2024 年 07 月 10 日 究 2024H1 业绩大幅增长,看好制冷剂景气度提升 —巨化股份(600160.SH)公司事件点评报告 买入(维持) 事件 巨化股份发布公告:预计 2024 年半年度实现归母净利润 7.4 亿元到 8.8 亿元,同比增长 51%到 80%;扣非归母净利润 7.0 亿元到 8.4 亿元,同比增长 53%到 84%。第二季度单季度实现 归母净利润为 4.3-5.7 亿元,同比增加 28%到 69%;环比增加 39%到 84%。 投资要点 ▌2024H1 制冷剂景气度上行,公司业绩改善 2024 年上半年,公司业绩实现同比增长,主要得益于年初配 额落地之后氟制冷剂产品价格的恢复性上涨,同时公司制冷 剂销量同比也有一定幅度增加,量价齐升带来公司业绩大幅 改善。上半年公司制冷剂产量达 30 万吨,同比增长 22%,销 量达 16 万吨,同比增长 12%,贡献营收 39 亿元,同比 +37%。制冷剂业务的大幅改善是公司收入和利润增长的主要 因素。 ▌ 多产品产销高增,食品包装材料表现较弱 2024H1 公司基础化工产品产量、销量稳步提升,同比分别 +15%/16%,但受到烧碱等产品拖累, ...

巨化股份( [Table_StockNameRptType] 600160) 公司点评 24H1 业绩同比大幅增长,看好三代制冷剂景气度提升 | | | |----------------------------|-------------| | [Table_Rank] | | | 报告日期: | | | [Table_BaseData]收盘价(元) | 24.58 | | 近 12 个月最高/ | 26.10/13.12 | | 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) | 664 | | 流通市值(亿元) | 664 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% 5% 36% 68% 99% 7/23 10/23 1/24 4/24 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 联系人:刘旭升 执业证书号:S0010122070055 电话: ...

| | | | | |---------------------------------------------|----------------------------|-----------|------------| | | | | 石油/能源 | | | [Table_Invest] 评级: | | 增持 | | 业绩大幅增长,看好制冷剂景气周期 | [Table_Target] 目标价格: | 上次评级: | 增持28.87 | | 2024 年中报预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 28.8723.95 | | 陈传双(研究助理) | | | | | 021-38676675chenchuanshuang027603@gtjas.com | [Table_Date] | | 2024.07.10 | 登记编号 S0880522120008 S0880123060038 本报告导读: | | | |-----------------------------------------------------------|------------------| ...

证券研究报告 巨化股份 (600160 CH) H1 净利同比高增,制冷剂步入景气 投资评级(维持): 买入 目标价(人民币): 29.37 华泰研究 公告点评 2024 年 7 月 09 日│中国内地 化学原料 24H1 预计实现归母净利 7.4-8.8 亿元,维持"买入"评级 巨化股份 7 月 9 日发布 24 年半年度业绩预告,24H1 预计归母净利 7.4-8.8 亿元,同比增 51%-80%,扣非后 7.0-8.4 亿元,同比增 53%-84%,其中 Q2 预计归母净利 4.3-5.7 亿元,同比增 28%-69%(环比增 39%-84%)。我 们预计 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,考虑公司氟化工行业 龙头地位,给予 24 年 33XPE 估值,目标 29.37 元,维持"买入"评级。 24H1 制冷剂景气上行,含氟聚合物板块盈利阶段性承压 24H1 制冷剂销量同比+12%至 12 万吨,营收同比+37%至 39.2 亿元,均价 同比+22%至 2.43 万元/吨 ...

