Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 20.99 CNY [3] Core Views - The company achieved a revenue of 17.906 billion CNY in the first three quarters, representing a year-on-year increase of 11.83%. The net profit attributable to shareholders reached 1.258 billion CNY, up 68.40% year-on-year [2] - The report highlights that the refrigerant prices are expected to remain high due to supply-demand dynamics, with the company likely to benefit from additional quotas in 2025 [2] - The projected net profits for the company from 2024 to 2026 are 2.001 billion CNY, 3.150 billion CNY, and 4.023 billion CNY respectively, with corresponding PE ratios of 27, 17, and 14 [2] Financial Performance Summary - For Q3, the company reported a revenue of 5.826 billion CNY, a decrease of 1.53% year-on-year, while the net profit was 423 million CNY, an increase of 64.76% year-on-year [2] - The refrigerant segment showed a production of 141,100 tons in Q3, down 16.70% quarter-on-quarter but up 21.73% year-on-year, with an average price of 28,152.38 CNY per ton, reflecting a 13.76% increase quarter-on-quarter [2] - The forecasted total revenue for the company is expected to grow from 20.655 billion CNY in 2023 to 29.439 billion CNY in 2026, with a compound annual growth rate of approximately 8.2% [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company is a leader in refrigerant quotas and continues to benefit from the long-term prosperity of the refrigerant market [2] - The company's revenue and net profit have shown significant growth year-on-year, with a notable increase in the sales volume of fluorinated fine chemicals [2] - The report anticipates sustained high performance for the company due to its leading position in the refrigerant quota market and the expected recovery of the refrigerant market in Q4 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 17.906 billion yuan, a year-on-year increase of 11.83%, and a net profit of 1.258 billion yuan, a year-on-year increase of 68.40% [1] - In Q3 2024, the company reported revenue of 5.826 billion yuan, a year-on-year decrease of 1.53% and a quarter-on-quarter decrease of 11.86%, while net profit was 423 million yuan, a year-on-year increase of 64.67% but a quarter-on-quarter decrease of 19.19% [1] - The company expects EPS for 2024-2026 to be 0.77, 1.02, and 1.09 respectively, with corresponding P/E ratios of 26.2, 20.0, and 18.7 [3] Market and Product Insights - The sales volume of fluorinated fine chemicals, petrochemical materials, refrigerants, and basic chemical products saw significant increases, with year-on-year growth rates of 286.18%, 52.29%, 11.41%, and 11.41% respectively [2] - The average prices of refrigerants, fluorinated chemical raw materials, and petrochemical materials increased by 29.81%, 15.40%, and 1.90% year-on-year, while other product prices experienced varying degrees of decline [2] - The company has expanded its production quotas for HFC-32 and HFC-245fa, which is expected to support its growth in the upcoming quarters [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][12][13] Core Views - The company has shown significant growth in net profit, with a year-on-year increase of 68% in the first three quarters of 2024, and a 65% increase in the third quarter, despite a sequential decline of 19% [1][4] - The revenue for the first three quarters of 2024 reached 179.06 billion yuan, representing an 11.83% year-on-year growth [1][4] - The company is benefiting from rising refrigerant prices, with the average price of refrigerants increasing by 45% year-on-year in the third quarter [1][6] - The company is positioned to benefit from the ongoing recovery in the refrigerant market, with expectations of sustained high demand due to the end of the traditional off-season and the start of a new cooling year [1][11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 12.58 billion yuan, with a net profit margin of 7.76%, an increase of 3.03 percentage points year-on-year [1][4] - The third quarter saw revenues of 58.26 billion yuan, a slight decrease of 1.53% year-on-year, but the net profit was 4.23 billion yuan, up 64.76% year-on-year [1][4] - The gross margin for the first three quarters was 16.95%, reflecting an improvement of 4.08 percentage points year-on-year [1][4] Market Trends - The refrigerant market is experiencing a price increase, with R22 and R32 prices rising significantly due to strong demand from household air conditioning and supply constraints [1][6] - The company’s refrigerant production and sales volumes for the third quarter were 14.11 million tons and 8.50 million tons, respectively, showing a year-on-year increase of 22% and 10% [1][6] - The company is expanding its product offerings to include fourth-generation refrigerants and high-value fluorinated products, enhancing its competitive position in the market [2][11] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenues of 252.53 billion yuan, 325.06 billion yuan, and 414.82 billion yuan for 2024, 2025, and 2026, respectively [2][12] - The net profit forecast for the same period is 17.38 billion yuan, 21.98 billion yuan, and 27.34 billion yuan, indicating robust growth potential [2][12] - The company is well-positioned to capitalize on the growing demand for refrigerants driven by the recovery in the air conditioning and automotive sectors [1][11]

