Core Viewpoint - The company specializes in the research, production, and sales of fluorochemical products, establishing a complete industrial chain from fluorite mining to fluorinated polymers and fine chemicals [1] Group 1: Business Overview - The company has a comprehensive product range including fluorocarbon chemicals, mixed refrigerants, fluorinated polymers, fine chemicals, and various chemical raw materials [1] - The company possesses significant fluorite resource advantages, with proven reserves of 4.8527 million tons as of December 2024 [2] - The company has an annual production capacity of 190,000 tons for fluorocarbon chemicals and has received refrigerant quotas of 61,400 tons for 2025, positioning it favorably in the industry [2] Group 2: Production and Sales Performance - The company reported a 40.6% year-on-year increase in fluorinated polymer sales, reaching 38,600 tons in 2024 [2] - The company has an annual production capacity of 82,800 tons for fluorinated polymers, with over 30,000 tons under construction [3] - The company achieved a revenue of 4.61 billion yuan in 2024, a 5.4% increase from the previous year, and a net profit of 250 million yuan, up 36.8% [5] Group 3: Future Prospects - The company is expanding its fluorinated fine chemicals segment, with new production lines for HFPO and perfluorohexanone entering trial production [4] - The company is expected to benefit from high profitability in refrigerants due to quota constraints and increasing demand from the air conditioning sector [2][6] - The company forecasts net profits of 667 million yuan, 924 million yuan, and 1.207 billion yuan for 2025-2027 [6]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 5 月十大转债 报告摘要： [Table_Summary] 5 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《2025 年 4 月转债新券点评合集》 --20250430 《特朗普还有哪些牌？》 --20250428 《转债市场一周回顾（2025/04/21-2025/04/25）》 --20250427 《关税冲击逐步显现，"四稳"兜牢民生底线— —政策及基本面周度观察（20250426）》 --20250427 《【东北资产配置】政策博弈期，大类资产怎么 看？——东北证券大类资产配置报告（第 5 期）》 --20250425 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 [Table_Invest] [Table_Author] ① 中特转债（AAA，4 月末收盘价 107.723 元，转股溢价率 111.03%， 正股 PE-TTM 11.5） ② 山路转债（AAA，4 月 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The refrigerant industry is experiencing a high level of prosperity, with the company's performance expected to continue its strong growth [6] - The profitability of fluoropolymer materials is gradually recovering, driven by increased production and improved market conditions [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 4.61 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 250 million yuan, up 36.8% year-on-year [4][7] - The company's Q4 2024 results showed operating revenue of 1.23 billion yuan, a year-on-year increase of 7.6%, and a net profit of 105 million yuan, up 385% year-on-year [5] - For Q1 2025, the company reported operating revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, and a net profit of 97 million yuan, up 161.7% year-on-year [10] Product Segment Performance - In the fluorocarbon chemical segment, the company generated revenue of 2.447 billion yuan in 2024, with an average gross margin of 20.37%, up 12.62 percentage points year-on-year [7][9] - The fluoropolymer materials segment achieved revenue of 1.581 billion yuan in 2024, reflecting a year-on-year increase of 17.38% [7][9] - The chemical raw materials segment saw a revenue decline to 436 million yuan in 2024, with a significant drop in average selling price [9] Future Projections - The company is projected to achieve operating revenues of 5.012 billion yuan, 5.433 billion yuan, and 5.853 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 491 million yuan, 589 million yuan, and 680 million yuan [11][13] - The expected price-to-earnings ratios for the next three years are 20, 17, and 15 times [11]

Core Viewpoint - The company reported a revenue of 4.61 billion yuan for 2024, with a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 250 million yuan, reflecting a year-on-year increase of 36.8% [1] Financial Performance - In 2024, the company achieved a revenue of 4.61 billion yuan, with a net profit of 250 million yuan, and a non-recurring net profit also at 250 million yuan, showing significant year-on-year growth of 36.8% and 117.8% respectively [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, but a quarter-on-quarter decrease of 7.3%. The net profit for this quarter was 100 million yuan, marking a year-on-year increase of 161.7% [1] - The total cash dividend for 2024 was 120 million yuan, which accounted for 46.7% of the net profit attributable to shareholders [1] Business Segment Analysis - The fluoropolymer business faced challenges in 2024, generating a revenue of 1.58 billion yuan, a year-on-year increase of 17.4%, but with a gross margin of 15.8%, down by 8.1 percentage points. The average selling price was 41,000 yuan/ton, down 16.5% year-on-year [2] - The refrigerant business showed positive trends, with revenue from fluorocarbon chemicals reaching 2.45 billion yuan, a year-on-year increase of 3.8%, and a gross margin of 20.4%, up by 12.6 percentage points [2] - In Q1 2025, the gross margin for the fluoropolymer materials improved to 23.4%, with a net margin of 8.6%. The average price for fluoropolymer materials was 41,000 yuan/ton, showing a slight year-on-year decrease of 2.1% but a quarter-on-quarter increase of 3.9% [3] Market Outlook - The demand for refrigerants is expected to rise, with projected increases in air conditioning production of 9.1%, 13.0%, and 15.9% year-on-year for the months of April to June [4] - The long-term pricing for refrigerants is also on the rise, with significant increases noted in the second quarter for various refrigerants, indicating a tightening supply-demand balance [4] - The company anticipates a gradual recovery in profitability, with projected net profits for 2025, 2026, and 2027 estimated at 670 million, 920 million, and 1.21 billion yuan respectively [4]

