上海证券：给予巨化股份买入评级

Investment Summary - Company reported a revenue of 13.33 billion yuan for H1 2025, a year-on-year increase of 10.36% [1] - Net profit attributable to shareholders reached 2.05 billion yuan, up 148.72% year-on-year [1] - The second quarter saw a revenue of 7.53 billion yuan, a 13.93% increase year-on-year and a 29.84% increase quarter-on-quarter [1] Price Surge Impact - The average price of refrigerant products increased to 39,372.45 yuan per ton, a rise of 61.88% year-on-year [2] - The price increase in fluorinated refrigerants contributed 2.13 billion yuan to profit, accounting for 73.49% of the profit increase [2] - The company is positioned as a global leader in HFCs production capacity and quotas, indicating a potential for sustained profitability [2] High-Value Product Development - The company leads in the production of fluorinated polymers, which are crucial for high-end applications in aerospace and 5G communications [3] - Plans for expansion include a 10,000 tons/year high-quality melt fluororesin project and a 1,000 tons/year capacity for electronic fluorinated liquids [4] - The company is advancing in the development of fourth-generation refrigerants (HFOs) with a production capacity of approximately 8,000 tons/year [4] Future Growth Projections - Revenue forecasts for 2025, 2026, and 2027 are 26.99 billion yuan, 30.05 billion yuan, and 34.21 billion yuan, respectively, with growth rates of 10.3%, 11.3%, and 13.8% [5] - Net profit projections for the same years are 4.41 billion yuan, 5.09 billion yuan, and 5.83 billion yuan, with growth rates of 125.1%, 15.5%, and 14.5% [5]