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、 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 3 月 7 日 14 点 00 分 召开地点：浙江巨化股份有限公司办公楼二楼视频会议室（浙江省衢州市柯 城区） 浙江巨化股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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法律责任。 (五) 网络投票的系统、起止日期和投票时间。 证券代码：600160 证券简称：巨化股份 公告编号：2025-07 (七) 涉及公开征集股东投票权 无 1 股东大会召开日期：2025年3月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 7 日 至 2025 年 3 月 7 日 采用上海证券交易所网络投 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-05 浙江巨化股份有限公司 董事会九届十四次（通讯方式）会议决议公告 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。 浙江巨化股份有限公司（以下简称"公司"）董事会于 2025 年 2 月 8 日以 电子邮件、书面送达等方式向公司董事发出召开董事会九届十四次会议（以下简 称"会议"）的通知。会议于 2025 年 2 月 18 日在公司二楼视频会议室以现场结 合通讯方式召开。会议由公司董事长周黎旸先生主持。会议应出席董事 12 人， 实际出席 12 人（其中出席现场会议董事 8 名，董事赵海军、鲁桂华、张子学、 刘力以通讯（视频）方式参会）。公司监事列席了本次会议。会议的召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。与会董事经 认真审议后，做出如下决议： 一、以 12 票同意、0 票反对、0 票弃权，通过《关于审议<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）>的议案》 二、以 8 票同意 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

Investment Rating - The report maintains a "Buy-B" rating for the company [4][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87 to 2.1 billion yuan for 2024, with the fourth quarter projected to contribute 612 to 842 million yuan [5] - The supply tightness in the refrigerant market is expected to persist, driven by improved downstream demand and price increases [6][7] Market Performance - The company's stock closed at 25.66 yuan on February 5, 2025, with a yearly high of 26.72 yuan and a low of 14.25 yuan [2] - The circulating A-shares total 2.7 billion, with a market capitalization of 69.275 billion yuan [2] Financial Data - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.515 billion yuan in 2024, reflecting a year-on-year increase of 18.7% [12] - The net profit is expected to rise significantly from 944 million yuan in 2023 to 1.984 billion yuan in 2024, marking a 110.3% increase [12] - The diluted EPS is forecasted to be 0.73 yuan in 2024, increasing to 1.16 yuan in 2025 and 1.34 yuan in 2026 [8][12] Supply and Demand Dynamics - The company’s main products are expected to see a 14.96% increase in external sales volume, reaching 3.1438 million tons in 2024 [6] - The average selling price of refrigerants is projected to rise by 32.69% year-on-year to 26,765 yuan per ton in 2024 [6] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 35, 22, and 19, respectively, based on the closing price of 25.66 yuan [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87-2.10 billion yuan in 2024, representing a year-on-year growth of 98%-123%. The non-net profit is projected to be 1.72-1.95 billion yuan, with a year-on-year increase of 109%-137% [2][4]. - In Q4 2024, the company anticipates a net profit of 610-840 million yuan, showing a year-on-year growth of 211.1%-328.0% and a quarter-on-quarter increase of 44.6%-98.9% [2][4]. - The company is positioned to benefit from the rising prices of refrigerants, with a projected increase in sales volume and prices in the upcoming quarters [10][11]. Summary by Sections Company Performance - The company forecasts a significant increase in net profits for 2024, with Q4 expected to show particularly strong growth [2][4]. - The refrigerant prices have increased by 32.7% year-on-year, contributing to the company's positive outlook [10][11]. Market Dynamics - The refrigerant industry is experiencing an upward trend, with strong demand in the air conditioning sector, which is expected to exceed 200 million units in total production and sales for 2024 [10][11]. - The company’s sales volume for refrigerants in Q4 is projected to reach 107,000 tons, a 25.3% increase from Q3 [10][11]. Future Outlook - The company is expected to continue benefiting from the favorable market conditions in the refrigerant industry, with projected net profits for 2024-2026 being 1.97 billion, 4.94 billion, and 6.32 billion yuan respectively [10][11].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [27]. Core Views - The report highlights that the refrigerant industry is expected to benefit from improved supply and demand dynamics, with a positive long-term outlook for refrigerant prices due to increasing overseas demand and a concentrated supply structure [4]. - The long-term contract prices for refrigerants have seen an increase, with R32 contract prices rising to approximately 41,000 yuan per ton, reflecting a positive market response [4]. - The company is projected to achieve significant revenue growth, with expected revenues of 25.3 billion yuan, 29.5 billion yuan, and 34.2 billion yuan for 2024, 2025, and 2026, respectively, alongside substantial profit increases [4]. Summary by Sections Company Basic Data - Total shares outstanding: 2,699.75 million - Total market capitalization: 68,492.56 million - Circulating market capitalization: 68,492.56 million - Highest/Lowest price in December: 26.72/14.25 yuan - Debt-to-asset ratio: 33.87% - Net asset value per share: 6.32 yuan - Price-to-earnings ratio (TTM): 47.10 - Price-to-book ratio (PB): 4.01 - Return on equity: 7.37% [1]. Financial Projections - Expected revenue for 2024: 25.3 billion yuan, with a year-on-year growth of 22.5% - Expected revenue for 2025: 29.5 billion yuan, with a year-on-year growth of 16.4% - Expected revenue for 2026: 34.2 billion yuan, with a year-on-year growth of 16.1% - Expected net profit for 2024: 1.98 billion yuan, with a year-on-year growth of 110% - Expected net profit for 2025: 3.92 billion yuan, with a year-on-year growth of 98.1% - Expected net profit for 2026: 6.23 billion yuan, with a year-on-year growth of 59% [4][5]. Industry Overview - The refrigerant market is characterized by a high concentration of supply, with CR3 and CR5 ratios exceeding 70% and 90% for major refrigerants by 2025, indicating a stable competitive environment [4]. - The report anticipates that the ongoing exit of gray