Core Viewpoint - Yonghe Co., Ltd. has demonstrated significant growth in both revenue and profit in its 2024 annual report, indicating strong performance in the fluorochemical industry and effective utilization of market opportunities [1][2]. Financial Performance - In 2024, Yonghe Co., Ltd. reported a revenue of 4.606 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 251 million yuan, up 36.83% [1]. - The company's net profit excluding non-recurring items reached 246 million yuan, reflecting a substantial growth of 117.8% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.138 billion yuan, representing a 12.36% increase compared to the same period last year, with a net profit of 97.39 million yuan, up 161.66% [1]. Industry Position and Strategy - Yonghe Co., Ltd. has established itself as a comprehensive fluorochemical enterprise, covering the entire industry chain from raw material mining to production and sales, making it one of the most complete fluorochemical industry chains in China [1]. - The company has benefited from policy and market opportunities, achieving synergistic development in fluorocarbon chemicals, fluoropolymer materials, and fine fluorochemical products, with a nationwide sales network and international channels covering over 100 countries [1]. Market Dynamics - The implementation of production quotas for HFCs refrigerants in 2024 has altered the competitive landscape, leading to increased industry concentration and tighter supply-demand balance, which has driven significant price increases for refrigerants [2]. - In 2024, the fluorocarbon chemicals business generated a revenue of 2.4467353 billion yuan, a year-on-year increase of 3.78%, with an average gross margin of 20.37%, up 12.62% from the previous year [2]. - The company received a total quota of 61,400 tons for HCFCs and HECs refrigerants in 2025, with HFCs product quota at 58,200 tons, positioning it among the industry leaders [2]. Product Performance - Despite general pressure on fluoropolymer materials leading to a "volume increase, price decrease" scenario, certain products like HFP have shown price stabilization since Q4 2024, improving profitability [2]. - The sales volume of fluoropolymer materials reached 38,635.68 tons, a year-on-year increase of 40.59%, with revenue for this segment at 1.5811074 billion yuan, up 17.38% [2]. Future Outlook - Yonghe Co., Ltd. plans to continue its global business expansion and leverage its full industry chain advantages, focusing on high-end fluoropolymer materials, new environmentally friendly refrigerants, and fine fluorochemical development [3]. - The company aims to enhance its product variety and quality, striving to become a leading professional fluorochemical enterprise in China, characterized by comprehensive offerings, environmental sustainability, and high quality [3].

Core Viewpoint - Yonghe Co. reported a revenue of 4.61 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million yuan, up 37% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 1.23 billion yuan, an increase of 8% year-on-year and 2% quarter-on-quarter, with a net profit of 105 million yuan, up 385% year-on-year and 210% quarter-on-quarter [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 7%, with a net profit of 97 million yuan, up 162% year-on-year and down 7% quarter-on-quarter [1] - The company proposed a dividend of 0.25 yuan per share (before tax) for 2024, with a payout ratio of 47% [1] Group 2: Industry Insights - In 2024, the refrigerant sector saw a recovery in market conditions, while the fluoropolymer and chemical raw materials segments faced declining profit margins [1] - The sales volume of fluorocarbon chemicals decreased by 9.2% year-on-year to 103,000 tons, but revenue increased by 3.8% to 2.45 billion yuan, with a gross margin up 13 percentage points to 20.4% [1] - The sales volume of fluoropolymers increased by 41% year-on-year to 39,000 tons, with revenue rising 17% to 1.58 billion yuan, although the gross margin fell by 8 percentage points to 15.8% due to price declines [1] - The sales volume of chemical raw materials increased by 14% year-on-year to 240,000 tons, but revenue decreased by 20% to 440 million yuan, with a gross margin down 16 percentage points to -9.3% due to significant price drops [1] Group 3: Future Outlook - In Q1 2025, the sales volume of fluorocarbon chemicals increased by 3.6% year-on-year to 21,000 tons, with revenue up 25% to 590 million yuan, indicating continued improvement in the refrigerant market [2] - The average price of refrigerants increased by 21% year-on-year and 10% quarter-on-quarter to 28,000 yuan per ton [2] - The company expects to enhance its competitiveness in the fluorochemical industry with the successful commissioning of new projects, including 4,000 tons/year of perfluorohexanone and 8,000 tons/year of VDF [2] Group 4: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 450 million, 560 million, and 640 million yuan respectively, reflecting an upward adjustment of 12% and 8% for 2025 and 2026 [3] - The target price for the company is set at 23.04 yuan, up from a previous value of 19.08 yuan, based on a 24x PE ratio for 2025 [3]