F原证券 基础化工/化学制品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 巨化股份（600160.SH） 2024 年 10 月 25 日 制冷剂景气延续上行趋势，公司利润释放或将不断向好 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/24 | | 当前股价 ( 元 ) | 20.28 | | 一年最高最低 ( 元 ) | 26.10/13.80 | | 总市值 ( 亿元 ) | 547.51 | | 流通市值 ( 亿元 ) | 547.51 | | 总股本 ( 亿股 ) | 27.00 | | 流通股本 ( 亿股 ) | 27.00 | | 近 3 个月换手率 (%) | 67.51 | 股价走势图 -30% 0% 30% 60% 90% 2023-10 2024-02 2024-06 2024-10 巨化股份 沪深300 数据来源：聚源 相关研究报告 《中报业绩高增，坚定看好制冷剂景 气延续，珍惜布局机会—公司信息更 新报告》-2024 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][10]. Core Views - The company has shown significant profit growth due to increased sales volume and rising prices of refrigerants, with a notable increase in net profit by 64.76% year-on-year in Q3 2024 [5][10]. - The company is positioned as a leader in the fluorochemical industry, holding the largest HFCs quota in the country, which strengthens its market position following the acquisition of Zibo Feiyuan [10][9]. - The demand for refrigerants is expected to remain strong due to a recovery in domestic appliance sales and increased export orders, contributing to sustained high prices [9][10]. Financial Performance Summary - In Q3 2024, the company achieved total revenue of 58.26 billion yuan, a year-on-year decrease of 1.53%, while net profit attributable to shareholders was 4.23 billion yuan, an increase of 64.76% [5][10]. - For the first three quarters of 2024, total revenue reached 179.06 billion yuan, up 11.83% year-on-year, with a net profit of 12.58 billion yuan, reflecting a 68.40% increase [5][10]. - The gross profit margin improved to 16.95%, an increase of 4.08 percentage points year-on-year [5][10]. Product Performance Summary - The production and sales of fluorochemical raw materials increased by 12.2% and 4.0% respectively in Q3 2024, with prices rising by 2.6% quarter-on-quarter [6][10]. - The sales volume of fluorinated refrigerants grew by 21.7% year-on-year, with a revenue increase of 44.6% to 63.19 billion yuan [6][10]. - The production and sales of fluorinated fine chemicals saw substantial growth, with sales volume increasing by 118.3% and revenue rising by 120.0% year-on-year [6][10]. Industry Overview - The refrigerant industry is experiencing tight supply and recovering demand, leading to sustained price increases for major refrigerants [9][10]. - The domestic air conditioning market has shown significant growth, with production increasing by 26.0% and sales by 21.4% in September 2024 [9][10]. - The overall market conditions suggest that the company, as a leading supplier of fluorinated products, is well-positioned to benefit from the industry's upward cycle [10].

股票简称：巨化股份 股票代码：600160 公告编号：临 2024－33 浙江巨化股份有限公司 2、同比：指报告期与上年同期相比； 3、外销量低于产量，主要为部分产品作为内部下游产品原料所致； 4、基础化工产品中不含乙炔气、氢气、香精、冷冻油及其他非主要产品（下同）； 2024 年 1-9 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 1-9 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 | 834593.50 | 5.02 | 263526.58 | -0.26 | 89882.13 | 15.10 | | 致冷剂 | ...

股票代码：600160 股票简称：巨化股份 公告编号：2024-34 浙江巨化股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 12 日(星期二) 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jhgf@juhua.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 浙江巨化股份有限公司（以下简称"公司"）已于 2024 年 10 月 24 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年度第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 5,826,285,665.56, a decrease of 1.53% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 reached CNY 423,347,050.92, an increase of 64.76% year-on-year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was CNY 390,449,718.16, up 67.81% from the previous year[2] - Basic earnings per share for Q3 2024 was CNY 0.157, reflecting a growth of 65.26% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥17.91 billion, an increase of 11.8% compared to ¥16.01 billion in the same period of 2023[15] - Net profit for the first three quarters of 2024 was ¥1.39 billion, a significant increase of 83.4% compared to ¥757.70 million in 2023[16] - Earnings per share for the first three quarters of 2024 were ¥0.466, compared to ¥0.277 in the same period last year, reflecting a 68.3% increase[18] - The company reported a total comprehensive income of ¥1.39 billion for the first three quarters of 2024, compared to ¥755.90 million in 2023, marking an increase of 84.1%[18] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to CNY 27,770,524,486.44, an increase of 18.76% from the end of the previous year[3] - As of September 30, 2024, the total assets of Zhejiang Juhua Co., Ltd. reached approximately CNY 27.77 billion, an increase from CNY 23.38 billion at the end of 2023, representing a growth of about 18.5%[11] - The company's current assets totaled approximately CNY 8.20 billion, up from CNY 6.42 billion, indicating a growth of around 27.8%[12] - The total liabilities of the company reached approximately CNY 9.41 billion, up from CNY 7.01 billion, indicating an increase of about 34.3%[13] - The company's equity remained stable at approximately CNY 2.70 billion, unchanged from the previous period[13] - The total equity attributable to shareholders of the parent company increased to ¥17.06 billion, up from ¥16.07 billion in the previous