业绩大幅增长，看好制冷剂景气周期 巨化股份(600160) ——巨化股份 2024 年报及 2025Q1 季报点评 [Table_Industry] 石油/能源 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 32.75 [Table_CurPrice] 当前价格： 25.41 [Table_Market] 交易数据 二代和三代制冷剂价格大幅上涨，公司 24 年业绩大幅增长。2025 年制冷剂配额政 策延续，叠加下游需求增长，公司作为三代制冷剂龙头将充分受益制冷剂景气周期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,655 | 24,462 | 25,664 | 27,079 | 28,445 | | (+/-)% | -3.9% | 18.4% | 4.9% | 5.5% | 5.0% | | 净利润（归母） | 944 | 1,960 | 3,548 | 4,2 ...

[巨化股份（ Table_NewTitle] 600160）：制冷剂景气上行， 公司业绩大幅提升 ——公司简评报告 [table_main] 投资要点 [Table_Reportdate] 2025年05月09日 [Table_invest] 买入（维持） 报告原因：业绩点评 基 础 化 工 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/08 | | --- | --- | | 收盘价 | 26.98 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 32.85% | | 市净率(倍) | 3.62 | | 净资产收益率(加权) | 4.44 | | 12个月内最高/最低价 | 27.76/14.25 | [Table_QuotePic] -54% -43 ...

业绩大幅增长，看好制冷剂景气周期 巨化股份(600160) ——巨化股份 2024 年报及 2025Q1 季报点评 [Table_Industry] 石油/能源 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 32.75 [Table_CurPrice] 当前价格： 25.41 [Table_Market] 交易数据 二代和三代制冷剂价格大幅上涨，公司 24 年业绩大幅增长。2025 年制冷剂配额政 策延续，叠加下游需求增长，公司作为三代制冷剂龙头将充分受益制冷剂景气周期。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,655 | 24,462 | 25,664 | 27,079 | 28,445 | | (+/-)% | -3.9% | 18.4% | 4.9% | 5.5% | 5.0% | | 净利润（归母） | 944 | 1,960 | 3,548 | 4,246 | 4 ...

[Table_Reportdate] 2025年05月09日 [table_main] 投资要点 基 础 化 工 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/08 | | --- | --- | | 收盘价 | 26.98 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 32.85% | | 市净率(倍) | 3.62 | | 净资产收益率(加权) | 4.44 | | 12个月内最高/最低价 | 27.76/14.25 | [Table_QuotePic] -54% -43% -31% -19% -7% 4% 16% 28% 24-05 24-08 24-11 25-02 巨化股份 沪深300 [Table_invest] 买入（维持） 报告原因：业 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported significant growth in Q1 2025, with revenue reaching 5.8 billion yuan, a year-on-year increase of 6.0% but a quarter-on-quarter decrease of 11.5%. The net profit attributable to shareholders was 810 million yuan, up 160.6% year-on-year and 15.2% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 790 million yuan, reflecting a year-on-year increase of 173.9% and a quarter-on-quarter increase of 9.7% [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 5.8 billion yuan, with a year-on-year growth of 6.0% and a quarter-on-quarter decline of 11.5%. The net profit attributable to shareholders was 810 million yuan, marking a year-on-year increase of 160.6% and a quarter-on-quarter increase of 15.2%. The net profit after deducting non-recurring items was 790 million yuan, up 173.9% year-on-year and 9.7% quarter-on-quarter [2][6]. Business Segment Analysis - The core business of refrigerants saw a significant price increase year-on-year. The external sales volume of refrigerants reached 70,000 tons, a year-on-year increase of 4.1%, with an average price of 37,500 yuan per ton, up 58.1% year-on-year and 27.8% quarter-on-quarter. The average prices for various refrigerants in the domestic market also showed substantial increases compared to the previous quarter [11][11]. Profitability Metrics - The company experienced a substantial increase in profit margins, with a gross margin of 28.4%, up 13.7 percentage points year-on-year and 9.4 percentage points quarter-on-quarter. The net margin was 15.5%, reflecting a year-on-year increase of 9.5% and a quarter-on-quarter increase of 3.5% [11]. Market Outlook - The outlook for the refrigerant market remains positive, with expectations for further price increases in both domestic and international markets. The company is well-positioned to benefit from the industry's recovery, with projected revenues of 4.72 billion yuan, 5.72 billion yuan, and 7.68 billion yuan for 2025, 2026, and 2027 respectively [11].

浙江巨化股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日发布《公 司 2024 年年度报告》、2025 年 4 月 29 日发布《公司 2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司2024年度和2025年第一季度的经营成 果、财务状况，公司计划于 2025 年 5 月 20 日（星期二）下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 股票代码：600160 股票简称：巨化股份 公告编号：临 2025-24 浙江巨化股份有限公司 关于召开 2024 年度暨 2025 年第一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个别及连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 13 日 （星期二） 至 5 月 19 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 ...

