巨化股份： 打造氟化工领军标杆

Core Insights - Juhua Co., Ltd. has solidified its leadership position in the refrigerant sector during the 14th Five-Year Plan, achieving breakthroughs in high-end fluorinated polymers and green energy new materials [1][2] - The company has adopted a new development philosophy focusing on high-end, intelligent, and green industrialization, establishing a high-performance fluorine-chlorine new materials base [1] Financial Performance - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [1] - In the first three quarters of 2025, Juhua achieved an operating income of 20.393 billion yuan and a net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [1] Market Position - Juhua is the only domestic company with a complete series of fluorinated refrigerants from the first to the fourth generation, with a projected market share of 37.86% for third-generation refrigerants by 2025 [1] - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit in recent years, totaling 5.973 billion yuan by June 2025 [2] Innovation and Sustainability - Juhua has made significant advancements in high-end new materials, achieving domestic substitution in several high-value sectors through independent research and investment [2] - The company has implemented a "zero manual" transformation in its main production facilities, achieving full automation and significantly reducing carbon emissions through the recycling of by-products [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue its focus on green development and digital transformation, striving to become a world-class manufacturer of high-performance fluorinated and chlorinated new materials [2]