices rising significantly due to strong demand from household air conditioning and supply constraints [1][6] - The company’s refrigerant production and sales volumes for the third quarter were 14.11 million tons and 8.50 million tons, respectively, showing a year-on-year increase of 22% and 10% [1][6] - The company is expanding its product offerings to include fourth-generation refrigerants and high-value fluorinated products, enhancing its competitive position in the market [2][11] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenues of 252.53 billion yuan, 325.06 billion yuan, and 414.82 billion yuan for 2024, 2025, and 2026, respectively [2][12] - The net profit forecast for the same period is 17.38 billion yuan, 21.98 billion yuan, and 27.34 billion yuan, indicating robust growth potential [2][12] - The company is well-positioned to capitalize on the growing demand for refrigerants driven by the recovery in the air conditioning and automotive sectors [1][11]

F原证券 基础化工/化学制品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 巨化股份（600160.SH） 2024 年 10 月 25 日 制冷剂景气延续上行趋势，公司利润释放或将不断向好 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/24 | | 当前股价 ( 元 ) | 20.28 | | 一年最高最低 ( 元 ) | 26.10/13.80 | | 总市值 ( 亿元 ) | 547.51 | | 流通市值 ( 亿元 ) | 547.51 | | 总股本 ( 亿股 ) | 27.00 | | 流通股本 ( 亿股 ) | 27.00 | | 近 3 个月换手率 (%) | 67.51 | 股价走势图 -30% 0% 30% 60% 90% 2023-10 2024-02 2024-06 2024-10 巨化股份 沪深300 数据来源：聚源 相关研究报告 《中报业绩高增，坚定看好制冷剂景 气延续，珍惜布局机会—公司信息更 新报告》-2024 ...

公 司 报 告 公 司 季 报 点 评 有色与新材料 2024 年 10 月 24 日 巨化股份(600160.SH) 制冷剂延续量增价涨，公司利润再增厚 推荐（维持） 事项： 现价：20.28 元 | --- | --- | |----------------------------|---------------------| | 主要数据 | | | 行业 | 基础化工 | | 公司网址 | www.jhgf .com.cn | | 大股东 / 持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本 ( 百万股 ) | 2700 | | 流通 A 股 ( 百万股 ) | 2700 | | 流通 B/H 股 ( 百万股 ) | -- | | 总市值（亿元） | 548 | | 流通 A 股市值 ( 亿元 ) | 548 | | 每股净资产 ( 元 ) | 6.32 | | 资产负债率 (%) | 33.87 | | | | -20% 0% 20% 40% 60% 80% 24-0124-0224-0324-0424-0524-0624-0724-0824-0924-10 ...

浙江巨化股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600160 证券简称：巨化股份 浙江巨化股份有限公司 2024 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|-------------------- ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2024－33 浙江巨化股份有限公司 2、同比：指报告期与上年同期相比； 3、外销量低于产量，主要为部分产品作为内部下游产品原料所致； 4、基础化工产品中不含乙炔气、氢气、香精、冷冻油及其他非主要产品（下同）； 2024 年 1-9 月主要经营数据公告 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"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2024 年 1-9 月主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 834593.50 | 5.02 | 263526.58 | -0.26 | 89882.13 | 15.10 | | 致冷剂 | ...

股票代码：600160 股票简称：巨化股份 公告编号：2024-34 浙江巨化股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 12 日(星期二) 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jhgf@juhua.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 浙江巨化股份有限公司（以下简称"公司"）已于 2024 年 10 月 24 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年度第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日 ...