Core Viewpoint - The profitability of several leading fluorochemical companies has significantly increased in the first half of the year, driven by rising prices and volumes of refrigerants [1][2]. Group 1: Company Performance - Juhua Co., Ltd. reported a net profit of 2.051 billion yuan in the first half of the year, a year-on-year increase of 146.97%, surpassing last year's total [2][3]. - Sanmei Co., Ltd. achieved a net profit of 999.5 million yuan, up 159.22% year-on-year, despite a 6.27% decline in refrigerant sales volume [3]. - Dongyangguang and Yonghe Co., Ltd. also reported strong performances, with net profits increasing by 170.57% and 140.82%, respectively [3]. Group 2: Market Dynamics - The supply of refrigerants is constrained due to quota systems, leading to improved industry ecology and competitive order [1][2]. - The average price of refrigerants has risen significantly, with Juhua Co. reporting an average price of 39,400 yuan per ton, a 61.88% increase year-on-year [2][3]. - The demand for refrigerants is driven by domestic policies promoting appliance upgrades and international market growth due to urbanization and consumption upgrades [1][4]. Group 3: Future Outlook - Analysts expect the price of mainstream refrigerants to continue rising, with R32 prices increasing by nearly 40% since the beginning of the year [4][5]. - The domestic refrigerant market is expected to benefit from ongoing demand in air conditioning, refrigeration, and automotive sectors, despite potential slowdowns in certain areas [4][5].

丨证券研究报告丨 公司研究丨点评报告丨巨化股份（600160.SH） [Table_Title] 业绩同比大幅增长，制冷剂新业态认知逐步 形成 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 133.3 亿元（同比+10.4%），实现归属净利润 20.5 亿元（同 比+147.0%），实现归属扣非净利润 20.3 亿元（同比+155.2%）。其中 Q2 单季度实现收入 75.3 亿元（同比+13.9%，环比+29.8%），归属净利润 12.4 亿元（同比+137.1%，环比+53.6%），实 现归属扣非净利润 12.4 亿元（同比+144.6%，环比+56.8%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% research.95579.com 1 巨化股份（600160.SH） cjzqdt11111 [Table_Title 业绩同比大幅增长，制冷剂新业态认知逐步形 2] 成 [Table_Summary2 ...

上 市 公 司 基础化工 ——业绩符合预期，制冷剂价格和盈利大幅提升，公司或 充分受益液冷浪潮 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 24,462 | 13,331 | 27,858 | 30,820 | 33,822 | | 同比增长率（%） | 18.4 | 10.4 | 13.9 | 10.6 | 9.7 | | 归母净利润（百万元） | 1,960 | 2,051 | 4,556 | 5,823 | 7,568 | | 同比增长率（%） | 107.7 | 147.0 | 132.5 | 27.8 | 30.0 | | 每股收益（元/股） | 0.73 | 0.76 | 1.69 | 2.16 | 2.80 | | 毛利率（%） | 17.5 | 28.7 | 26.7 | 30.2 | 33.5 | | ROE（%） | 11.0 | 10.7 | 20.5 | 21.9 ...

