Group 1 - The stock price of Juhua Co., Ltd. reached a historical high, increasing by 7.20% to 26.07 yuan, with a trading volume of 29.21 million shares and a transaction amount of 739 million yuan [1] - The total market capitalization of Juhua Co., Ltd. in A-shares is 70.38 billion yuan, with the same amount for its circulating market capitalization [1] - In the basic chemical industry, the overall increase is 0.77%, with 309 stocks rising and 5 stocks, including Meibang Co. and Jinaobo, hitting the daily limit [1] Group 2 - The stock price of 104 companies in the same industry has decreased, with the largest declines seen in Baolijia, Chengxing Co., and Hailier, with declines of 6.09%, 3.38%, and 3.33% respectively [1] - As of January 8, the margin balance for Juhua Co., Ltd. is 2.611 billion yuan, with a financing balance of 2.606 billion yuan, reflecting an increase of 163 million yuan over the past 10 days, a growth of 6.69% [1]

财联社1月9日电，巨化股份涨超7%创历史新高，三美股份、昊华科技、永和股份、联创股份、多氟多 等跟涨。 消息面上，二代制冷剂配额加速缩减，三代制冷剂行业集中度持续提高，近期，R32、R410a等种类价 格持续走高。 ...

消息面上，根据1月3日百川盈孚资讯，2025年第一季度主流空调厂制冷剂长协订单现金出厂：R32价格 39800元/吨，环比增长6.1%；R410a价格40800元/吨，环比增长11.8%。 财联社1月6日电，巨化股份涨停，三美股份、永和股份冲击涨停，东阳光、昊华科技、联创股份等跟 涨。 ...

Investment Rating - The report assigns a "Buy" rating to the company (600160 SH) with a target price of RMB 28 [5] Core Views - The 2025 quota announcement indicates continued high prosperity in the refrigerant industry [5] - The company is a leading domestic fluorochemical enterprise with the largest refrigerant production quota in China and a complete fluorochemical industry chain [5] - The company is expected to benefit from the long-term prosperity of the industry with reasonable valuation in 2025 [5] - The supply contraction of third-generation refrigerants slightly exceeded expectations and the withdrawal of second-generation refrigerants will drive demand for third-generation refrigerants [5] - The company as a leading domestic refrigerant enterprise with leading national quotas will fully benefit from this prosperous market [9] Company Overview - The company's A-share price as of 2024 12 23 is RMB 24 00 with a total market capitalization of RMB 64 794 billion [5] - The company's major shareholder is Juhua Group Co Ltd holding 52 70% of shares [5] - The company's product mix includes refrigerants (35 4%) petrochemical materials (16 5%) basic chemical products (14 6%) and others (19 0%) [5] Industry Analysis - The 2025 HCFCs (second-generation refrigerants) quota is in line with market expectations with a total production quota of 163 600 tons a reduction of 51 200 tons compared to 2024 [5] - The 2025 HFCs (third-generation refrigerants) production quota is 791 900 tons slightly lower than the 801 600 tons in the September draft [5] - The R32 production quota for 2025 is 280 300 tons an increase of 40 800 tons compared to 2024 but lower than the 450 000 tons increase in the September draft [5] - The R134a production quota for 2025 is 208 300 tons a reduction of 7 400 tons compared to 2024 which was not included in the September draft [5] Financial Performance - The company's revenue is expected to grow from RMB 23 819 million in 2024E to RMB 30 424 million in 2026E [7] - Net profit attributable to parent company shareholders is forecasted to increase from RMB 2 146 million in 2024E to RMB 3 807 million in 2026E [7] - The company's EPS is projected to rise from RMB 0 79 in 2024E to RMB 1 41 in 2026E [9] - The company's PE ratio is estimated at 30x 21x and 17x for 2024E 2025E and 2026E respectively [9] Valuation and Recommendation - The report slightly raises the profit forecast expecting the company to achieve net profits of RMB 2 15 billion 3 12 billion and 3 8 billion in 2024 2025 and 2026 respectively [9] - The current A-share price corresponds to a PE of 30x 21x and 17x for 2024E 2025E and 2026E respectively with reasonable valuation in 2025 [9] - The report maintains a "Buy" rating [9]

Group 1: Investor Reception Day Overview - The investor reception day was held on December 13, 2024, from 15:00 to 17:00 at the company's video conference room [3] - Attendees included company executives and representatives from 40 investment institutions and individual investors [3] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 17.906 billion CNY, a year-on-year increase of 11.83% [5] - The total profit reached 1.566 billion CNY, up 83.37% year-on-year [5] - The net profit attributable to shareholders was 1.258 billion CNY, reflecting a growth of 68.40% compared to the previous year [5] - A cash dividend of 297 million CNY was implemented [5] Group 3: Market Conditions and Outlook - In Q4 2024, the demand for fluorinated refrigerants improved, leading to a price increase across various products [6] - The company aims to achieve better results in Q4 and set a strong foundation for 2025 [6] - For 2025, the company anticipates that the overall opportunities in the market will outweigh challenges, with a focus on strategic confidence and proactive measures [7] Group 4: Research and Development - The company plans to invest over 1 billion CNY in R&D in 2024, slightly increasing from 2023 [12] - Key R&D directions include advanced fluorinated chemical materials, new green refrigerants, and resource recycling technologies [12] Group 5: Regulatory and Market Trends - The transition to third-generation refrigerants is ongoing, with a gradual shift towards green low-carbon alternatives [10] - The company is positioned to leverage its advantages in the evolving refrigerant market while maintaining a focus on sustainability [11] Group 6: Specific Inquiries from Investors - There are currently no plans for asset restructuring [9] - The company has no immediate plans for mergers or acquisitions to increase market share in HFCs [21] - The production capacity for fourth-generation refrigerants is set to expand, with an additional 9,000 tons per year planned [15]

