Zhejiang Yonghe Refrigerant (SH:605020) Chang Jiang Shang Bao·2025-04-09 02:59Core Viewpoint - The company Yonghe Co., Ltd. (605020.SH) is experiencing significant growth in its first-quarter performance for 2025, driven by the increasing demand in the refrigerant market, with projected net profits expected to rise by 144.49% to 176.74% year-on-year [1][2]. Group 1: Financial Performance - Yonghe Co., Ltd. anticipates achieving a net profit of between 91 million to 103 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [1][2]. - The company's performance is bolstered by rising prices of its main products and strong market demand, leading to a notable increase in sales volume and profit margins [2]. Group 2: Research and Development - The company emphasizes technological innovation as a core driver of its development, with a cumulative R&D expenditure of 263 million yuan over the past five years [3]. - R&D expenses have shown a consistent increase from 16.38 million yuan in 2020 to 75.46 million yuan in 2024, reflecting the company's commitment to product innovation and technological upgrades [3]. Group 3: Capacity Expansion and Market Position - Yonghe Co., Ltd. is actively expanding its production capacity through fundraising efforts, including a recent plan to raise up to 1.736 billion yuan for new projects [4]. - The company has a complete industrial chain in the fluorochemical sector, with significant self-sufficiency in raw materials such as fluorite and anhydrous hydrofluoric acid, enhancing its competitive edge [5]. - Current production capacities include 135,000 tons of anhydrous hydrofluoric acid and 197,000 tons of methane chlorides and monochloromethane, with additional capacities under construction to further strengthen market competitiveness [5].