Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 1.87 billion to 2.10 billion yuan, representing a year-on-year growth of 98% to 123% [4][5] - The improvement in the supply-demand structure of fluorinated refrigerants and continuous price increases are driving the company's strong performance [5][11] Summary by Sections Company Overview - The company operates in the basic chemical industry, with a total market capitalization of 68.5 billion yuan and a total share capital of 2.7 billion shares [1] Financial Performance - The company reported a revenue of 20.66 billion yuan in 2023, with a projected increase to 24.35 billion yuan in 2024, reflecting a year-on-year growth of 17.9% [7] - The net profit for 2023 was 944 million yuan, with expectations of 2.02 billion yuan in 2024, indicating a year-on-year increase of 114.4% [7] Business Segments - The fluorinated chemical raw material production is expected to increase by 6.22% in 2024, while the sales price is projected to rise by 23.19%, leading to a total revenue growth of 17.54% in this segment [5] - The refrigerant production and sales are anticipated to grow by 21.12% and 22.61% respectively, with a significant revenue increase of 62.69% in 2024 [5] - The fluoropolymer segment is expected to see a slight decline in revenue due to a decrease in sales price, while the fine chemical segment is projected to experience substantial growth in production and sales [6] Market Dynamics - The supply of refrigerants is constrained due to quota regulations, while demand from the air conditioning and automotive sectors remains strong, contributing to rising prices [11] - The report highlights that the price of mainstream refrigerants has increased significantly, with R22 rising by 69.23% and R32 by 149.28% by the end of 2024 [11] Future Outlook - The company is expected to maintain its leading position in the fluorinated products industry, with projected net profits of 2.02 billion, 2.46 billion, and 2.91 billion yuan for 2024, 2025, and 2026 respectively [11] - The report anticipates a stable upward trend in the company's performance, supported by strong pricing in the fluorinated refrigerant market [11]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to see a continuous uptrend in refrigerant prices and volumes, with Q4 2024 performance meeting expectations. The refrigerant business is anticipated to benefit significantly from price increases, outweighing the negative impacts from non-refrigerant segments [6][5] - The company forecasts a substantial increase in net profit for 2024, with an expected growth rate of 98% to 123% year-on-year, driven primarily by the refrigerant business [6] - The company maintains a positive outlook for 2025, with expectations of continued high demand and price increases in the refrigerant market [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 20,655 million, with a year-on-year decrease of 3.9%. However, revenue is expected to rebound to 21,237 million in 2024, with a growth rate of 2.8% [5] - The net profit attributable to the parent company is forecasted to be 944 million for 2023, with a significant increase to 1,950 million in 2024, reflecting a growth rate of 106.7% [5] - Earnings per share (EPS) are expected to rise from 0.35 in 2023 to 0.72 in 2024, and further to 1.54 in 2025 [5] - The gross profit margin is projected to improve from 13.2% in 2023 to 18.9% in 2024, and reach 27.2% in 2025 [5] Segment Performance - The refrigerant segment is expected to see a significant increase in both volume and price, with Q4 2024 external sales volume rising by 60% year-on-year [6] - The petrochemical materials segment is also expected to show growth, although average prices have declined [6] - The fluorinated polymer segment is experiencing a decrease in profitability due to falling prices, despite an increase in sales volume [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][27] Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 1.87 billion to 2.1 billion yuan in 2024, representing a year-on-year growth of 98% to 123% [3][5] - The demand for household air conditioning is rapidly increasing, and supply is constrained by quotas, leading to a simultaneous increase in both volume and price for the company's refrigerant products in 2024 [3][5] - The company plans to establish a refrigerant sales center to enhance its marketing efforts and consolidate its market leadership in refrigerant products [4][16] Summary by Relevant Sections Financial Performance - The company expects to achieve a net profit of 1.87 to 2.1 billion yuan in 2024, with a growth rate of 98% to 123% year-on-year. The net profit after deducting non-recurring items is projected to be 1.721 to 1.951 billion yuan, with a growth of 109% to 137% [3][5] - For the fourth quarter of 2024, the expected net profit is between 612 million and 842 million yuan [3][5] Market Dynamics - The company benefits from being the largest domestic supplier of refrigerants, with a significant increase in sales volume and price due to rising demand in the air conditioning market [4][5] - The overall supply-demand structure for fluoropolymer products is expected to improve in 2025, despite current competitive pressures leading to price declines [12] Strategic Initiatives - The establishment of a refrigerant sales center is aimed at improving the efficiency of marketing operations and enhancing profit margins [4][16] - The company has a strong financial structure and is positioned to benefit from the long-term growth in the refrigerant market due to its high quota share [4][27] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 26.578 billion, 34.463 billion, and 40.735 billion yuan, respectively, with net profits of 1.999 billion, 3.058 billion, and 3.473 billion yuan, reflecting growth rates of 111.8%, 53.0%, and 13.6% [4][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company's performance in 2024 is expected to meet expectations, with a significant profit increase anticipated in Q4, projecting a year-on-year growth of 211%-327% [5] - The report highlights a positive outlook for the refrigerant market, with expectations of continued price increases and strong sales growth [6][7] Financial Performance Summary - The company is projected to achieve a net profit attributable to shareholders of 18.7 to 21.0 billion yuan in 2024, representing a year-on-year increase of 98% to 123% [5] - Q4 net profit is expected to be between 6.12 and 8.42 billion yuan, with a median estimate of approximately 7.27 billion yuan, indicating a year-on-year growth of 269% [5] - Revenue from refrigerants is projected to be 94.47 billion yuan in 2024, with a year-on-year increase of 62.69% [6] Revenue and Profit Forecast - The company's revenue for 2024 is estimated at 22.595 billion yuan, with a year-on-year growth of 9.4% [8] - The net profit for 2025 is forecasted to be 51.28 billion yuan, with a significant increase of 161.1% compared to 2024 [8] - The earnings per share (EPS) for 2024 is expected to be 0.73 yuan, increasing to 1.90 yuan in 2025 and 2.70 yuan in 2026 [8] Market Position and Strategy - The establishment of a refrigerant sales center aims to enhance the company's market leadership in refrigerant products [7] - The report indicates that the company is well-positioned to benefit from the ongoing upward trend in the refrigerant market, with expectations of a "main rise" in stock performance [5][6]

