Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [23]. Core Views - The company is strengthening its leading position by increasing investments in fluorinated polymers and fourth-generation refrigerants [4][5]. - The fluoropolymer industry is currently at a cyclical low, but the company is strategically expanding its capacity to enhance market share as weaker competitors exit the market [5][9]. - The company plans to invest 42 billion yuan in a new project in Gansu, which will significantly increase its production capacity and market competitiveness [4][8]. - The refrigerant market is expected to remain favorable, with a projected net profit increase of 98% to 123% in 2024 due to rising prices and demand [9]. Summary by Sections Market Data - The closing price of the company is 23.95 yuan, with a market capitalization of 646.59 billion yuan and a price-to-book ratio of 3.79 [1]. - The company has a diluted return on equity of 7.37% and a debt-to-asset ratio of 33.87% [1]. Financial Projections - The company is expected to achieve revenues of 24 billion yuan in 2024, with a net profit forecast of 1.95 billion yuan, reflecting a significant recovery from 2023 [10]. - Earnings per share (EPS) are projected to be 0.72 yuan in 2024 and 1.19 yuan in 2025, with corresponding price-to-earnings ratios of 33.14 and 20.15 [10]. Industry Outlook - The company is positioned to benefit from the ongoing transition to fourth-generation refrigerants, with plans to produce 52,000 tons of these refrigerants, enhancing its competitive edge [9]. - The report highlights the importance of utilizing local resources in Gansu to reduce energy costs and carbon emissions, further improving the project's viability [8].

Summary of Conference Call Company and Industry - The conference call discusses a project announcement by a company related to the chemical industry, specifically focusing on the investment in Gansu Juhua [1][2]. Key Points and Arguments 1. **Project Investment Details**: The company plans to invest a total of 6 billion yuan (approximately 60 billion) in the Gansu Juhua project, with the company contributing 70% (around 42 billion) and the group contributing 30% (around 18 billion) [1]. 2. **Funding Structure**: Out of the total investment, approximately 140 billion will be financed through a syndicate loan, while around 60 billion will come from registered capital, which will be paid in installments over five years [2]. 3. **Long-term Development Strategy**: The project is seen as a strategic move to enhance long-term growth and competitiveness in a highly competitive market [3][4]. 4. **Market Demand and Capacity**: Current production capacity is insufficient to meet market demand, indicating a need for expansion despite the long construction cycle of the project [5]. 5. **Environmental Considerations**: The project aligns with national policies on green development and sustainability, emphasizing the importance of eco-friendly practices in the chemical industry [7][22]. 6. **Technological Advancements**: The company aims to leverage advanced technology in the construction of the new facility, which will include state-of-the-art machinery and digital controls [15][16]. 7. **Market Dynamics**: The industry is expected to see increased concentration among leading firms, with smaller companies potentially losing market share due to their inability to compete effectively [19][21]. 8. **Investment Risks and Returns**: The company acknowledges the risks associated with large capital investments but believes that the low interest rates on loans will mitigate financial pressure [2][37]. 9. **Future Outlook**: The management expresses confidence in the company's ability to adapt to market changes and capitalize on growth opportunities in the chemical sector [36][37]. Other Important but Overlooked Content - **Cultural and Strategic Mindset**: The management emphasizes the importance of a strategic mindset and corporate culture in navigating market challenges and achieving long-term success [13][24]. - **Historical Context**: References to past industry cycles highlight the necessity of being prepared for market fluctuations and the importance of strategic planning [20][24]. - **Investor Sentiment**: There is a recognition of mixed investor sentiment, with some expressing concerns about short-term market conditions despite a generally positive outlook for long-term growth [37][38].

