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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is investing CNY 28.68 million to build a 500 tons/year perfluoroether derivative pilot test line, which will help expand its product structure in the semiconductor low-temperature application field [3][5] - The company has signed an investment agreement with Chongqing Tongnan District to jointly build the largest submerged liquid cooling intelligent computing center in China [7] - The continuous implementation of the "old-for-new" policy is driving up refrigerant prices [9] Financial Projections - The company is expected to benefit from the long-term improvement in refrigerant prices, with projected revenues for 2024, 2025, and 2026 being CNY 265.78 billion, CNY 344.63 billion, and CNY 407.35 billion respectively, reflecting changes of +5.25%, +6.02%, and -1.80% from previous forecasts [4][17] - The projected net profit attributable to the parent company for the same years is CNY 19.99 billion, CNY 30.58 billion, and CNY 34.73 billion, with year-on-year growth rates of 111.8%, 53.0%, and 13.6% [4][17] - The diluted EPS for 2024, 2025, and 2026 is expected to be CNY 0.74, CNY 1.13, and CNY 1.29, corresponding to PE ratios of 32.87, 21.52, and 18.85 respectively [4][17] Industry Context - The company is a leader in the fluorochemical industry with a well-established industrial chain and significant cost advantages [4][17] - The demand for fluorochemical products is steadily increasing due to improvements in living standards and the rapid development of strategic emerging industries in China [4][17] - The company holds the largest refrigerant quota in China, positioning it to directly benefit from the sustained demand in the refrigerant market [4][17]

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]