华安证券：维持巨化股份“买入”评级，制冷剂业务为核心增长动力

Core Viewpoint - The report from Huazhong Securities indicates that Juhua Co., Ltd. achieved a net profit attributable to shareholders of 2.051 billion yuan in the first half of 2025, representing a year-on-year increase of 146.97% [1] Financial Performance - In Q2, the company realized a net profit attributable to shareholders of 1.242 billion yuan, showing a year-on-year growth of 137.07% and a quarter-on-quarter increase of 53.56% [1] - The company's strong performance in the first half of the year is highlighted by significant improvement in cash flow [1] Business Growth Drivers - The refrigerant business serves as the core growth driver for the company [1] - Major project construction is progressing steadily as planned, continuously expanding the industry boundaries and laying a solid foundation for long-term development [1] Innovation and R&D - The company adheres to an innovation-driven strategy, with continuous growth in R&D investment, further solidifying its technological advantages [1] - The investment bank maintains a "buy" rating for the company's stock [1]