Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company achieved a revenue of 12.08 billion yuan in the first half of 2024, representing a year-on-year increase of 19.65%. The net profit attributable to the parent company was 794 million yuan, showing a significant year-on-year growth of 73.97% [5][6]. - The increase in revenue is primarily attributed to the rise in product sales and prices, with specific segments such as refrigerants and fluorinated polymer materials showing notable performance [5][6]. - The company holds a leading market position in the production of fluorinated refrigerants, with a significant share of national quotas, which strengthens its competitive advantage [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 12.08 billion yuan, up 19.65% year-on-year, and a net profit of 794 million yuan, up 73.97% year-on-year [5][6]. - The sales gross margin and net margin for the first half of 2024 were 16.73% and 7.65%, respectively, reflecting an increase of 2.54 and 2.78 percentage points year-on-year [5][6]. Revenue Breakdown - Revenue from various segments in the first half of 2024 showed the following year-on-year changes: fluorinated raw materials (+4.00%), refrigerants (+36.59%), fluorinated polymers (-26.12%), and fluorinated fine chemicals (+107.91%) [5]. - The sales volume for refrigerants increased significantly, with a year-on-year growth of 302.59% in one category [5]. Market Position and Competitive Advantage - The company possesses a unique operational model with national production quotas, holding 26.3% of the national quota for second-generation fluorinated refrigerants and 39.16% for third-generation refrigerants [5][6]. - The company is expanding its high-performance fluoropolymer product lines, which are expected to enhance its market position further [5][6]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 0.95, 1.23, and 1.43 yuan, respectively, with a reasonable valuation range of 25.65 to 28.50 yuan based on a PE ratio of 27-30 times [6][12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in revenue and net profit for the first half of 2024, with a year-on-year revenue increase of 19.65% and a net profit increase of 70.31% [2][3] - The company benefits from a strong position in the refrigerant market, particularly with the implementation of production quotas for third-generation refrigerants starting in 2024, which is expected to enhance its competitive advantage [6][8] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 120.80 billion yuan, with a net profit of 8.34 billion yuan and a cash flow from operating activities of 6.05 billion yuan [2][3] - In Q2 2024, the company reported a revenue of 66.1 billion yuan, a year-on-year increase of 19.77% and a quarter-on-quarter increase of 20.86% [2][3] - The gross profit margin for Q2 2024 was 18.38%, reflecting a year-on-year increase of 3.68 percentage points [5][6] Product Segment Performance - Refrigerants generated revenue of 23.34 billion yuan in Q2 2024, marking a year-on-year increase of 47.35% [3][5] - The company holds a significant share of the production quotas for various refrigerants, including HFC-32 (44.99% of national quota) and HFC-125 (38.74% of national quota), solidifying its market leadership [6][8] Future Projections - The company is projected to achieve revenues of 240.61 billion yuan, 272.47 billion yuan, and 293.32 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 24.01 billion yuan, 28.56 billion yuan, and 33.62 billion yuan [8][23] - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 19.12, 16.07, and 13.65 respectively, indicating a favorable valuation outlook [8][23]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][6][18]. Core Views - The company has entered a performance realization phase for refrigerants, with significant year-on-year growth in overall performance [2]. - In H1 2024, the company achieved revenue of 12.08 billion yuan, a year-on-year increase of 19.65%, and a net profit attributable to shareholders of 834 million yuan, up 70.31% year-on-year [2]. - The report highlights that the refrigerant segment is the main profit contributor, while other segments like fluorochemical raw materials and fluoropolymer experienced a decline in revenue and profit [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 6.61 billion yuan, a year-on-year increase of 19.77% and a quarter-on-quarter increase of 20.86%. The net profit for the same period was 524 million yuan, up 55.35% year-on-year and 68.83% quarter-on-quarter [2]. - The price increase of refrigerants contributed significantly to profit growth, with product prices rising year-on-year by 7.61 billion yuan, mainly from refrigerants (640 million) and petrochemical materials (121 million) [3]. Market Dynamics - The implementation of the third-generation refrigerant quota policy and the unexpected growth in air conditioning production (H1 2024 household air conditioning production totaled 112 million units, up 15.2% year-on-year) have supported the strong price increases of refrigerants [3]. - The report notes that the prices of R32, R125, R134a, and R143a refrigerants increased by 112%, 25%, 9%, and 88% respectively in H1 2024 [3]. Future Outlook - The report anticipates continued upward momentum in refrigerant prices, with expectations for sustained profit growth in subsequent quarters [3]. - The company is positioned as a leader in the refrigerant market, benefiting from pricing power and industry dynamics, despite some downward pressure from raw material price increases [3]. Financial Projections - The company is projected to achieve net profits of 2.43 billion yuan, 4.09 billion yuan, and 5.30 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 157.5%, 68.3%, and 29.7% [4][10]. - The target price for the company's stock is set at 25.75 yuan per share, based on a 17x P/E ratio for 2025 [3][6].

