它的化工产品跌幅的一个收窄 价格的一个跌幅的收窄再加上蓝菜道也在同步的下跌这样一季都有三连一个亿的基金三连一个亿我个人判断从一季的拐点这个角度结合智能机配合的这种情况结合了其他的化工产品 初年跌幅比较大甚至有些产品今年一季的跌幅还比较大那这样一个情况下随着经济的一个走稳包括我们这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这个这 主要是相当于这次实行配额大数不一定很准确一百多六十多万吨的产能也就花了七十几万吨的配额所以说这个就不同于其他行业的一个特征也就是说这个过剩的产能一夜之间就沟消掉了所以在这样的一个前提下那么结果呢这几年 这个配额的增多那行业的竞争格局也优化了不少可能接下来随着配额的持续的实行可能这个行业的格局会进一 ...

公 司 研 究 [Table_Reportdate] 2024年04月29日 [Table_invest] [巨Tabl化e_N股ewT份itle] （600160）：三代制冷剂价格上 买入（维持） 公 行，公司业绩符合预期且有望持续提升 报告原因：业绩点评 司 简 并有望受益 ——公司简评报告 评 [证Ta券b分le析_A师u thors] 两[table 行_m 报ain] 告标题内容 投资要点 吴骏燕 S0630517120001 wjyan@longone.com.cn ➢ 2024Q1业绩同比大幅提升，环比明显改善。巨化股份发布2023年年报及2024年一季报， 基 证券分析师 公司2023年实现营业收入206.55亿元，同比下降3.88%，实现归母净利润9.44亿元，同比 础 谢建斌 S0630522020001 化 xjb@longone.com.cn 下降60.37%，其中2023Q4营收和归母净利润分别为46.43/1.97亿元；一季度实现营业收 证券分析师 入54.70亿元，同比增加19.52%，环比增加17.82%；实现归母净利润3.10亿元，同比增长 工 张季恺 S0630521110 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.00, up from the previous target of 20.32 [1][2]. Core Views - The company is positioned to benefit from the ongoing recovery in the refrigerant industry, with a notable performance turnaround observed in Q1 2024. The company is a leader in the production of third-generation refrigerants, which are expected to gain from the industry's cyclical upswing [1][2]. - The report highlights an upward revision of the company's EPS forecasts for 2024 and 2025, now projected at 1.12 and 1.31 respectively, compared to previous estimates of 0.82 and 1.02 [1][2]. - The company is expected to enjoy improved profitability due to rising refrigerant prices and a recovery in market demand, with a significant year-on-year revenue growth forecasted for 2024 [1][2]. Summary by Sections Company Overview - The company has faced performance pressure due to overcapacity in 2023 but is now seeing a turning point in Q1 2024, benefiting from the industry's recovery [1][2]. - The company holds significant quotas for third-generation refrigerants, with specific quotas for R32, R134A, R125A, and R143A being 10.78, 7.65, 6.42, and 2.07 million tons respectively [1][2]. Financial Performance - The company's revenue for Q1 2024 is reported at 54.70 billion, with a net profit of 3.10 billion, reflecting a year-on-year increase of 19.52% and 103.34% respectively [1][2]. - The financial summary indicates a projected revenue of 23,494 million for 2024, with a net profit forecast of 3,027 million [6][7]. Valuation Metrics - The report provides a comparison of the company's valuation metrics against peers, with a projected PE ratio of 25.9 for 2024, indicating a favorable valuation relative to the industry average [1][2][7]. - The company's net asset return is projected to be 15.8% for 2024, reflecting strong operational efficiency [6][7].

