Core Viewpoint - The company reported a significant increase in revenue and net profit for the year 2024, driven by the recovery in the refrigerant market, and maintains a "buy" rating due to positive outlooks for future performance [1][4]. Group 1: Financial Performance - The total revenue for 2024 reached 24.5 billion yuan, representing an 18% year-over-year increase [1]. - The net profit attributable to shareholders was 1.96 billion yuan, with a year-over-year growth of 108%, and a non-recurring profit of 1.90 billion yuan, reflecting a 131% increase [1]. - In Q4 2024, the net profit attributable to shareholders was 700 million yuan, with a year-over-year increase of 257% and a quarter-over-quarter increase of 66% [1]. Group 2: Segment Performance - The refrigerant segment saw a 23% year-over-year increase in external sales volume to 353,000 tons, primarily due to the consolidation of Feiyuan Chemical and rising prices under quota systems, with average prices increasing by 33% to 26,800 yuan per ton [2]. - The fluoropolymer segment experienced an 8% year-over-year increase in sales volume to 46,000 tons, but faced price pressure, with average prices declining by 15% to 38,000 yuan per ton [2]. - The fine fluorochemical segment reported a remarkable 255% year-over-year increase in sales volume to 5,000 tons, with revenue growing by 99% to 280 million yuan [2]. Group 3: Market Outlook - The refrigerant market is expected to continue its upward trend, supported by demand from downstream sectors such as air conditioning and automotive, alongside tight supply conditions for second and third-generation refrigerants [3]. - The company is set to benefit from new projects, including FEP, Juxin cooling liquids, and fourth-generation refrigerants, which are anticipated to enhance integrated and scale advantages [3]. Group 4: Profit Forecast and Valuation - The company has revised its profit forecasts upward, expecting net profits of 4.1 billion yuan, 5.3 billion yuan, and 6.1 billion yuan for 2025-2027, reflecting increases of 8% and 14% for 2025-2026 compared to previous estimates [4]. - The target price for the company is set at 30.4 yuan based on a 20x PE ratio for 2025, up from a previous target of 28.2 yuan [4].

Core Viewpoint - The company, Juhua Co., Ltd., reported significant growth in its 2024 annual performance, driven primarily by the strong demand and price increase of refrigerants, despite challenges in other chemical product segments [1][2]. Financial Performance - In 2024, the company achieved total revenue of 24.462 billion yuan, an increase of 18.43% year-on-year [1] - The net profit attributable to shareholders reached 1.960 billion yuan, up 107.69% year-on-year [1] - The net profit excluding non-recurring items was 1.903 billion yuan, reflecting a 131.40% increase year-on-year [1] - In Q4 2024, total revenue was 6.556 billion yuan, a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.52% [1] - The net profit attributable to shareholders in Q4 was 0.702 billion yuan, up 256.83% year-on-year and 65.81% quarter-on-quarter [1] Product Performance - The refrigerant products experienced both volume and price increases, contributing to the overall performance growth [2] - The average selling price of refrigerants was 26,800 yuan/ton, an increase of 32.69% year-on-year, with external sales volume reaching 353,000 tons, up 22.61% year-on-year [2] - Non-refrigerant chemical products faced a challenging market with declining prices, impacting profitability [2] Market Trends - The upward trend in refrigerant prices is expected to continue into 2025 due to supply constraints and improved industry dynamics [3] - The domestic market prices for key refrigerants R22, R32, R125, and R134a have increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [3] - Export prices for R32 refrigerant have shown consistency, indicating a strengthening of the company's market position [3] Investment Outlook - The company is positioned favorably within the fluorochemical industry, benefiting from the upward cycle of refrigerant prices and cost advantages from its integrated operations [4] - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 4.904 billion, 5.760 billion, and 6.416 billion yuan respectively, reflecting year-on-year growth rates of 150.25%, 17.46%, and 11.40% [4] - The company maintains a strong recommendation for investment based on its competitive positioning and growth potential in the refrigerant market [4]

推荐（维持） 现价：24.74 元 主要数据 公 司 报 告 有色与新材料 2025 年 4 月 25 日 巨化股份(600160.SH) 制冷剂上行周期，公司利润显著增厚 | 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） | 668 | | 流通 A 股市值(亿元) | 668 | | 每股净资产(元) | 6.59 | | 资产负债率(%) | 31.25 | 行情走势图 -20% 0% 20% 40% 60% 80% 24-01 24-05 24-09 25-01 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制 ...

证券研究报告 | 2025年04月25日 巨化股份（600160.SH） 优于大市 2024 年业绩快速增长，制冷剂价格持续提升 核心观点 公司研究·财报点评 基础化工·化学制品 | 证券分析师：杨林 | 证券分析师：张歆钰 | | --- | --- | | 010-88005379 | 021-60375408 | | yanglin6@guosen.com.cn | zhangxinyu4@guosen.com.cn | | S0980520120002 | S0980524080004 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价 | 24.74 元 | | 总市值/流通市值 | 66792/66792 百万元 | | 52 周最高价/最低价 | 26.72/14.25 元 | | 近 3 个月日均成交额 | 558.94 百万元 | 市场走势 相关研究报告 《巨化股份（600160.SH）-制冷剂价格持续提升，一季度业绩大 幅增长》 ——2025-04-08 《巨化股份（600160.SH）-增资控股甘肃巨化新材料，夯实国内 氟化工龙头地位》 — ...

