Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights significant performance improvement for the company, driven by the rising demand in the refrigerant industry and optimized layout in the fluorochemical sector, leading to expected growth in earnings [6][10] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of RMB 24.46 billion, representing a year-on-year increase of 18.43%, and a net profit attributable to shareholders of RMB 1.96 billion, up 107.69% year-on-year [6][11] - For Q4 2024, the company reported revenue of RMB 6.56 billion, a 41.21% increase year-on-year, and a net profit of RMB 701.97 million, reflecting a 256.83% year-on-year growth [12] - In Q1 2025, the company recorded revenue of RMB 5.80 billion, a 6.05% increase year-on-year, and a net profit of RMB 808.79 million, up 160.64% year-on-year [13] Industry Outlook - The refrigerant industry is experiencing a continuous increase in prices, with the average price of refrigerants rising by 32.69% year-on-year in 2024 [10] - The company holds a leading position in production quotas for refrigerants, with a 26.10% share of the national R22 production quota and a 39.6% share of HFCs production quotas [10] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be RMB 4.18 billion, RMB 5.07 billion, and RMB 5.81 billion respectively, with corresponding earnings per share of RMB 1.55, RMB 1.88, and RMB 2.15 [8][17]

Summary of Key Points Core Viewpoint - As of June 23, the total market financing balance reached 1.81 trillion yuan, indicating a daily increase of 4.22 billion yuan, with notable net purchases in various sectors, particularly in technology, banking, and pharmaceuticals [1]. Group 1: Market Financing Overview - The financing balance in the Shanghai market was 913.05 billion yuan, increasing by 1.99 billion yuan from the previous trading day [1]. - The financing balance in the Shenzhen market was 886.65 billion yuan, with an increase of 2.12 billion yuan [1]. - The financing balance in the Beijing Stock Exchange was 5.47 billion yuan, up by 102 million yuan [1]. Group 2: Individual Stock Performance - On June 23, a total of 1,984 stocks received net financing purchases, with 373 stocks having net purchases exceeding 10 million yuan [1]. - The top net purchase stock was Sifang Jingchuang, with a net purchase amount of 410.23 million yuan, followed by Hengbao Co. and China Merchants South Oil with net purchases of 22.08 million yuan and 12.82 million yuan, respectively [2]. - The sectors with the highest concentration of stocks receiving net purchases over 50 million yuan included computer, banking, and pharmaceutical industries, with 5, 4, and 3 stocks respectively [1]. Group 3: Financing Balance and Market Capitalization - The average financing balance as a percentage of market capitalization for stocks with significant net purchases was 4.28% [2]. - The stock with the highest financing balance relative to its market capitalization was Tibet Tianlu, with a financing balance of 1.09 billion yuan, accounting for 9.73% of its market value [2]. - Other notable stocks with high financing balance percentages included Jianghuai Automobile (8.92%), Hengbao Co. (8.15%), and Tianyang Technology (8.08%) [2].