[Table_Reportdate] 2025年08月28日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn | [数据日期 Table_cominfo] | 2025/08/27 | | --- | --- | | 收盘价 | 35.84 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 33.56% | | 市净率(倍) | 4.49 | | 净资产收益率(加权) | 10.86 | | 12个月内最高/最低价 | 36.95/14.25 | [Table_QuotePic] -39% -12% 14% 41% 67% 94% 121% 147% 24-08 24-11 25-02 25-05 巨化股份 沪深300 [相关研究 Table_Report] 《巨化股份（600160）：制冷 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][38]. Core Viewpoints - The company's net profit attributable to shareholders for the first half of 2025 is projected to be 2.051 billion yuan, representing a year-on-year increase of 146.97% [10]. - The significant growth in performance is primarily driven by the strong performance of the refrigerant business, with the average price of refrigerant products increasing by 61.88% year-on-year to 39,400 yuan per ton [10][11]. - The company benefits from a global leading production quota advantage in the context of the third-generation refrigerant quota system, which has transformed the industry supply structure from excess competition to supply constraints [10][24]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.051 billion yuan, a year-on-year increase of 146.97% [10]. - The second quarter of 2025 saw revenue of 7.531 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with a net profit of 1.242 billion yuan, up 137.07% year-on-year and 53.56% quarter-on-quarter [10]. Industry Overview - Refrigerants are essential consumer products, increasingly distinguished from traditional chemical raw materials, and are characterized by low cost share in downstream applications, convenient delivery, and high value [2][23]. - The supply side of the refrigerant industry is undergoing optimization, with increasing industry concentration and a shift towards a global "franchise" production and sales model [2][23]. - China holds over 80% of the global quota for third-generation refrigerants, benefiting from structural reforms in supply and high concentration of quotas among leading enterprises [2][23]. Business Segments - The non-refrigerant business faces intense competition, with fluoropolymer prices showing a slight recovery [3][32]. - The company sold 22,900 tons of fluoropolymers in the first half of 2025, with a second-quarter average selling price of 38,446 yuan per ton, reflecting a slight year-on-year increase [3][32]. Growth Opportunities - The demand for liquid cooling solutions is rapidly increasing due to the rise in server power density driven by AI technology, positioning the company favorably in the liquid cooling market [4][37]. - The company has proactively developed fluorinated liquid products and has initiated a project to produce perfluoropolyether cooling liquids, with the first phase already in production [4][37].

收量 | 指数 涨跌（％） | | --- | | 名称 | | ┣证指数 3800 -1.76 5.75 0.91 | | 深证综指 2394 -1.91 8.79 1.33 | | 风格指数 == (%) | 昨日 近１个月 近６个月 | | | --- | --- | --- | | 大盘指数 -1.49 | 6.7 | 11.1 | | 中盘指数 -1.49 | 9.23 | 11.99 | | 小盘指数 -1.59 | 9.17 - | 13.04 | | 涨幅居前 行业(%) | | 昨日 近１个月 近６个月 | | | --- | --- | --- | --- | | 通信设备 | 2.63 | 42.49 | 69.44 | | 小会属II | 1.78 | 14.22 | 64 | | 真他电源设 | 0.91 | 20.56 | 23.34 | | 金属新材料 | 0.68 | 16.89 | 36.78 | | 互联网电商 | 0.35 | 7.45 | 13.56 | | 跌幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | 化妆品 | -4.73 | 3.55 | 1 ...

8月28日，巨化股份（600160）(股票代码：600160)披露2025年半年度报告。报告期内，公司凭借氟化 工核心业务的强劲表现，在化工行业整体"供强需弱"的背景下实现营收与利润双位数增长，同时通过并 购整合与项目建设持续完善产业链布局，为长期发展奠定坚实基础。 展望未来，公司表示，将继续聚焦氟化工核心主业，一方面深化国内市场高端产品研发与推广，加大第 四代氟制冷剂(HFOs)产能建设与市场渗透；另一方面依托甘肃巨化等项目拓展西部产业基地，结合海 外布局提升全球市场竞争力。同时，公司将持续推进技术创新与数字化转型，在含氟聚合物、电子级精 细化学品等领域突破关键技术，力争在氟化工细分赛道持续巩固龙头地位，实现长期稳健发展。(厉平) 报告显示，2025年上半年，公司实现营业收入133.31亿元，同比增长10.36%；归属于上市公司股东的净 利润20.51亿元，同比增长146.97%；扣非归母净利润20.26亿元，同比增长155.23%。 技术研发与创新能力持续强化。作为国家级高新技术企业，公司上半年研发投入6.03亿元，同比增长 11.69%，重点推进质子膜用全氟磺酸树脂、电子级氟化液等高端产品研发。报告期内 ...

