ZJJH(SH:600160) Xin Lang Cai Jing·2025-04-25 06:29Core Viewpoint - The company, Juhua Co., Ltd., reported significant growth in its 2024 annual performance, driven primarily by the strong demand and price increase of refrigerants, despite challenges in other chemical product segments [1][2]. Financial Performance - In 2024, the company achieved total revenue of 24.462 billion yuan, an increase of 18.43% year-on-year [1] - The net profit attributable to shareholders reached 1.960 billion yuan, up 107.69% year-on-year [1] - The net profit excluding non-recurring items was 1.903 billion yuan, reflecting a 131.40% increase year-on-year [1] - In Q4 2024, total revenue was 6.556 billion yuan, a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.52% [1] - The net profit attributable to shareholders in Q4 was 0.702 billion yuan, up 256.83% year-on-year and 65.81% quarter-on-quarter [1] Product Performance - The refrigerant products experienced both volume and price increases, contributing to the overall performance growth [2] - The average selling price of refrigerants was 26,800 yuan/ton, an increase of 32.69% year-on-year, with external sales volume reaching 353,000 tons, up 22.61% year-on-year [2] - Non-refrigerant chemical products faced a challenging market with declining prices, impacting profitability [2] Market Trends - The upward trend in refrigerant prices is expected to continue into 2025 due to supply constraints and improved industry dynamics [3] - The domestic market prices for key refrigerants R22, R32, R125, and R134a have increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [3] - Export prices for R32 refrigerant have shown consistency, indicating a strengthening of the company's market position [3] Investment Outlook - The company is positioned favorably within the fluorochemical industry, benefiting from the upward cycle of refrigerant prices and cost advantages from its integrated operations [4] - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 4.904 billion, 5.760 billion, and 6.416 billion yuan respectively, reflecting year-on-year growth rates of 150.25%, 17.46%, and 11.40% [4] - The company maintains a strong recommendation for investment based on its competitive positioning and growth potential in the refrigerant market [4]