Investment Rating - The investment rating for the company is "Accumulate" [5][10]. Core Views - The company has significantly benefited from the price surge of second and third-generation refrigerants, leading to substantial growth in Q2 2024. The industry is entering a favorable cycle, and the company, as a leader in third-generation refrigerants, is expected to fully capitalize on this trend [4][10]. - The company achieved a revenue of 12.08 billion yuan in the first half of 2024, representing a year-on-year increase of 19.65%, with a net profit attributable to shareholders of 834 million yuan, up 70.31% year-on-year [10][11]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 6.61 billion yuan, a year-on-year increase of 19.77% and a quarter-on-quarter increase of 20.84%. The net profit attributable to shareholders reached 524 million yuan, up 55.35% year-on-year and 68.83% quarter-on-quarter [10]. - The company’s revenue for the first half of 2024 was 12.08 billion yuan, with a net profit of 834 million yuan, reflecting a strong performance in the refrigerant market [10][11]. Market Position - The company maintains a leading position in the third-generation refrigerant quota, with significant production quotas for R32, R134A, R125A, and R143A, which account for 37.4% of the total quota [10]. - The company has expanded its product offerings through the acquisition of Feiyuan Chemical, enhancing its position in the fluorine chemical industry [10]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected EPS of 0.95, 1.31, and 1.57 yuan for 2024, 2025, and 2026 respectively. The target price is set at 28.87 yuan, based on a PE ratio of 30.39 for 2024 [10][11]. - The company is also focusing on high-value fluorine chemical products and has successfully implemented the industrialization of fourth-generation fluorinated refrigerants [10].

丨证券研究报告丨 公司研究丨点评报告丨巨化股份（600160.SH） [Table_Title] 业绩环比快速增长，制冷剂景气持续上行 报告要点 [Table_Summary] 公司发布 2024 年半年报，实现收入 120.8 亿元（同比+19.7%），实现归属净利润 8.3 亿元（同 比+70.3%），实现归属扣非净利润 7.9 亿元（同比+74.0%）。其中 Q2 单季度实现收入 66.1 亿 元（同比+19.8%，环比+20.9%），归属净利润 5.2 亿元（同比+55.4%，环比+68.8%），实现归 属扣非净利润 5.1 亿元（同比+56.0%，环比+75.7%）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 巨化股份（600160.SH） cjzqdt11111 [Table_Title2] 业绩环比快速增长，制冷剂景气持续上行公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 ...