巨化股份 2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 浙江巨化股份有限公司 2025 年 5 月 15 日 1 巨化股份 2024 年年度股东大会会议资料 目 录 | 2024 | 年年度股东大会议程 3 | | --- | --- | | 2024 | 年年度股东大会议事规则及注意事项 5 | | 审议议案： | | | 1、公司董事会 2024 | 年度工作报告 7 | | 2、公司监事会 2024 | 年度工作报告 35 | | 3、公司 2024 | 年年度报告及摘要 39 | | 4、公司 2024 | 年度财务决算报告 40 | | 5、公司 2025 | 年度财务预算报告 46 | | 6、公司 2024 | 年度利润分配方案 51 | | 7、关于聘请 2025 | 年度财务和内部控制审计机构以及支付 2024 年度审计机构报酬的 | | 议案 | 5 2 | | 8、关于为子公司申请银行（金融机构）贷款提供担保的议案 55 | | | 9、公司日常关联交易 | 2024 年度计划执行情况与 2025 年度计划的议案 58 | | 10、关于公司与巨化集团财务有限责任公 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][18]. Core Insights - The company achieved a revenue of 24.462 billion yuan in 2024, representing an 18.43% year-on-year increase, and a net profit of 1.96 billion yuan, up 107.69% year-on-year. In Q4 2024, revenue reached 6.556 billion yuan, a 41.21% increase year-on-year, with a net profit of 702 million yuan, up 256.83% year-on-year [1][3]. - The first quarter of 2025 saw a revenue of 5.8 billion yuan, a 6.05% year-on-year increase, and a net profit of 809 million yuan, up 160.64% year-on-year [1][3]. - The report highlights that refrigerant prices have continued to rise, supporting performance, while high polymer material prices have rebounded after hitting a low [1][7]. Financial Performance Summary - For 2024, total revenue is projected at 24.462 billion yuan, with a year-on-year growth rate of 18.4%. The net profit is expected to be 1.96 billion yuan, with a growth rate of 107.7% [3][8]. - The company is forecasted to achieve revenues of 30.593 billion yuan in 2025 and 34.408 billion yuan in 2026, with respective growth rates of 25.1% and 12.5% [3][8]. - The projected net profit for 2025 is 3.967 billion yuan, with a growth rate of 102.5%, and for 2026, it is expected to be 4.853 billion yuan, with a growth rate of 22.3% [3][8]. Market Position and Pricing Dynamics - The company is positioned as a leader in the refrigerant market, particularly in the third-generation refrigerants, which are expected to continue to see price increases due to industry dynamics and pricing power shifting towards the refrigerant segment [1][7]. - The report indicates that the average price of various refrigerants has increased significantly, with the average price of R32 reaching 4.4 million yuan per ton in Q1 2025, reflecting a year-on-year increase of 98.7% [1][7]. Valuation and Target Price - The target price for the company's stock is set at 36.75 yuan, based on a price-to-earnings ratio of 25x for 2025, reflecting the company's strong market position and growth potential [3][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve significant growth in 2024, with projected revenue of 24.46 billion yuan (up 18.4% year-on-year) and a net profit attributable to shareholders of 1.96 billion yuan (up 107.7% year-on-year) [2][4] - The refrigerant industry is experiencing an upward trend, with prices expected to continue rising, benefiting the company as a leading player in the market [4][9] - The company has completed the acquisition of Feiyuan Chemical, enhancing its market position and benefiting from price increases in refrigerants [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 24.46 billion yuan, with a net profit of 1.96 billion yuan and a non-recurring net profit of 1.90 billion yuan [2][4] - The fourth quarter alone saw revenue of 6.56 billion yuan (up 41.2% year-on-year) and a net profit of 700 million yuan (up 256.8% year-on-year) [2][4] - The company plans to distribute a cash dividend of 621 million yuan, representing 31.7% of the net profit attributable to shareholders [2] Industry Outlook - The refrigerant industry is expected to see improved demand, with the total production and sales of household air conditioners projected to exceed 200 million units in 2024, marking a year-on-year increase of 17.8% [4] - The average price of refrigerants is expected to rise, with a reported increase of 32.7% year-on-year [4][9] - The company’s refrigerant revenue is projected to reach 9.4 billion yuan in 2024, reflecting a year-on-year increase of 57.1% [4] Future Projections - The company forecasts net profits of 1.97 billion yuan, 4.94 billion yuan, and 6.32 billion yuan for the years 2024, 2025, and 2026 respectively [4][9] - The company is expected to benefit from the ongoing recovery in the refrigerant market, with anticipated increases in both sales volume and prices [4][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's profitability is expected to significantly increase due to the high demand for refrigerants, with prices and profits likely to accelerate as the peak season approaches [1] - The first quarter of 2025 showed a year-on-year increase in net profit of 161%, driven by rising average prices of refrigerants [7] - The company is projected to benefit from the upward price movement of second and third-generation refrigerants, with net profit forecasts for 2025, 2026, and 2027 being 4.163 billion, 5.435 billion, and 7.123 billion respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 24.462 billion, with a year-on-year growth rate of 18.4% [2] - The net profit attributable to the parent company for 2025 is estimated at 4.163 billion, reflecting a 112.4% year-on-year growth [2] - Earnings per share (EPS) for 2025 is forecasted to be 1.54 yuan, with a price-to-earnings (PE) ratio of 16 [2] Market Data - The closing price of the company's stock is 25.41 yuan, with a market capitalization of 68.601 billion [3] - The price-to-book ratio is 3.7, and the dividend yield is 0.43% [3] Sales and Price Trends - In Q1 2025, the company sold 69,800 tons of refrigerants, with an average selling price of 37,504 yuan per ton, marking a 58% year-on-year increase [7] - The average price of refrigerants such as R22, R32, and R134a has seen significant increases, indicating strong market demand [7] Segment Performance - The fluorinated polymer segment showed a year-on-year sales increase of 10%, while the fluorinated fine chemicals segment experienced a 33% quarter-on-quarter sales increase [7] - The company is expected to benefit from the rising prices of second and third-generation refrigerants due to supply constraints and increasing downstream demand [7]