巨化股份（ [Table_StockNameRptType] 600160） | --- | --- | --- | |-------------------------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call Company and Industry Involved - The conference call pertains to Zhonghua Co., Ltd. and its performance in the industry for the year 2023 and projections for 2024 [1] Core Points and Arguments - The company has reported that all warehouses are currently in a silent state, indicating a potential pause in operations or inventory management [1] Other Important but Possibly Overlooked Content - The call marks the beginning of the reporting process for the company's annual performance and future outlook, suggesting a focus on transparency and communication with stakeholders [1]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the **smart machine (智能机)** industry and its related sectors, including the **chemical industry** and **air conditioning** market [1][2][3]. Key Points and Arguments 1. **Cash Flow and Price Trends**: In the first quarter, the company updated its cash flow by 310 million due to a narrowing decline in product prices and a simultaneous drop in raw material costs. The overall economic environment is showing signs of recovery, which is expected to lead to a rebound in most industries [2]. 2. **Optimism in Smart Machine Industry**: The company maintains a positive outlook on the smart machine industry, attributing this to the effective digestion of excess capacity due to the implementation of a quota system. This has led to an optimized competitive landscape within the industry [2][3]. 3. **R&D Investment**: The company is increasing its R&D investments to support high-end, intelligent, and green development strategies. It aims to enhance core capabilities, including the quality of both new and traditional products [3]. 4. **Pricing Strategy**: The pricing strategy is based on fair and voluntary agreements with major clients, with adjustments made according to market dynamics. The company emphasizes that pricing can change quarterly or monthly based on market conditions [6]. 5. **Market Demand and Supply Dynamics**: The company notes that the balance between supply and demand is crucial for price stability. If supply quotas remain stable without significant demand growth, prices are likely to stabilize or even exceed previous levels [3][5]. 6. **Air Conditioning Market Dynamics**: The air conditioning market is currently experiencing a significant disparity between demand and supply, with production capacity fully utilized in the first half of the year. However, long-term demand is expected to remain stable [4]. 7. **Chemical Industry Insights**: The chemical industry's price changes are not directly correlated with its economic health; rather, they depend on the balance of supply and demand. Imbalances can lead to price fluctuations [5]. 8. **Inventory Management**: The company highlights that inventory transfer reflects the distribution between manufacturers and distributors rather than consumer behavior. Good consumption can positively impact prices and market balance [6]. 9. **Long-term Market Analysis**: The company advocates for a long-term perspective in market analysis, suggesting that understanding inventory changes over multiple years is essential for predicting price impacts [6][7]. 10. **Future of Refrigerants**: The company anticipates that third-generation refrigerants will eventually exit the market, making quotas increasingly valuable. This adds complexity to future market predictions [3][9]. Additional Important Insights - **Impact of New Energy Vehicles**: The relationship between the growth of new energy vehicles and the market for related products is significant, with increased penetration expected to drive demand [7][8]. - **Market Volatility**: Price volatility is compared to stock market trends, emphasizing the need for logical analysis rather than speculation. Observing supply and demand changes is crucial for making informed predictions [8][9]. - **Regulatory Changes**: The company acknowledges uncertainty regarding future regulatory changes, particularly concerning quota reductions, and suggests a broader national perspective rather than focusing solely on individual companies [9][10]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's strategic outlook and market dynamics.

Summary of Conference Call Company or Industry Involved - The conference call is directed towards professional investors from Open Source Securities [1] Core Points and Arguments - The call emphasizes the importance of understanding market dynamics and trends in the investment landscape [1] - Key financial metrics and performance indicators were discussed, highlighting the company's growth trajectory and market positioning [1] - The management team provided insights into strategic initiatives aimed at enhancing shareholder value and operational efficiency [1] Other Important but Potentially Overlooked Content - The discussion included potential risks associated with market volatility and regulatory changes that could impact future performance [1] - There was a focus on the competitive landscape, with comparisons made to peer companies and their respective market shares [1] - Future outlook and guidance were provided, indicating expected revenue growth and investment in innovation [1]

上 市 公 司 基础化工 2024 年04月 26 日 巨化股份 (600160) 公 司 研 ——制冷剂价格和盈利持续回升，业绩符合预期，氟化工 究 公 开启长周期反转 司 点 评 报告原因：有业绩公布需要点评 增持 投资要点： （维持）  公司发布2024年一季报，业绩符合预期。1Q24公司实现营业收入54.70亿元（yoy+19.5%，QoQ+17.8%）， 归母净利润为3.10亿元（yoy+103.4%，QoQ+57.7%），扣非后归母净利润为2.88亿元（yoy+118.3%， 证 券 QoQ+115.6%），1Q24年单季度销售毛利率同比环比分别上升1.16、0.32pct至14.75%，主要是制冷剂 市场数据： 2024年04月25日 研 产品毛利率上升，业绩符合预期。1Q24销售费用、管理费用、研发费用、财务费用同比分别增减13.62%、 收盘价（元） 21.56 究 一年内最高/最低（元） 24.24/13 10.69%、-13.05%、-319.61%至0.52、1.95、2.15、-0.13亿元。1Q24公司归母净利润同环比均增长的 报 市净率 3.6 主要原因为：1.自2024年1月 ...

证券研究报告 | 2024年04月26日 巨化股份（600160.SH） 买入 引领制冷剂景气复苏，一季度归母净利增长 103% 核心观点 公司研究·财报点评 制冷剂量价齐升、氟精细以量补价，一季度归母净利同比增长103%。公司公布《2024 基础化工·化学制品 年第一季度报告》：受益于制冷剂产品量价齐升及毛利率修复、含氟精细化学 证券分析师：杨林 证券分析师：张玮航 品业务以量补价，2024Q1，公司实现营业收入54.7亿元（同比+19.52%）；归 010-88005379 0755-81981810 母净利润3.1亿元（同比+103.35%）。制冷剂方面，受益于飞源化工并表，公 yanglin6@guosen.com.cn zhangweihang@guosen.com.cn S0980520120002 S0980522010001 司制冷剂产销量总体增长：2024Q1，公司实现制冷剂产量/销量分别13.10、6.70 基础数据 万吨，分别同比+10.97%/+4.56%，均价为23724.97元/吨，同比+17.98%、环比 +10.12%。含氟精细化学品方面，2024Q1均价分别63352.21元 ...

股票简称：巨化股份 股票代码：600160 公告编号：临 2024－16 浙江巨化股份有限公司 2024 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 2024 年 1-3 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 | 258592.29 | 7.80 | 78221.52 | -0.37 | 25675.49 | 9.97 | | 致冷剂 | 131038.85 | 10.97 | 67026.38 | 4.56 | 159019.90 | 23.36 | | 含氟聚合物材料 | 29969.64 | 2.36 | 9 ...