ZJJH(SH:600160) Xin Lang Cai Jing·2025-10-27 00:29Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven primarily by the recovery in refrigerant prices, despite challenges in non-refrigerant product pricing [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 20.394 billion yuan, a year-on-year increase of 13.89% [1]. - The net profit attributable to shareholders reached 3.248 billion yuan, up 158.29% year-on-year [1]. - The adjusted net profit was 3.199 billion yuan, reflecting a 170.13% increase compared to the previous year [1]. - In Q3 2025, total revenue was 7.062 billion yuan, representing a 21.22% year-on-year growth [1]. - The net profit attributable to shareholders for Q3 was 1.197 billion yuan, a year-on-year increase of 182.82% [1]. Market Dynamics - The average selling price of refrigerants increased significantly, with an average price of 40,600 yuan/ton and sales volume of 230,600 tons, showing a year-on-year increase of 58.14% in price but a decrease of 6.4% in volume [1]. - Non-refrigerant chemical products faced price declines, with average prices for fluoropolymer materials, food packaging materials, and petrochemical materials dropping by 3.91%, 6.11%, and 9.09% respectively, negatively impacting profitability [2]. Industry Outlook - The third-generation refrigerants are expected to benefit from a favorable market trend, with production quotas starting in 2024 leading to improved pricing and profitability [2]. - As of October 24, 2025, the domestic market prices for key third-generation refrigerants R32, R125, and R134a were 63,000 yuan/ton, 45,500 yuan/ton, and 54,000 yuan/ton, reflecting increases of 46.51%, 8.33%, and 27.06% respectively since the beginning of the year [2]. Investment Recommendations - The company is positioned to benefit from the upward price trend of third-generation refrigerants and has a strong competitive advantage in the fluorochemical industry [3]. - Projected net profits for 2025, 2026, and 2027 are 4.908 billion yuan, 5.642 billion yuan, and 6.638 billion yuan, with year-on-year growth rates of 150.47%, 14.95%, and 17.66% respectively [3].