Profit Growth and Financial Performance - Net profit attributable to shareholders is expected to be between 740 million to 880 million yuan, an increase of 250 million to 390 million yuan, representing a year-on-year growth of 51% to 80%[2] - Adjusted net profit (excluding non-recurring gains and losses) is expected to be between 700 million to 840 million yuan, an increase of 244 million to 384 million yuan, representing a year-on-year growth of 53% to 84%[2] - The preliminary financial data is subject to change, and the final accurate financial data will be disclosed in the company's 2024 semi-annual report[5] Market Dynamics and Product Performance - The increase in profit is primarily driven by stable growth in production, sales, and revenue of main products, with fluorinated refrigerant prices rising year-on-year, offsetting the decline in prices of fluoropolymer materials, food packaging materials, and basic chemical products[4] - Fluoropolymer materials, food packaging materials, and basic chemical products experienced significant price declines due to oversupply and weak demand[4] Fluorinated Refrigerant Market Trends - The implementation of production quotas for third-generation fluorinated refrigerants (HFCs) starting January 1, 2024, has alleviated the oversupply issue, leading to a recovery in HFC prices[4] - Second-generation fluorinated refrigerants (HCFCs) are expected to see further production quota cuts in 2025, driving price increases due to reduced supply and relatively rigid demand[4] Operational Efficiency and Competitive Advantage - The company maintains flexibility and efficiency in production and operations, leveraging its competitive advantages in the fluorinated refrigerant market and integrated industrial chain[4]

股票简称：巨化股份 股票代码：600160 公告编号：临 2024－19 浙江巨化股份有限公司 2024 年上半年主要经营数据公告 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 年上半年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 | 540353.26 | 1.47 | 167858.09 | -2.51 | 55260.96 | 4.00 | | 致冷剂 | 300435.71 | 21.87 | 161355.69 | 11.91 | 392460.65 | 36.59 | | 含氟聚合物材料 | 63691.75 | 2.54 | 2129 ...

Investment Rating - The report gives a "Buy" rating for the company, with an expected net profit of 27.1, 41.4, and 55.3 billion yuan for 2024-2026 [2][7] Core Views - The company is a leader in the fluorochemical industry, with the third-generation refrigerant quota officially frozen in 2024, signaling a long-term upward cycle for the industry [2][5] - The company is expanding into fluoropolymers and fine fluorochemicals, which are expected to drive future growth [2][7] - The company holds a dominant position in the refrigerant market, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] Company Overview - The company is a leading fluorochemical and chlor-alkali chemical enterprise in China, with a complete industrial chain covering basic raw materials, refrigerants, organic fluorine monomers, fluoropolymers, and fine fluorochemicals [4] - The company has a strong market position in refrigerants, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] - The company is also a leader in fluoropolymer materials and specialty chlor-alkali materials, with a global leading position in VDC and PVDC industrial chains [4] Refrigerant Market Analysis - The second-generation refrigerants are being phased out, with a 49.9% reduction in quotas by 2024, and a further reduction to 97.5% by 2030, leaving only 2.5% for maintenance [5] - The third-generation refrigerants have entered a right-side upward trend, with quotas officially frozen in 2024, leading to a long-term upward cycle [5][7] - The company has a significant advantage in the refrigerant market, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] Fluoropolymer and Fine Fluorochemicals - The company is expanding into fluoropolymers and fine fluorochemicals, which are high-value-added products and are gradually replacing imports [6] - Fluoropolymers, such as PTFE, PVDF, FKM, FEP, and PFA, are widely used in industries like automotive, chemical, and aerospace, with significant potential for high-end applications [6] - The company is also developing fluorinated fluids, which are used in semiconductors, data centers, and other high-tech industries, with opportunities for domestic substitution due to 3M's exit from the market [6] Financial Performance - The company's revenue has grown steadily, with a compound annual growth rate of 13.0% from 2000 to 2023 [20] - The company's profitability has been cyclical, with three major cycles of growth driven by factors such as home appliance demand, environmental regulations, and energy controls [20] - In 2023, the company's revenue decreased by 3.9% to 20.66 billion yuan, while net profit decreased by 60.4% to 940 million yuan, mainly due to price adjustments in PVDF and basic chemical products [20] Strategic Advantages - The company has a complete upstream industrial chain, with self-sufficient production of key raw materials like hydrogen fluoride and chlorinated products, giving it a strong cost advantage [48][49] - The company has increased its market share through quota transactions and acquisitions, such as the acquisition of Feiyuan Chemical, which further consolidated its leading position in the third-generation refrigerant market [50][51] - The company is also a leader in fourth-generation refrigerants, with an annual production capacity of 8,000 tons, positioning it well for future growth [57]