Core Viewpoint - The petrochemical industry is experiencing a mixed performance, with the China Petrochemical Industry Index showing a slight decline, while the petrochemical ETF has demonstrated significant annual growth and high tracking accuracy [1][2]. Group 1: Index Performance - As of August 28, 2025, the China Petrochemical Industry Index has decreased by 0.1% [1]. - The petrochemical ETF (159731) has dropped by 0.39%, with the latest price at 0.77 yuan [1]. - Over the past year, the petrochemical ETF has seen a net value increase of 20.37% [1]. Group 2: ETF Performance Metrics - The highest single-month return for the petrochemical ETF since inception was 15.86%, with the longest consecutive monthly gains being three months and a maximum increase of 19.49% [1]. - The average monthly return during the rising months is 5.30% [1]. - The ETF has outperformed its benchmark with an annualized excess return of 8.15% over the last three months [1]. Group 3: Industry Insights - Since 2024, the growth rate of fixed asset investment in the industry has noticeably slowed, leading to marginal improvements on the supply side [1]. - China's global market share in chemical products is steadily increasing, indicating a potential new cycle for the chemical industry [1]. - Short-term overseas demand may face challenges, but there is optimism for domestic demand and supply dynamics to improve, particularly for related industry targets [1]. - In the medium to long term, the chemical sector is expected to restart a new cycle against a backdrop of low oil prices and global recovery [1]. Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the China Petrochemical Industry Index account for 56.18% of the index, including Wanhua Chemical, China Petroleum, and China Petrochemical [2]. - The top three stocks by weight are Wanhua Chemical (10.04%), China Petroleum (9.51%), and China Petrochemical (8.07%) [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is a leading player in the fluorochemical industry, benefiting from a high demand for refrigerants, which has significantly boosted its performance [10][15] - The company has experienced strong revenue growth, with a 10.36% year-on-year increase in revenue for the first half of 2025, reaching 13.33 billion yuan, and a remarkable 146.97% increase in net profit attributable to shareholders, amounting to 2.05 billion yuan [5][6] - The price of refrigerants has seen a substantial increase, with an average price of 39,372.45 yuan per ton in the first half of 2025, reflecting a 61.88% year-on-year growth [6] Financial Performance - The company achieved a revenue of 75.31 billion yuan in Q2 2025, marking a 13.93% year-on-year increase and a 29.84% quarter-on-quarter increase, with a net profit of 1.24 billion yuan, up 138.82% year-on-year and 53.57% quarter-on-quarter [5][6] - The company is expected to maintain strong growth, with projected net profits for 2025-2027 of 5.07 billion, 6.04 billion, and 7.05 billion yuan respectively, up from previous estimates of 4.31 billion, 5.30 billion, and 6.17 billion yuan [10][15] Business Outlook - The company is advancing multiple projects that are expected to contribute to future revenue growth, including expansions and upgrades in various production facilities [8] - The fluorochemical industry is expected to maintain a tight supply-demand balance due to quota policies and increasing end-user demand, particularly in the air conditioning sector [10][15]

基础化工/化学制品 巨化股份（600160.SH） 2025 年 08 月 28 日 2025Q2 业绩大幅创历史新高，新业态认知逐步形成，全面 布局氟化液系列产品，主升持续进行中 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 35.84 | | 一年最高最低(元) | 36.95/14.25 | | 总市值(亿元) | 967.59 | | 流通市值(亿元) | 967.59 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 68.21 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q2 业绩或大幅创历史新高，全 新商业模式逐步形成—公司信息更新 报告》-2025.7.10 《制冷剂景气单边上行趋势不变，主 升行情徐徐展开—公司信息更新报 告》-2025.4.29 《2024 业绩符合预期，趋势仍在延续， 双击终会到来—公司信息更新报告》 - ...