Investment Rating - The report maintains an "Outperform" rating for the company [3] Core Views - The company plans to jointly increase capital in Gansu Juhua to acquire a 70% controlling stake and implement a high-performance fluorine-chlorine new materials integrated project [6] - The total investment for the project is estimated at 196.25 billion, with 71% of the funding coming from bank loans, indicating confidence in the refrigerant business [6] - The project aims to produce various fluorinated products, including 35,000 tons of R1234yf and 30,000 tons of PTFE annually, with an expected average annual sales revenue of 8.211 billion and a net profit of 1.068 billion [6] - The company is strategically expanding in Gansu to leverage lower energy costs and abundant resources, positioning itself for future growth in the fluoropolymer market [6] - The report forecasts significant growth in net profit for 2024-2026, with estimates of 1.95 billion, 4.16 billion, and 5.44 billion respectively, corresponding to EPS of 0.72, 1.54, and 2.01 [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 20.655 billion, with a year-on-year decrease of 3.9%, followed by a recovery in 2024 with an estimated revenue of 21.237 billion [2] - The net profit for 2023 is expected to be 944 million, reflecting a significant decline of 60.4%, but is projected to rebound to 1.258 billion in 2024, representing a growth of 68.4% [2] - The gross margin is expected to improve from 13.2% in 2023 to 31.0% by 2026, indicating enhanced profitability [2]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][13] Core Views - The company is increasing its stake in Gansu Juhua New Materials, enhancing its leading position in the domestic fluorochemical industry [2][3] - The project aims to build an integrated production facility for high-performance fluorinated materials, with a total investment of 19.625 billion yuan [2][6] - The project will significantly expand the production capacity for fluoropolymers and fourth-generation refrigerants, which are expected to see increasing demand [3][4][6] Summary by Relevant Sections Company Announcement - The company plans to increase the registered capital of Gansu Juhua from 100 million yuan to 6 billion yuan, with the company contributing 4.2 billion yuan (70%) and the controlling shareholder contributing 1.8 billion yuan (30%) [2][5] - The project will include production facilities for various fluorinated products, including 35,000 tons of R1234yf and 30,000 tons of PTFE annually [2][6] Economic Benefits - The project is expected to generate an average annual sales revenue of 8.211 billion yuan and a net profit of 1.068 billion yuan, with a payback period of approximately 11.46 years [9] - The project has a total investment return rate of 7.17%, indicating good economic viability and potential to enhance the company's long-term profitability [9] Industry Outlook - The demand for fluorinated products is expected to grow steadily due to improvements in living standards and the rapid development of strategic emerging industries in China [4][8] - The company is well-positioned to benefit from the ongoing transition from third-generation to fourth-generation refrigerants, which are more environmentally friendly [7][8] Financial Projections - Revenue projections for the company are 26.578 billion yuan, 34.463 billion yuan, and 40.735 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.999 billion yuan, 3.058 billion yuan, and 3.473 billion yuan [4][13] - The company’s diluted EPS is expected to be 0.74 yuan, 1.13 yuan, and 1.29 yuan for the same years, with corresponding PE ratios of 33.53, 21.96, and 19.23 [4][13]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][13] Core Viewpoints - The company is increasing its stake in Gansu Juhua New Materials, enhancing its leading position in the domestic fluorochemical industry [2][3] - The project aims to build an integrated production facility for high-performance fluorinated materials, with a total investment of 19.625 billion yuan [2][6] - The project will significantly expand the production capacity for fluoropolymers and fourth-generation refrigerants, which are expected to see increasing demand [3][4][6] Summary by Relevant Sections Company Announcement - The company plans to increase the registered capital of Gansu Juhua from 100 million yuan to 6 billion yuan, with the company contributing 4.2 billion yuan (70%) and the controlling shareholder contributing 1.8 billion yuan (30) [2][5] - The project will include the production of various fluorinated products, including 35,000 tons of R1234yf and 30,000 tons of PTFE annually [2][6] Economic Benefits - The project is expected to generate an average annual sales revenue of 8.211 billion yuan and a net profit of 1.068 billion yuan, with a payback period of approximately 11.46 years [9] - The project will enhance the company's profitability and solidify its leading position in the fluorochemical industry [7][9] Financial Forecast - Revenue projections for 2024-2026 are 26.578 billion yuan, 34.463 billion yuan, and 40.735 billion yuan, respectively, with net profits of 1.999 billion yuan, 3.058 billion yuan, and 3.473 billion yuan [4][13] - The company maintains a healthy financial structure, with a projected debt-to-asset ratio of approximately 53% post-project [10][16] Market Outlook - The demand for fluorinated products is expected to grow steadily due to the expansion of strategic emerging industries and improvements in living standards [4][8] - The company is well-positioned to benefit from the long-term price increases in refrigerants, particularly as it enhances its production capacity for fourth-generation refrigerants [3][4][11]

清产核资专项审计报告 甘肃巨化新材料有限公司 甘肃巨化新材料有限公司 清产核资专项审计报告 北京 大 华 国 际 会 计 师 事 务 所 ( 特 殊 普 通 合 伙 ) 北京大华核字 [2024]00000224 号 Beijing Dahua International Certified Public Accountants (Limited Liability Partnership) （截止 2024 年 3 月 31 日） | | 一、 清产核资专项审计报告 | | 1-24 | | --- | --- | --- | --- | | 1 آ | 资产损失申报表及分户表 | 泉 | 页 次 1-3 | 十家十华国际会計师事务所 您可使用手机"扫一扫"或进入"此倡导于证明该审计报告是否由具有执业许可的会计师事务所出具 。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://act.mol.eov.cn） 提款编码:京24P63X 我们接受委托,对甘肃巨化新材材料有限公司(以下简称甘肃巨化新材料) 以 2024 年 3 月 31 日为基准日的清产核资相关资料进行了进行审计。甘肃巨化新 ...