capacity will further optimize the competitive order, maintaining a high level of market prosperity [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The refrigerant segment has seen both volume and price increases, leading to a significant year-on-year growth in overall performance for the company [5] - The company expects a substantial rise in net profit for 2024, with estimates ranging from 1.87 to 2.10 billion yuan, representing a year-on-year increase of 98% to 123% [5] - The average selling price of refrigerants is projected to increase by 32.69% to 26,800 yuan per ton, with external sales volume expected to rise by 22.61% to 353,000 tons in 2024 [5] Summary by Sections Financial Performance - The company anticipates a net profit of 1.87 to 2.10 billion yuan for 2024, with a significant increase in the fourth quarter projected at 611 to 842 million yuan, reflecting a year-on-year growth of 211% to 327% [5] - The company’s main products, particularly the second and third generation refrigerants, are experiencing improved pricing and sales due to a favorable supply-demand balance [5][6] Market Outlook - The refrigerant prices are expected to continue their upward trend into 2025, supported by constrained supply and increasing downstream demand from air conditioning production [6] - The average market prices for the company's main refrigerant products have increased as of January 23, 2025, with R32, R125, and R134a showing price increases of 1.16%, 2.38%, and 3.53% respectively [6] Investment Recommendations - The report expresses strong confidence in the price increases of third-generation refrigerants and the cost advantages from the company's fluorine-chlorine linkage [7] - The profit forecasts for 2024 to 2026 have been revised upwards, with expected net profits of 2.03 billion, 3.87 billion, and 5.48 billion yuan respectively, indicating year-on-year growth rates of 114.8%, 90.9%, and 41.5% [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 25.37 CNY [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87-2.10 billion CNY in 2024, representing a year-on-year growth of 98%-123% [1] - The fourth quarter of 2024 is projected to see a net profit of 0.612-0.842 billion CNY, with a year-on-year increase of 211%-327% and a quarter-on-quarter increase of 45%-99% [1] - The refrigerant segment has shown strong performance with both volume and price increases, achieving a production of 149,900 tons in Q4 2024, up 19.09% year-on-year [2] - The company benefits from the rising spot prices of HFCs, with a projected market share of 45.82% for R32 in 2025, solidifying its leading position in the refrigerant market [3] Summary by Sections Financial Performance - The company forecasts a total revenue of 24.446 billion CNY for 2024, an 18.4% increase from 2023 [6] - The net profit attributable to shareholders is expected to reach 1.998 billion CNY in 2024, a significant recovery from a loss of 944 million CNY in 2023 [6] - The EBITDA is projected to grow from 1.968 billion CNY in 2023 to 3.373 billion CNY in 2024 [7] Segment Analysis - The refrigerant segment's revenue in Q4 2024 is expected to be 3.128 billion CNY, reflecting a year-on-year increase of 117.64% [2] - Other chemical products are facing competitive pressures, with prices for fluoropolymer materials and basic chemical products declining by 16.71% and 14.27% respectively [2] Market Outlook - The demand for refrigerants is expected to remain strong due to policies promoting the replacement of old units and robust export activity, with the total production and sales of household air conditioners in China exceeding 200 million units in 2024 [3] - The report anticipates continued growth in the company's profitability driven by the upward trend in HFCs spot prices [3]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to see significant growth in net profit for 2024, with a forecasted range of RMB 1.87 billion to RMB 2.1 billion, representing a year-on-year increase of 98% to 123% [1] - The increase in profitability is attributed to the ongoing uptrend in refrigerant prices and demand, supported by the quota system [1][4] - The net profit forecast for 2025 and 2026 has been raised to RMB 3.5 billion and RMB 4.5 billion, respectively, reflecting an increase of 25% and 18% from previous estimates [5] Summary by Sections Performance Overview - In 2024, refrigerant sales are expected to increase by 23% year-on-year to 353,000 tons, driven by the consolidation of Feiyuan Chemical and rising product prices under the quota system [2] - The average price of refrigerants is projected to rise by 33% year-on-year to RMB 26,800 per ton, contributing to a revenue increase of 63% year-on-year to RMB 9.45 billion [2] Segment Analysis - The basic chemical products segment is expected to see a 12% increase in sales to 1.785 million tons, although revenue is projected to decline by 4% to RMB 2.8 billion due to weak market conditions for caustic soda and synthetic ammonia [3] - The fluoropolymer segment is anticipated to grow, with sales expected to increase by 8% year-on-year to 46,000 tons, despite price pressures leading to a 15% decline in average prices [2][3] Market Outlook - The refrigerant market is expected to continue its upward trend, supported by strong demand from downstream sectors such as air conditioning and automotive, along with tight supply conditions for second and third-generation refrigerants [4] - The company is also expected to benefit from the gradual release of new projects, enhancing its competitive edge through integrated operations and high-value products [4] Financial Projections - The company’s revenue is projected to grow from RMB 20.66 billion in 2023 to RMB 24.52 billion in 2024, with a compound annual growth rate of 18.73% [7] - The net profit is expected to rebound significantly from RMB 943.51 million in 2023 to RMB 1.98 billion in 2024, reflecting a growth rate of 110.13% [7]