基础化工/化学制品 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《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》-2024.10.25 ——公司信息更新报告 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 ...

基础化工/化学制品 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《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》-2024 ...

Group 1 - As of December 31, 2024, the company reported total assets of 4,714.15 million and a net asset of -2,050.95 million, with a main business income of 1,543.90 million and a net profit of 6.77 million for the year 2024 [1] - The company is expected to engage in daily related transactions totaling 250.00 million in 2025 [1] - The company operates in various sectors including logistics, transportation, and chemical products, with a registered capital of 32,500 million [1] Group 2 - As of December 31, 2024, another company reported total assets of 89,940.80 million and a net asset of 45,721.30 million, achieving a main business income of 157,911.42 million and a net profit of 1,182.49 million [2] - This company is expected to have daily related transactions totaling 1,100.00 million in 2025 [2] - The company is classified as an other limited liability company with a registered capital of 120,000 million [2] Group 3 - A financial services company reported total assets of 658,579.54 million and a net asset of 142,182.20 million as of December 31, 2024, with an audited operating income of 14,323.28 million and a net profit of 6,362.33 million [3] - The company has a relationship with a listed company, with its parent company being the controlling shareholder [3] Group 4 - The company has a strong ability to fulfill obligations to related parties, with a low likelihood of bad debts arising from related party transactions [4] - Previous related transactions have been executed as agreed, with no instances of default [5] Group 5 - The pricing policy for related transactions is based on market prices, ensuring fairness and transparency [6] - The company has signed a daily operational contract with its parent company to regulate related transactions [7] Group 6 - The agreement for daily related transactions is effective from January 1, 2024, to December 31, 2026 [8] - The agreement includes provisions for various services such as raw material supply, transportation, and environmental monitoring [10][12][17] Group 7 - The necessity of related transactions is highlighted by the company's reliance on its parent company's infrastructure and resources, which helps reduce redundant investments [29] - The transactions are expected to continue in the future, benefiting both parties through resource optimization [30] Group 8 - The company plans to provide guarantees for its subsidiaries' bank loans, totaling 490,075.6 million and 5,700.00 million USD [33] - The guarantees are aimed at supporting the subsidiaries' operational needs and ensuring their healthy development [60] Group 9 - The company intends to engage in forward foreign exchange transactions to mitigate the impact of exchange rate fluctuations, with a transaction limit of 18,000 million USD [67] - The purpose of these transactions is to stabilize the company's financial performance and support its operational needs [68] Group 10 - The company plans to distribute cash dividends of 0.23 per share, amounting to a total of 620,941,598.6 million, which represents 31.69% of the net profit attributable to shareholders [82][84] - The profit distribution will be based on the total share capital as of the record date [83]

4月24日巨化股份发布2024年度分配预案，拟10派2.3元（含税），预计派现金额合计为6.21亿元。派现 额占净利润比例为31.69%，这是公司上市以来，累计第27次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.3元（含税） | 6.21 | 1.10 | | 2023.12.31 | 10派1.1元（含税） | 2.97 | 0.69 | | 2022.12.31 | 10派2.7元（含税） | 7.29 | 1.87 | | 2021.12.31 | 10派1.3元（含税） | 3.51 | 1.05 | | 2020.12.31 | 10派1元（含税） | 2.70 | 1.33 | | 2019.12.31 | 10派1.2元（含税） | 3.24 | 1.52 | | 2018.12.31 | 10派1.5元（含税） | 4.12 | 1.48 | | 2017.12.31 | 10转增3派1元（含税） | 2.11 | 0.84 | | 20 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-16 浙江巨化股份有限公司监事会九届十次会议决议公告 本公司监事会及全体监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"）监事会于 2025 年 4 月 13 日以 电子邮件、书面送达等方式向公司监事发出召开监事会九届十次会议（以下简称 "会议"）的通知。会议于 2025 年 4 月 23 日在公司二楼视频会议室召开。会议 应出席监事 3 人，实际出席 3 人。会议的召集召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。会议由监事会主席陈务江先生主持， 与会监事经认真审议后，做出如下决议： 一、以 3 票同意、0 票反对、0 票弃权，通过《公司监事会 2024 年度工作 报告》 将本报告提请公司股东大会审议。 2025 年 4 月 25 日 二、以 3 票同意、0 票反对、0 票弃权，通过《公司 2024 年年度报告及报 告摘要》 公司 2024 年年度报告及报告摘要（以下简称"年报"）的编制和审议程序符 合相关 ...

浙江巨化股份有限公司 2024 年年度利润分配方案公告 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： ●每股分配比例：每股派发现金红利 0.23 元（含税）。 ●本次利润分配以实施权益分派股权登记日的总股本为基数，具体日期将在 权益分派实施公告中明确。 股票代码：600160 股票简称：巨化股份 公告编号：临 2025-18 ●如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将另行公告具体调整情况。 ●不触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八） 项 规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经容诚会计师事务所（特殊普通合伙）审计，公司 2024 年度归属于上市公 司股东的净利润 1,959,534,855.24 元，母公司实现净利润 767,349,452.91 元。 截至 2024 年 12 月 31 日，共计可供股东分配的利润为 3,383,592,013.07 元。 经董事会 ...