本报告依据中国资产评估准则编制 甘肃巨化新材料有限公司拟增资扩股 涉及的甘肃巨化新材料有限公司 股东全部权益价值项目 资产评估报告 中同华评报字（2024）第 160948 号 共 1 册 第 1 册 北京中同华资产评估有限公司 China Alliance Appraisal Co.,Ltd. 日期:2024年5月7日 地址:北京市丰台区丽泽路 16 号院北京汇亚大厦 28 层 邮编：100073 电话: 010-68090001 传真: 010-68090099 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020005202401116 | | --- | --- | | 合同编号: | 中同华合同字(2024) 0767号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中同华评报字(2024)第160948号 | | 报告名称: | 甘肃巨化新材料有限公司拟增资扩股涉及的甘肃巨 | | | 化新材料有限公司股东全部权益价值项目 | | 评估结论: | 100,040,593.04元 | | 评估报告日: | 2024年05月07日 | | 评估机构 ...

浙江巨化股份有限公司 增资控股甘肃巨化新材料有限公司 暨实施高性能氟氯新材料一体化项目的 可行性研究报告 二〇二五年二月 | 释义 | 1 | | --- | --- | | 第一节 | 项目概况 5 | | | 一、项目内容 5 | | | 二、项目主体 6 | | 第二节 | 项目背景 10 | | 第三节 | 项目实施的必要性和可行性 13 | | | 一、必要性 13 | | | 二、可行性 16 | | 第四节 | 项目投资方案 20 | | | 一、标的公司项目规划 20 | | | 二、本次增资方案 23 | | 第五节 | 项目经济效益 26 | | 第六节 | 项目风险及应对措施分析 27 | | | 一、市场风险 27 | | | 二、因环保标准提高而带来的风险 27 | | | 三、重要原材料、能源价格上行以及新增折旧摊销等风险 27 | | | 四、产业政策风险 28 | | | 五、审批风险 28 | | | 六、项目实施风险 28 | | 第七节 | 实施本项目对上市公司的影响 30 | | 第八节 | 公司内部审议情况 31 | | | 一、董事会审议情况 31 | | | 二、 ...

浙江巨化股份有限公司 关于增资控股甘肃巨化新材料有限公司 实施高性能氟氯新材料一体化项目暨关联交易公告 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"、"本公司"或"巨化股份"） 拟与控股股东巨化集团有限公司（以下简称"巨化集团"）共同增资甘肃巨化新 材料有限公司（以下简称"甘肃巨化"），将甘肃巨化注册资本由 1.00 亿元增至 60.00 亿元。其中本公司认缴出资 42.00 亿元，占比 70%；巨化集团认缴出资 18.00 亿元（含巨化集团前期已出资 1.00 亿元），占比 30%。 本次，公司与巨化集团拟实缴注册资本分别为 7.00 亿元和 2.00 亿元，将甘 肃巨化实缴注册资本增至 10.00 亿元。根据甘肃巨化股东全部权益价值的评估结 果，经各方协商，本次实缴增资的价格为 1.000406 元/注册资本。 本次增资后，本公司取得甘肃巨化控股权，并由其实施高性能氟氯新材料一 体化项目（以下简称"本项目"或"项目"，公司增资控股甘肃巨化并实施本项 目以下合称 ...

浙江巨化股份有限公司 关于 2024 年"提质增效、重回报" 专项行动方案执行情况的报告 （2024 年度） 为了深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提 高上市公司质量的意见》要求，践行"以投资者为本"理念，推动浙江巨化股份有限 公司（以下简称"公司"或"巨化股份"）高质量发展和投资价值提升，增强投资者 回报，提升投资者获得感，助力资本市场健康发展，公司董事会九届八次会议审议批 准了《巨化股份 2024 年"提质增效重回报"专项行动方案》（以下简称《专项行动方 案》）。根据上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡 议》（上证公告〔2024〕13 号）、《专项行动方案》相关规定，现将公司 2024 年度 《专项行动方案》执行情况报告如下： 一、概述 2024 年，面对机遇挑战并存复杂严峻的经营环境，面对多变的资本市场，面对繁 重的经营发展任务，公司坚持战略自信，稳中求进，主动作为，以"创造价值，回报 社会"为宗旨，以"在高质量发展中创造价值，实现好发展好投资者利益"为目标， 以确定性工作应对不确定性环境，完整准确全面贯彻新发展理念，积极践行"以投资 者为本"理念 ...