被担保人名称 浙江巨化股份有限公司（以下简称"公司"或"本公司"）之全资子公司宁波巨 化化工科技有限公司（以下简称"宁波化工公司"）；控股子公司浙江晋巨化工有 限公司（以下简称"晋巨公司"）。 担保金额及已实际为其提供的担保余额 本次新增为晋巨公司和宁波化工公司融资提供担保，合计担保金额人民币 3,749.53 万元。其中新增为晋巨公司两笔融资提供担保，合计金额 2,743.25 万 元；新增为宁波化工公司 1 笔融资提供担保 140 万美元，折合成人民币 1,006.28 万元。（美元汇率按中国人民银行官网 11 月 29 日中间价 7.1877） 股票简称：巨化股份 股票代码：600160 公告编号：临 2024-38 浙江巨化股份有限公司关于担保进展情况的公告 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： 截止本公告日，本公司为上述被担保人提供的担保余额为 71,177.55 万元。 其中：为晋巨公司提供担保的余额为 69,991.70 万元(含项目建设资金担保余额 45,154.13 万元)；为 ...

Group 1: Event Details - The investor reception day is scheduled for December 13, 2024, from 15:00 to 17:00 [1] - The event will take place at the company's office building in Quzhou, Zhejiang Province [1] - Attendance is limited to 50 participants, with registration required by December 12, 2024, at 17:00 [1] Group 2: Attendees - Company executives including General Manager Han Jinming, Secretary Liu Yunhua, and Financial Officer Wang Xiaoming will be present [1] Group 3: Participation Requirements - Individual investors must bring original and photocopied identification; institutional representatives must provide relevant identification [3] - Successful registrants will receive a confirmation via SMS, which serves as their entry pass [3] Group 4: Compliance and Commitments - Participants must sign a commitment letter ensuring no unauthorized information gathering or disclosure during the event [6] - The commitment letter is valid from December 13, 2024, to December 13, 2025 [7] Group 5: Post-Event Disclosure - The company will announce the event's outcomes and key points through designated media outlets after the event [3]

股票代码：600160 股票简称：巨化股份 公告编号：临 2024-36 浙江巨化股份有限公司 关于 2024 年三季度业绩说明会召开情况的公告 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。 ●前瞻性陈述的风险提示： 本次会议交流中涉及的未来计划、市场发展战略、市场预测等前瞻性陈述 不构成本公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异，注意投资风险。 浙江巨化股份有限公司（以下简称"公司"）于 2024 年 11 月 12 日 15：00- 16：00 通过上海证券交易所上证路演中心以网络互动方式召开了公司 2024 年三 季度网上业绩说明会。现将有关情况公告如下： 一、本次说明会召开情况 公司于 2024 年 10 月 25 日披露了《关于召开 2024 年三季度业绩说明会的公 告》（公告编号：临 2024-34），于 2024 年 11 月 12 日 15：00-16：00 通过上海 证券交易所上证路演中心以网络互动方式召开公司 2024 年三季度业 ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2024-35 浙江巨化股份有限公司关于担保进展情况的公告 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： 被担保人名称 浙江巨化股份有限公司（以下简称"公司"或"本公司"）之控股子公司浙江晋 巨化工有限公司（以下简称"晋巨公司"）。 担保金额及已实际为其提供的担保余额 本次新增为晋巨公司三笔融资提供担保，合计金额 5,189.94 万元。 截止本公告日，本公司为晋巨公司提供担保的余额为 71,787.58 万元(含项 目建设资金担保余额 45,154.13 万元)。 特别风险提示：本次被担保对象晋巨公司资产负债率超过70%，为公司 控股子公司，财务风险处于可控范围内，敬请投资者注意相关风险。 一、担保情况概述 经公司董事会八届九次批准计划为控股子公司晋巨公司项目建设资金贷款 提供连带责任担保不超过人民币 82,380 万元（担保期限 8-12 年）；经公司 2023 年年度股东大会审议通过计划 2024 年度新增为控股子公司晋巨公司流动资金融 资 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 29 CNY per share, compared to the current price of 22.09 CNY [6][5]. Core Insights - The company reported a revenue of 17.906 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 11.83%. The net profit attributable to shareholders was 1.258 billion CNY, up 68.40% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 5.826 billion CNY, a decrease of 1.53% year-on-year and 11.86% quarter-on-quarter. The net profit for the same period was 423 million CNY, reflecting a year-on-year increase of 64.76% but a quarter-on-quarter decline of 19.19% [3][4]. - The report highlights the strong price increase of refrigerants, driven by the implementation of the third-generation refrigerant quota production system in 2024 and an unexpected growth in downstream air conditioning production [4]. Financial Summary - The company is projected to achieve net profits of 1.878 billion CNY, 3.129 billion CNY, and 4.182 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 99.0%, 66.6%, and 33.6% [5][8]. - The total revenue forecast for the same years is 25.316 billion CNY, 29.270 billion CNY, and 33.244 billion CNY, with growth rates of 22.6%, 15.6%, and 13.6% respectively [5][8]. - The report indicates that the company has a strong market position as a leader in the third-generation refrigerant sector, which is expected to benefit from ongoing price increases [5][4].