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 4.61 billion RMB in 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million RMB, up 37% year-on-year [1] - The refrigerant sector is experiencing favorable conditions, leading to an upward adjustment in profit forecasts for the company [4] - The company is expected to benefit from the successful launch of new projects and improved competitiveness in the fluorochemical industry [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.23 billion RMB, a year-on-year increase of 8% and a net profit of 105 million RMB, up 385% year-on-year [1] - For Q1 2025, the company achieved a revenue of 1.14 billion RMB, a year-on-year increase of 12%, with a net profit of 97 million RMB, up 162% year-on-year [1] Market Conditions - The sales volume of fluorocarbon chemicals in 2024 decreased by 9.2% to 103,000 tons, but revenue increased by 3.8% to 2.45 billion RMB, with a gross margin increase of 13 percentage points to 20.4% [2] - The company’s fluoropolymer sales increased by 41% year-on-year to 39,000 tons, with revenue rising by 17% to 1.58 billion RMB, although gross margin decreased by 8 percentage points to 15.8% due to price declines [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 450 million RMB, 560 million RMB, and 640 million RMB respectively, with corresponding EPS of 0.96, 1.18, and 1.37 RMB [4] - The target price for the company is set at 23.04 RMB, reflecting a 24x PE ratio for 2025, up from a previous target of 19.08 RMB [4]

浙江永和制冷股份有限公司 2024 年年度独立董事述职报告（李清伟） 本人作为浙江永和制冷股份有限公司（以下简称"公司"）独立董事，在 2024 年履职期间，严格遵守《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》以及公司《独立董事工作制度》等相关规定， 认真履行工作职责，为公司的规范运作与科学决策提供了专业依据，现就本人 2024 年履职期间工作情况报告如下： 一、独立董事的基本情况 （一）公司独立董事人员情况 公司董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数的三分之一， 符合有关法律法规及《公司章程》的规定。 （二）本人基本情况 本人李清伟，1963 年出生，法学博士，教授。中国国籍，无境外永久居留 权。曾任河南师范大学法学院助教，后历任上海财经大学法学院讲师、副教授、 教授，现任上海大学法学院教授。现任爱丽家居科技股份有限公司、张家港保税 科技（集团）股份有限公司、长盛基金管理有限公司独立董事及上海董道律师事 务所兼职律师。2023 年 8 月至今，任公司独立董事。 （三）独立性情况说明 在 2024 年履职期间，本人严格遵守《上市公司独立董事管理办法》第六 ...

（一）公司独立董事人员情况 公司董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数的三分之一， 符合有关法律法规及《公司章程》的规定。 2024 年年度独立董事述职报告（王建中） 本人作为浙江永和制冷股份有限公司（以下简称"公司"）独立董事，在 2024 年履职期间，严格遵守《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》以及公司《独立董事工作制度》等相关规定， 认真履行工作职责，为公司的规范运作与科学决策提供了专业依据，现就本人 2024 年履职期间工作情况报告如下： 一、独立董事的基本情况 浙江永和制冷股份有限公司 （二）本人基本情况 王建中，1957 年出生，本科学历，高级工程师。中国国籍，无境外永久居 留权。曾就职于上海市有机氟材料研究所、上海三爱富新材料股份有限公司。2000 年起兼任中国氟硅有机材料工业协会副秘书长、理事、有机氟专业委员会秘书长、 专家委员会委员，现任中国氟硅有机材料工业协会副总工程师、氟化工专家委员 会秘书长。2023 年 8 月至今，任公司独立董事。 （三）独立性情况说明 在 2024 年履职期间，本人严格遵守《上市公司独立董事管理办法》 ...