股票简称：巨化股份 股票代码：600160 公告编号：临 2025－04 浙江巨化股份有限公司 2024 年 1-12 月主要经营数据公告 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"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2024 年 1-12 月主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 1114366.51 | 6.22 | 347122.41 | -4.59 | 123428.49 | 17.54 | | 致冷剂 | 591405.05 | 21.12 | 352966.43 | 22.61 | 944696.85 | 62.69 | | 含氟聚合物材料 | 131846.86 | ...

Core Viewpoint - Juhua Co., Ltd. (600160) announced a profit forecast for 2024, expecting a net profit between 1.87 billion and 2.1 billion yuan, representing a year-on-year growth of 98% to 123% [1] Group 1: Company Performance - The expected net profit for Juhua Co., Ltd. is projected to be between 1.87 billion and 2.1 billion yuan [1] - The company’s stock closed at 26.31 yuan, with an increase of 0.88% on the announcement day [1] - The trading volume on the announcement day was 689 million yuan, with a turnover rate of 0.98% [1] Group 2: Market Reaction - Historical data shows that 66.06% of stocks with a profit forecast increase of over 50% experienced a price increase on the announcement day [1] - Among these stocks, 22 companies hit the daily price limit on the announcement day [1] - Over a five-day period following the announcement, 69.23% of these stocks saw an increase in their share price [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 1.87 billion and 2.1 billion CNY, an increase of 0.926 billion to 1.156 billion CNY compared to the previous year, representing a year-on-year growth of 98% to 123%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 1.721 billion and 1.951 billion CNY, an increase of 0.898 billion to 1.128 billion CNY compared to the previous year, with a year-on-year growth of 109% to 137%[3] - The net profit for the same period last year was 943.51 million CNY, and the net profit after deducting non-recurring gains and losses was 822.54 million CNY[4] Factors Influencing Performance - The increase in performance is primarily due to the rise in external sales and prices of the company's main products, leading to higher revenue and gross profit margins[6] - The company's refrigerant business has significantly increased its share in the main business structure and profitability due to rising product prices, which have a greater positive impact than the negative impact from price declines in non-refrigerant chemical products[6] Strategic Outlook - The company maintains strategic confidence and market foresight, focusing on steady progress and quality improvement while optimizing market structure and production output[6] - There are no significant uncertainties affecting the accuracy of this performance forecast[7] - The forecast data is preliminary and the final audited financial data will be disclosed in the 2024 annual report[8]

公司本期业绩增长主要系公司主要产品的外销量、价格齐升，主营业务收入、产品毛利率上升。 证券时报e公司讯，巨化股份(600160)1月22日晚间公告，预计2024年度归属于上市公司股东的净利润为 18.7亿元到21亿元，与上年同期9.44亿元相比，同比增长98%到123%。 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-01 浙江巨化股份有限公司 浙江巨化股份有限公司董事会 董事会九届十三次（通讯方式）会议决议公告 2025 年 1 月 21 日 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。 第 1 页 共 1 页 浙江巨化股份有限公司（以下简称"公司"）董事会于 2025 年 1 月 10 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十三次会议（以下简 称"会议"）的通知。会议于 2025 年 1 月 20 日以通讯方式召开。会议应出席董 事 12 人，实际出席 12 人。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： 以 12 票同意、0 票反对、0 票弃权，通过《关于成立浙江巨化股份有限公司 制冷剂销售中心的议案》。 为了适应氟制冷剂配额制下市场经营需要，有效发挥公司制冷剂集约经营效 应，巩固提升公司在制冷剂产品的市场领导地位，同意公司设立制冷剂销售中心， 作为公司下属业务部门，负 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is investing CNY 28.68 million to build a 500 tons/year perfluoroether derivative pilot test line, which will help expand its product structure in the semiconductor low-temperature application field [3][5] - The company has signed an investment agreement with Chongqing Tongnan District to jointly build the largest submerged liquid cooling intelligent computing center in China [7] - The continuous implementation of the "old-for-new" policy is driving up refrigerant prices [9] Financial Projections - The company is expected to benefit from the long-term improvement in refrigerant prices, with projected revenues for 2024, 2025, and 2026 being CNY 265.78 billion, CNY 344.63 billion, and CNY 407.35 billion respectively, reflecting changes of +5.25%, +6.02%, and -1.80% from previous forecasts [4][17] - The projected net profit attributable to the parent company for the same years is CNY 19.99 billion, CNY 30.58 billion, and CNY 34.73 billion, with year-on-year growth rates of 111.8%, 53.0%, and 13.6% [4][17] - The diluted EPS for 2024, 2025, and 2026 is expected to be CNY 0.74, CNY 1.13, and CNY 1.29, corresponding to PE ratios of 32.87, 21.52, and 18.85 respectively [4][17] Industry Context - The company is a leader in the fluorochemical industry with a well-established industrial chain and significant cost advantages [4][17] - The demand for fluorochemical products is steadily increasing due to improvements in living standards and the rapid development of strategic emerging industries in China [4][17] - The company holds the largest refrigerant quota in China, positioning it to directly benefit from the sustained demand in the refrigerant market [4][17]