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 ...

根据衢州市生态环境局公告，市生态环境局于2025年1月8日受理了浙江创氟高科新材料有限公司5000t/a 巨芯冷却液项目—全氟聚醚衍生物工艺研究项目环境影响评价文件许可申请材料。根据报批稿，浙江创氟 高科新材料有限公司（以下简称"创氟公司"）是巨化集团有限公司控股子公司，是巨化氟化工产业向终 端化、高端化、专业化延伸的标志性成果。创氟公司主要从事全氟聚醚冷却液生产和研发，于 2021 年 9 月 23 日向衢州市生态环境局报批了《浙江创氟高科新材料有限公司 5000t/a 巨芯冷却液项目》，项目主 要生产全氟聚醚冷却液，分两期建设，一期建设 1000t/a 巨芯冷却液，二期建设 4000t/a 巨芯冷却液。该 项目一期目前已建成投产。本次环评项目拟投资 2867.92 万元，购置新的反应器、精馏塔等先进设备，在 证券研究报告 | 2025年01月09日 巨化股份（600160.SH） 持续发展电子氟化液，制冷剂价格继续上行 公司研究·公司快评 基础化工·化学制品 投资评级：优于大市（维持） 证券分析师： 杨林 010-88005379 yanglin6@guosen.com.cn 执证编码：S09805201 ...

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]

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]