Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 760 million to 840 million yuan in Q1 2025, representing a year-on-year growth of 145% to 171%. The net profit after deducting non-recurring gains and losses is projected to be between 740 million to 820 million yuan, with a year-on-year increase of 157% to 185% [2][7] - The company plans to increase its holdings by no less than 50 million yuan and no more than 100 million yuan within three months starting from April 8 [2][7] - The price of refrigerants continues to rise due to reduced production quotas for the second-generation refrigerants (HCFCs) and strong downstream demand, leading to an improved supply-demand balance [13] Summary by Sections Performance Forecast - The company forecasts a significant increase in net profit for Q1 2025, with expectations of 760 million to 840 million yuan, marking a growth of 145% to 171% year-on-year [2][7] - The expected net profit after deducting non-recurring items is projected to be 740 million to 820 million yuan, reflecting a growth of 157% to 185% year-on-year [2][7] Market Dynamics - The average price of refrigerants has increased significantly, with external sales volume reaching 70,000 tons in Q1 2025, a year-on-year increase of 4.1%. The average price per ton is 37,500 yuan, up 58.1% year-on-year and 27.8% quarter-on-quarter [13] - The domestic and export market prices for various refrigerants have shown substantial increases compared to the previous quarter, with R22, R32, R134a, and R125 experiencing price hikes of 7.2% to 80.1% [13] Business Outlook - The upcoming peak season from April to June is expected to drive both volume and price increases in the refrigerant market, with projected production increases for household air conditioners [13] - The company is well-positioned to benefit from the industry's upward trend, with projected earnings of 1.97 billion, 4.75 billion, and 6.12 billion yuan for the years 2024 to 2026 [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company is expected to see a significant increase in net profit for Q1 2025, with estimates ranging from 760 million to 840 million yuan, representing a year-on-year growth of 145% to 171% [3] - The average price of refrigerant products increased by 58.08% compared to the same period last year, contributing to the substantial profit growth [3] - The company is a leading player in the refrigerant industry, with a projected basic earnings per share of 0.74 yuan for 2024, corresponding to a price-to-earnings ratio of 32 times at the current stock price [3][4] Summary by Relevant Sections Company Performance - The company forecasts a net profit of 7.4 billion to 8.2 billion yuan for the entire year, indicating a year-on-year growth of 157% to 185% [3] - The total revenue for 2023 is reported at 20.655 billion yuan, with projections of 23.909 billion yuan for 2024 and 28.128 billion yuan for 2025 [4] Market Conditions - The refrigerant market is experiencing a favorable supply-demand balance, with prices continuing to rise due to reduced production quotas for second-generation refrigerants and strong downstream demand [3] - The long-term contract prices for refrigerants R32 and R410a have increased by 14.77% and 14.42% respectively in Q2 2025 compared to Q1 2025 [3] Financial Projections - The company’s operating profit is projected to reach 2.318 billion yuan in 2024 and 4.354 billion yuan in 2025, with net profit estimates of 2.082 billion yuan and 3.915 billion yuan for the same years respectively [4]

基础化工/化学制品 巨化股份（600160.SH） 2025Q1 经营情况超预期，制冷剂主升行情徐徐展开 2025 年 04 月 09 日 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《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》-2024.10.25 《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》-2024.8.23 ——公司信息更新报告 | 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 | | 证书编号：S0790520020002 | 证书编号：S0790523080001 | 证书编号：S0790123070026 | |  2025Q1 业绩预计同比增长 | | 145%-171%，向上行情延续，维持"买入"评级 | 投资评级：买入（维持） | 日期 | 2025/4/8 | | --- | -- ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2][7]. Core Views - The company is expected to achieve a significant increase in net profit for Q1 2025, with estimates ranging from 760 million to 840 million yuan, representing a year-on-year growth of 145% to 171% [7]. - The controlling shareholder's recent stock purchase reflects confidence in the company's future performance [7]. - The average price of refrigerants has significantly increased, suggesting a positive trend for the second quarter [7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 20,655 million yuan in 2023 to 25,432 million yuan in 2025, with a compound annual growth rate of approximately 10.4% [6][9]. - The net profit attributable to the parent company is expected to rise from 944 million yuan in 2023 to 4,163 million yuan in 2025, indicating a substantial growth trajectory [6][9]. - Earnings per share (EPS) are forecasted to increase from 0.35 yuan in 2023 to 1.54 yuan in 2025 [6][9]. - The company's return on equity (ROE) is anticipated to improve from 5.9% in 2023 to 19.4% in 2025 [6][9]. Segment Analysis - The refrigerant segment is expected to see a price increase due to reduced inventory levels and rising demand, with sales volume in Q1 2025 reaching 69,800 tons [7]. - The fluorinated polymer segment showed a sales volume of 11,000 tons in Q1 2025, with a year-on-year increase of 10% [7]. - The fluorochemical raw materials segment reported a sales volume of 86,900 tons, reflecting an 11% year-on-year growth [7].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][4] Core Views - The refrigerant prices have been continuously increasing, leading to significant growth in the company's performance in the first quarter of 2025, with expected net profit growth of 145%-171% year-on-year [2][5] - The company is positioned as a leader in the fluorochemical industry, benefiting from a favorable long-term market cycle for refrigerants due to supply constraints and increasing demand [3][4] - The controlling shareholder's plan to increase their stake in the company reflects confidence in its long-term development [3][16] Summary by Sections Company Performance - The company expects a net profit of 7.6-8.4 billion yuan for Q1 2025, a year-on-year increase of 145%-171%, driven by rising refrigerant prices [2][5] - The sales volume of refrigerants reached 69,800 tons in Q1 2025, a 4% increase year-on-year, with an average selling price of 37,500 yuan per ton, up 58% year-on-year and 28% quarter-on-quarter [5][7] Industry Outlook - The refrigerant market is in a long-term boom cycle, with the company holding the largest domestic quota for refrigerants, which positions it to benefit from ongoing price increases [4][33] - The fluoropolymer market is experiencing a "strong supply, weak demand" situation, with limited new capacity expected in 2025, leading to price stabilization [10][11] Financial Projections - The company’s revenue is projected to be 26.578 billion yuan in 2024, 34.628 billion yuan in 2025, and 41.375 billion yuan in 2026, with corresponding net profits of 1.999 billion yuan, 4.114 billion yuan, and 4.823 billion yuan [4][40] - The diluted EPS is expected to be 0.74 yuan in 2024, 1.52 yuan in 2025, and 1.79 yuan in 2026, with a corresponding PE ratio of 30.32, 14.76, and 12.54 respectively [4][40]

