研报掘金丨国海证券：维持永和股份“买入”评级 制冷剂涨价趋势不减

Core Viewpoint - Yonghe Co. achieved a significant increase in net profit for the first three quarters of 2025, with a year-on-year growth of 220.39% to reach 469 million yuan, indicating strong financial performance driven by rising refrigerant prices and product optimization [1] Financial Performance - The net profit for Q3 was reported at 198 million yuan, reflecting a year-on-year increase of 485.77% and a quarter-on-quarter increase of 13.74%, showcasing robust profitability in the third quarter [1] - The continuous rise in refrigerant prices contributed to improved profitability in Q3, indicating a favorable market environment for the company [1] Strategic Developments - Yonghe Co. is advancing its high-end fluorine-containing materials production and sales integration, actively expanding into downstream applications, which is expected to enhance its market position [1] - The optimization of product structure and industry chain collaboration has led to sustained profitability for Shaowu Yonghe, indicating effective operational strategies [1] Investment Outlook - Given the sustained high prices of refrigerants, the profitability of the fluoropolymer materials segment is expected to continue recovering, leading to a maintained "buy" rating for the company [1]