year, reflecting a growth of 6.1%[14] Cash Flow - The company reported a net cash flow from operating activities of CNY 799,954,233.84 for the year-to-date, representing a growth of 13.79%[3] - The net cash flow from operating activities for the third quarter was ¥799,954,233.84, an increase from ¥703,018,100.02 in the same period last year, representing a growth of approximately 13.8%[20] - Total cash inflow from operating activities amounted to ¥19,956,152,746.50, compared to ¥18,561,973,841.25 in the previous year, indicating an increase of about 7.5%[20] - Cash outflow for purchasing goods and services was ¥16,782,867,845.54, up from ¥15,279,250,406.60, reflecting a rise of approximately 9.8%[20] - The net cash flow from investing activities was -¥1,892,283,957.48, worsening from -¥845,341,871.19 year-over-year[21] - Cash inflow from financing activities totaled ¥2,711,005,172.24, significantly higher than ¥553,790,811.05 in the previous year, marking an increase of about 389.5%[21] - The net cash flow from financing activities was ¥537,774,102.82, compared to -¥392,950,534.67 in the same quarter last year, indicating a positive turnaround[21] Operational Highlights - The increase in net profit is primarily attributed to rising prices and sales volume of refrigerant products[6] - The company completed the acquisition of Zibo Feiyuan Chemical Co., Ltd. in January 2024, integrating it into the financial statements[10] - The production of the third-generation fluorinated refrigerants (HFCs) commenced in January 2024, in accordance with national production quotas[10] - Research and development expenses for the first three quarters of 2024 were ¥849.42 million, up 15.0% from ¥738.56 million in 2023, indicating a focus on innovation[16] Inventory and Receivables - The inventory value increased significantly to approximately CNY 2.64 billion from CNY 1.76 billion, reflecting a rise of about 49.4%[12] - Accounts receivable rose to approximately CNY 1.61 billion, compared to CNY 920.56 million, marking an increase of about 74.9%[11] - The company's short-term borrowings surged to approximately CNY 1.28 billion from CNY 605.05 million, an increase of about 111.1%[13] - Long-term borrowings also increased to approximately CNY 2.63 billion from CNY 1.74 billion, representing a growth of about 51.1%[13] Dividend and Interest Payments - The cash paid for dividends and interest was ¥413,193,331.08, down from ¥758,680,207.00, reflecting a decrease of about 45.5%[21]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading player in the fluorochemical industry, benefiting from a complete industrial chain and a favorable market environment for refrigerants [14][17]. - The supply of refrigerants is expected to remain tight due to policy constraints, which will enhance profitability for the company [26][27]. - The company is well-positioned to capitalize on the high profitability of refrigerants, particularly as it holds a significant share of production quotas for both second and third-generation refrigerants [5][20]. Summary by Sections Company Overview - The company is a domestic leader in fluorochemical production, with a highly integrated operational model that includes chlor-alkali, sulfuric acid, coal chemical, and basic fluorochemical industries [14][16]. - It has established a complete fluorochemical industrial chain, including basic raw materials, fluorinated refrigerants, organic fluorine monomers, fluorinated polymers, and fine chemicals [14][16]. Refrigerants - The supply side of fluorinated refrigerants is constrained by policies, which is expected to maintain a tight market [26]. - The production quotas for second-generation refrigerants, particularly R22, are being reduced significantly, which is anticipated to enhance profitability [20][27]. - The third-generation refrigerants are expected to see improved profitability in 2024 due to policy enforcement and strong demand from the air conditioning sector [20][26]. Fluoropolymers - The company has a diverse range of fluoropolymer materials, with a focus on high-end applications [5][19]. - It is investing in high-performance fluoropolymer research and development, including projects aimed at the semiconductor industry [5][19]. Financial Forecast - The company is projected to achieve net profits of 2.345 billion, 3.386 billion, and 4.333 billion yuan for the years 2024, 2025, and 2026, respectively [6]. - Revenue is expected to grow from 20.655 billion yuan in 2023 to 32.556 billion yuan in 2026, reflecting a compound annual growth rate [6]. Investment Recommendation - The company is positioned to benefit from the high profitability of refrigerants and the growth of its fluoropolymer business, with a favorable outlook for the next few years [5][20].

C o m p a n y U p d a t e 公司基本资讯 产业别 化工 A 股价(2024/9/19) 16.58 上证指数(2024/9/19) 2736.02 股价 12 个月高/低 25.98/13.74 总发行股数(百万) 2699.75 A 股数(百万) 2699.75 A 市值(亿元) 447.62 主要股东 巨化集团有限 公司(52.70%) 每股净值(元) 6.17 股价/账面净值 2.69 一个月 三个月 一年 股价涨跌(%) -4.9 -31.3 7.5 近期评等 出刊日期 前日收盘 评等 2024.1.30 15.89 区间操作 2024.03.15 19.21 买进 产品组合 制冷剂 35.4% 其他 19.0% 石化材料 16.5% 基础化工产品及 其它 14.6% 机构投资者占流通 A 股比例 基金 0.8% 一般法人 60.3% 2024 年 09 月 20 日 费倩然 H70507@capital.com.tw 目标价(元) 22 C h i n a R e s e a r c h D e p t . 巨化股份(600160.SH) Buy 买进 二代份额削减，看好制冷 ...