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：巨化股份 股票代码：600160 公告编号：临2025－11 浙江巨化股份有限公司 2025年1-3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号一一行 业信息披露（第十三号化工）》有关规定，将公司2025年1-3月主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 ■ 【注】： 1、同比：指报告期与上年同期相比； 2、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； 3、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）； 4、致冷剂（含全部品种）产量含混配致冷剂产量,产量大于销量主要为部分致冷剂用于公司混配致冷剂 原料所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 单位：元/吨（不含税） ■ （二）主要原料价格波动情况 单位：元/吨（不含税） ■ 三、相关说明 1、报告期，公司克服生产经营季 ...

证券研究报告 | 2025年04月08日 巨化股份（600160.SH） 制冷剂价格持续提升，一季度业绩大幅增长 |  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：S0980520120002 | | 证券分析师： | 张歆钰 | 021-60375408 | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | 事项： 请务必阅读正文之后的免责声明及其项下所有内容 1 优于大市 公司公告：2025 年 4 月 8 日，公司发布《2025 年一季度业绩预增公告》、《2025 年 1-3 月主要经营数据 公告》及《控股股东首次增持股份情况及增持计划的公告》。根据公司公告，经财务部门初步测算，预计 2025 年一季度，公司实现归母净利润 7.6-8.4 亿元，同比增长 145%-171%。实现扣非后归母净利润 7.4-8.2 亿元， ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2025-13 浙江巨化股份有限公司 关于控股股东首次增持股份情况及增持计划的公告 本公司董事会、全体董事及相关股东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： 2025年4月8日，巨化投资通过上海证券交易所证券交易系统增持本公司股份 219.2万股，占公司已发行总股份的0.08%。 1 首次增持的时间及方式、增持的数量及比例：公司于 2025 年 4 月 8 日收 到公司控股股东巨化集团有限公司（以下简称"巨化集团"）函告，其一致行动 人浙江巨化投资有限公司（以下简称"巨化投资"）于 2025 年 4 月 8 日通过上 海证券交易所证券交易系统增持本公司股份 2,192,000 股，占公司已发行总股份 的 0.08%，增持后巨化集团及其一致行动人巨化投资合计持股比例由 53.43%增至 53.51%。 增持计划：巨化投资将自本公告日（含本日，下同）起 3 个月内，增持 的金额累计不少于人民币 5,000 万元（含本次），不超过人民币 10,000 万元（含 本次）。 风险 ...

Financial Performance Forecast - The company expects Q1 2025 net profit attributable to shareholders to be between 760 million to 840 million CNY, an increase of 450 million to 530 million CNY compared to the same period last year, representing a year-on-year growth of 145% to 171%[2]. - The estimated net profit after deducting non-recurring gains and losses for Q1 2025 is projected to be between 740 million to 820 million CNY, an increase of 452 million to 532 million CNY year-on-year, reflecting a growth of 157% to 185%[3]. - The net profit attributable to shareholders for the same period last year was 310.31 million CNY, and the net profit after deducting non-recurring gains and losses was 287.97 million CNY[4]. - The company achieved a basic earnings per share of 0.115 CNY in the same period last year[5]. Factors Influencing Profit - The significant increase in profit is primarily due to the substantial rise in the price of fluorinated refrigerants, driven by reduced production quotas and strong downstream demand[6]. - The company has maintained stable production and operational growth, overcoming seasonal and structural market challenges to achieve increased production and efficiency[6]. Forecast Accuracy and Reporting - There are no major uncertainties affecting the accuracy of the profit forecast[7]. - The forecast data is preliminary and subject to confirmation in the official Q1 2025 report[8]. - The company will provide detailed operational data for Q1 2025 in a separate announcement[8]. - The announcement was made by the board of directors on April 8, 2025[9].

股票简称：巨化股份 股票代码：600160 公告编号：临 2025－11 浙江巨化股份有限公司 2025 年 1-3 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 2025 年 1-3 月主要经营数据披露如下： 【注】： 1、同比：指报告期与上年同期相比； 2、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； 3、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）； 4、致冷剂（含全部品种）产量含混配致冷剂产量,产量大于销量主要为部分致冷剂用于公司混配致冷剂原料 所致。 二、主要产品和原材料的价格变动情况 第 1 页 共 3 页 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 292299.91 13.04 86881.55 11.07 32583.03 26.90 致冷剂 143563.6 ...