Core Viewpoint - Juhua Co., Ltd. is significantly increasing its investment in renewable energy through its subsidiary, Gansu Juhua New Materials Co., Ltd., by injecting 800 million yuan to enhance the registered capital of Juhua New Energy to 850 million yuan for a 1GW wind power project [1][2]. Group 1: Investment and Strategic Moves - The capital increase is part of Juhua's dual business strategy of "fluorine chemicals + renewable energy," aimed at creating new profit growth points and enhancing the green electricity ratio in production [2][3]. - The total investment for the wind power project is 3.737 billion yuan, with an expected profit of 3.419 billion yuan over a 20-year operational period [2]. - The company aims to optimize its industrial layout and seize opportunities in the fourth-generation refrigerants and high-end fluorinated polymers market [2][3]. Group 2: Financial Performance - In Q1 2025, Juhua reported a revenue of 5.8 billion yuan, a year-on-year increase of 6.05%, and a net profit of 809 million yuan, up 160.64% [1][5]. - For the year 2024, Juhua achieved total revenue of 24.462 billion yuan, a growth of 18.43%, and a net profit of 1.96 billion yuan, increasing by 107.69% [4][5]. - The company plans to invest 7.726 billion yuan in 31 fixed asset projects in 2025, focusing on high-performance fluorinated materials and fine chemicals [5]. Group 3: Research and Development - Juhua has been increasing its R&D investment, with expenditures rising from 459 million yuan in 2020 to 1.054 billion yuan in 2024, reflecting a commitment to innovation [5]. - As of the end of 2024, Juhua holds 751 authorized technology patents, including 515 invention patents and 50 foreign patents [5].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, supported by a well-defined business model and ongoing validation of industry logic [4] - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorite market is under pressure, with the average market price for 97% wet fluorite at 3,387 CNY/ton as of June 6, down 3.09% week-on-week and 9.85% year-on-year [6][17] - The market is characterized by weak demand and a surplus of supply, leading to a negative feedback loop that suppresses immediate purchasing needs [17][32] 2. Refrigerant Market Trends - As of June 20, refrigerant prices are on an upward trend: R32 at 52,000 CNY/ton (+0.97% week-on-week), R125 at 45,500 CNY/ton (unchanged), R134a at 48,500 CNY/ton (unchanged), R410a at 48,500 CNY/ton (unchanged), and R22 at 35,000 CNY/ton (-2.78%) [7][18][45] - The external trade market for refrigerants shows stability, with R32 external reference price at 51,000 CNY/ton (unchanged) and R22 at 32,000 CNY/ton (unchanged) [7][18] 3. Beneficiary Companies - Recommended beneficiary companies include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [9][20]

股票简称：巨化股份 股票代码：600160 公告编号：临 2025-33 浙江巨化股份有限公司 关于控股子公司甘肃巨化新材料有限公司 对其全资子公司增资用于实施 1GW 风电场项目的公告 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"）控股子公司甘肃巨化新材料 有限公司（以下简称"甘肃巨化"）现金出资 80,000 万元，将其全资子公司巨化 新能源（玉门）有限公司（以下简称"巨化新能源"）注册资本由 5,000 万元增加 至 85,000 万元。本次出资，用于巨化新能源 1GW 风电场项目（以下简称"本项目"） 建设。本项目建设总投资 37.37 亿元，预计 20 年经营期发电利润总额 34.19 亿 元。 本项目的实施，不排除因项目行政审批进度，项目建设进度、质量、投资 控制不及预期，以及电力市场变化等不确定因素影响，导致出现项目不能如期建 成或达产达效的风险。敬请广大投资者注意投资风险。 一、投资概述 （一）本次投资的基本情况 本公司控股子公司甘肃巨化现金出资 ...

甘肃巨化新能源（玉门）有限公司玉门北山 1GW 风电场工程 可行性研究报告 项目单位：巨化新能源（玉门）有限公司 编制单位：福 建 永 福 电 力 设 计 股 份 有 限 公 司 二 O二 四 年十二月 | | | 批准：宋启明 编制：赵瑞灵 陈嘉良 刘子诚 黄立新 叶贤惠 黄 玲 王 凯 赵文兵 邬露露 黄钰涵 余 满 廖 聪 黄夏聃 陈 旭 李世渊 审核：陈诗高 校核：陈诗高 宋启明 阮斌斌 王 馨 林进东 郑师亮 钟小燕 张自权 林清月 姚海荣 刘宝泉 连国汉 张春潮 陈清俊 倪仁鑫 甘肃巨化新能源（玉门）有限公司玉门北山 1GW 风 电场工程 可行性研究报告 总目录 总 报 告 | 工程的仕表 | | --- | | 1 综合说明 … | | 1.1 概述 . | | 1.2 设计依据 | | 1.3 研究内容。 www.w | | 1.4 主要研究成果 … | | 2 风能资源 … | | 2.1 区域风能资源 . | | 2.2 参考气象站 | | 2.3 场址观测数据整理 . | | 2.4 风能资源分析 . | | 2.5 气象灾害情况 . | | 2.6 场址风速分析 … | | 2.7 结 ...