证 2024 年 08 月 24 日 研 报 告 公 司 研 究 究 氟化工龙头业绩随制冷剂景气度上行 —巨化股份（600160.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn | --- | --- | |----------------------|------------| | 基本数据 | 2024-08-23 | | 当前股价（元） | 17.68 | | 总市值（亿元） | 477 | | 总股本（百万股） | 2700 | | 流通股本（百万股） | 2700 | | 52 周价格范围（元） | 13.9-25.83 | | 日均成交额（百万元） | 477.06 | 市场表现 -20 0 20 40 60 80 (%) 巨化股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《巨化股份（600160）：2024H1 业绩大幅增长，看好制冷剂景气度 提升》2024-07-10 2、《巨化股份（600160）：氟化工 一体化龙头，受益行业景气度提 升》2024-06-28 巨化股份发布半年度报告：202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance in the coming months [13]. Core Views - The company has significantly improved its performance in H1 2024, with a revenue of 12.08 billion yuan, a year-on-year increase of 19.65%, and a net profit of 834 million yuan, up 70.31% year-on-year [9]. - The implementation of the third-generation refrigerant quotas and increased downstream market demand are expected to support the recovery of refrigerant prices and profitability [9]. - The company is focusing on R&D and the development of high-value-added fluorochemical products, with a planned R&D expenditure of 1.008 billion yuan for 2024, reflecting a 0.7% increase year-on-year [10]. - The company is projected to achieve net profits of 2.413 billion yuan, 3.537 billion yuan, and 4.692 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.89 yuan, 1.31 yuan, and 1.74 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 12.08 billion yuan and a net profit of 834 million yuan, with Q2 figures showing a revenue of 6.61 billion yuan and a net profit of 524 million yuan, marking significant year-on-year and quarter-on-quarter growth [9]. - The average prices of key products such as refrigerants and fluorinated chemicals have shown notable changes, with refrigerant prices increasing significantly since the beginning of 2024 [9]. Market Position - The company is positioned as a leader in the refrigerant quota market, benefiting from the implementation of new regulations and increased demand from the appliance sector [9]. - The average price changes for various products indicate a favorable market environment, with refrigerant prices rising by 53.85% to 105.80% for different types [9]. R&D and Investment - The company plans to invest 3.409 billion yuan in fixed assets in 2024, a 48.67% increase year-on-year, to enhance its production capabilities and product offerings [10]. - R&D efforts are being prioritized, with 154 projects planned for 2024, and significant progress has been made in developing new fluorinated materials [10]. Profit Forecast - The company is expected to see a steady increase in net profits over the next three years, with projections indicating a strong recovery and growth trajectory [11][12].

巨化股份（ [Table_StockNameRptType] 600160） 公司点评 半年度业绩大幅增长，制冷剂景气周期有望延续 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 17.27 | | 近 12 个月最高/ | 26.10/13.80 | | 总股本（百万股） | 2,700 | | 流通股本（百万股） | 2,700 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 466 | | 流通市值（亿元） | 466 | [公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 8/23 11/23 2/24 5/24 巨化股份 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘旭升 执业证书号：S001052407000 ...

基础化工/化学制品 公 司 研 究 巨化股份（600160.SH） 2024 年 08 月 23 日 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 | --- | --- | --- | --- | --- | |------------------------|-------------|--------------------------|--------------------------|--------------------------| | 投资评级：买入（维持） | | 金益腾（分析师） | 毕挥（分析师） | 李思佳（联系人） | | | | jinyiteng@kysec.cn | bihui@kysec.cn | lisijia@kysec.cn | | 日期 | 2024/8/22 | 证书编号：S0790520020002 | 证书编号：S0790523080001 | 证书编号：S0790123070026 | | 当前股价(元) | 17.27 | | | | | 一年最高最低(元) | 26.10/13.80 | | | | | 总市值(亿元) | ...

证券研究报告 巨化股份 (600160 CH) H1 归母净利+70%，制冷剂迎来景气 投资评级(维持): 买入 目标价(人民币): 24.03 华泰研究 中报点评 2024 年 8 月 22 日│中国内地 化学原料 24H1 归母净利 8.3 亿元、同比增长 70%，维持"买入"评级 巨化股份 8 月 22 日发布 24 年中报，实现营收 121 亿元/yoy+20%、归母净 利 8.3 亿元/yoy+70%，扣非后 7.9 亿元/yoy+74%；其中 Q2 营收 66 亿元， yoy+20%/qoq+21%，归母净利 5.2 亿元，yoy+55%/qoq+69%，扣非后 5.1 亿元，yoy+56%/qoq+76%。我们预计公司 24-26 年归母净利 24/31/44 亿 元，对应 EPS 为 0.89/1.15/1.64 元，参考可比公司 24 年平均 27x 的 Wind 一致预期 PE，给予 24 年 27xPE 估值，目标 24.03 元，维持"买入"评级。 24H1 制冷剂景气上行，氟化工原料/含氟精细品/聚合物板块阶段性承压 24H1 制冷剂销量 yoy+12%至 12 万吨，营收 yoy+ ...