氟化工一体化龙头,受益行业景气度提升 —巨化股份(600160.SH)公司动态研究报告 买入(首次) 投资要点 | 分析师:张伟保 | S1050523110001 | |---------------------|------------------| | zhangwb@cfsc.com.cn | | | 联系人:刘韩 | S1050122080022 | | liuhan@cfsc.com.cn | | | 基本数据 | 2 0 2 4-0 6-2 7 | | 当前股价(元) | 23.41 | | 总市值(亿元) | 632 | | 总股本(百万股) | 2700 | | 流通股本(百万股) | 2700 | | 52 周价格范围(元) | 13.1-25.83 | | 日均成交额(百万元) | 462.41 | | 市场表现 | | | (%) 巨化股份 | 沪深 300 | | 120 | | | 100 | | | 80 | | | 60 | | | 40 | | | 20 | | | 0 | | | -20 | | | -40 | | 资料来源:Wind,华鑫证券研究 相关研究 ▌2024Q1 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 30.29 CNY per share, compared to the current price of 23.41 CNY [2]. Core Insights - The company is positioned as a leader in the fluorochemical industry, benefiting significantly from the rising prices of refrigerants, particularly the third-generation refrigerants, due to domestic production quotas and global demand [2][9]. - The report highlights the expected strong price elasticity for second-generation refrigerants as their production quotas are set to decrease rapidly, which will likely lead to price increases [2][9]. - The company has a comprehensive fluorochemical industry chain, which enhances its ability to withstand industry cycles and capitalize on price increases [2][22]. Summary by Sections Company Overview - The company was formed through the restructuring of several subsidiaries of the Juhua Group and has grown into a leading fluorochemical enterprise over the past 20 years [16][18]. - The company is controlled by the Zhejiang State-owned Assets Supervision and Administration Commission, holding a 48.09% stake [16]. Refrigerants - The domestic market for refrigerants is expected to see a price increase as the third-generation refrigerants enter a quota system starting in 2024, with the company holding a significant market share of 33% [2][9]. - The second-generation refrigerant R22 has seen its price double by the end of 2023, and further price increases are anticipated as production quotas are reduced [2][9]. - The report emphasizes that the third-generation refrigerants will remain the mainstream choice due to the immaturity and high costs associated with fourth-generation refrigerants [2][38]. Financial Projections - The company is projected to achieve a net profit of 25.68 billion CNY in 2024, 40.89 billion CNY in 2025, and 53.02 billion CNY in 2026, representing year-on-year growth rates of 172.2%, 59.2%, and 29.7% respectively [10]. - Revenue is expected to grow from 25.72 billion CNY in 2024 to 34.15 billion CNY in 2026, with corresponding growth rates of 24.5%, 16.2%, and 14.3% [10]. Industry Position - The company has a complete fluorochemical industry chain, which includes upstream and downstream products, allowing it to maintain a cost advantage and achieve high growth even during periods of low refrigerant prices [2][22]. - The company invests heavily in research and development, with R&D expenses reaching 1 billion CNY in 2023, positioning it as a leader in the development of new fluorinated materials [20][25].

好的,各位尊敬的投资者下午好,我向大家分享一下我们智华股份的首次覆盖报告。那么本篇报告的话主要还是集中在公司最核心的服化工业务,因为从年初以来的这波比较大的涨幅,主要也是因为整个服务制冷技的价格的高升,然后服务整个化工产业链的鼎气上行。 那么公司的话最主要的一个点就是稳居国内氟化工龙头同时在这个三代制冷机的最新发放的24年的配额当中也是获得了全国第一的这样一个位置那么第二大特点就是公司拥有基础化工加煤化工加氟化工作为核心的整个综合配套的产业体系因此原料自给率还是比较高的那么在毛利率上也是交通也有一定的优势 那么第三块的话,由于此前的这个行业的深度报告,主要还是围绕在供给这一端的确定性的收紧展开,那么本篇报告的一个亮点就在于从这个需求的增量层面去剖析一些新的亮点,比如说我们认为这个后续的就换新驱动的整个增量需求,整个这个家电以及汽车行业的增量需求或将带动整个制冷机供需缺口的进一步的拉大。 那么以上是本篇报告的一个概括性的描述那么接下来的话接下来将详细地剖析整篇报告的内容那么首先简单复盘一下公司的发展历程那么公司前身是衢州化工厂成立于1958年那么在90年代开始引进浮化工技术因此从整个历史来看公司发展浮化工产业的 ...