Core Viewpoint - The company is increasing the registered capital of its wholly-owned subsidiary, Juhua New Energy, to support the implementation of a 1GW wind power project, which is expected to enhance profitability and promote green transformation [1] Group 1: Capital Increase and Project Details - Gansu Juhua, a controlling subsidiary of the company, is investing 800 million yuan to raise the registered capital of Juhua New Energy from 50 million yuan to 850 million yuan [1] - The total investment for the wind power project is 3.737 billion yuan, with an expected total profit from electricity generation of 3.419 billion yuan over a 20-year operational period [1] Group 2: Strategic Implications - The capital increase will meet the project's capital requirements and create a new profit growth point for the company [1] - The project is expected to increase the proportion of green electricity used in Gansu Juhua's production, effectively reducing production electricity costs and enhancing market competitiveness and low-carbon capabilities [1] - This initiative aligns with the company's goals for green and low-carbon transformation and upgrading [1]

Industry Overview - The third-generation refrigerant market is experiencing a strong price increase due to multiple factors, including tightening global environmental regulations, increased demand for eco-friendly refrigerants, and production quota restrictions leading to supply constraints [1] - The arrival of summer has further boosted the demand for refrigerants due to increased usage of air conditioning and refrigeration equipment, contributing to the price surge [1] - The refrigerant industry is currently in a price upcycle for second and third-generation refrigerants, with expectations of continued growth in the downstream air conditioning and automotive sectors [1] Company Insights - Juhua Co., Ltd. focuses on the fluorochemical industry chain, holding a leading global position in the refrigerant sector while also expanding into high-value-added products such as fluoropolymers and electronic chemicals [2] - Sanmei Co., Ltd. is also concentrated on the fluorochemical industry chain, leading in the refrigerant field and diversifying into fluorinated blowing agents, inorganic fluorine products, and fluorine-containing new materials [2]

Core Viewpoint - The company held an investor reception on June 13, 2025, to enhance communication with investors regarding its development strategy and the current situation of refrigerants, particularly the third-generation hydrofluorocarbons (HFCs) and their market dynamics [2][5]. Group 1: Event Details - The investor reception took place on June 13, 2025, from 15:00 to 17:45 [2]. - The event was held in the company's video conference room [3]. - Attendees included company executives and representatives from various investment firms, totaling 51 participants [4]. Group 2: Discussion Highlights - The main purpose of the meeting was to strengthen investor relations and address misconceptions regarding the HFCs quota system, which is a significant change in the industry [5]. - HFCs are characterized as essential refrigerants for air conditioners and heat pumps, with a growing market due to increasing demand in various sectors [6]. - The company emphasized that HFCs have unique market attributes, including low downstream cost share and high storage capability, distinguishing them from other chemical products [6][7]. Group 3: Market Dynamics - The implementation of the quota system for HFCs starting in 2024 under the Montreal Protocol has positioned China to hold over 80% of the global HFCs quota, creating a specific business model [7]. - The company noted that the seasonal production decline in the air conditioning sector does not solely dictate HFC demand, as market structures are evolving [8]. - The company has secured export orders for the third quarter, with prices showing an upward trend [8][9]. Group 4: Regulatory and Market Measures - The Ministry of Ecology and Environment has optimized the quota distribution plan for 2025, increasing the R32 quota by 45,000 tons [10]. - The company is prepared to request an additional 10% quota adjustment if demand significantly increases in the second half of the year [10][11]. - Measures to combat counterfeit products in the HFCs market include stricter regulations and enhanced enforcement against illegal production [12].

Group 1 - The third-generation refrigerant market is experiencing a strong price increase due to the combined effects of upstream raw material costs, industry capacity reduction, and growing downstream demand [1][3] - The main third-generation refrigerants are hydrofluorocarbons (HFCs) such as R32 and R134a, which are more environmentally friendly alternatives compared to second-generation refrigerants [1][2] - R32 and R134a prices have seen significant increases, with R32 rising by 21% to a price range of 52,000 to 53,000 yuan per ton, and R134a increasing by 18% to a range of 48,000 to 49,000 yuan per ton [1][2] Group 2 - Major companies in the third-generation refrigerant sector include Zhejiang Juhua Co., Ltd., Zhejiang Sanmei Chemical Co., Ltd., and others, which have reported substantial profit increases in Q1, with Juhua's net profit up by 160.64% [2] - The refrigerant sector is a significant part of the fluorochemical industry, with high product barriers and added value, and is expected to grow due to the development of new energy and electronic industries [2][3] - The current supply constraints, including the freezing of third-generation refrigerant quotas and the reduction of second-generation refrigerants, are expected to support ongoing price increases [3]