研报掘金丨中金：维持巨化股份“跑赢行业”评级 目标价43.56元

Group 1 - The core viewpoint of the report indicates that Juhua Co., Ltd. is expected to achieve a net profit attributable to shareholders of 3.54-3.94 billion yuan for the full year of 2025, representing a year-on-year increase of 80%-101% [1] - For the fourth quarter of 2025, the company is projected to realize a single-quarter net profit of 292-692 million yuan, with a decline expected due to impairment impacts [1] - The report suggests that despite a decline in R22 prices in Q4 2025, the market's views on the price direction of refrigerants are gradually aligning, and the long-term upward trend in refrigerant prices is expected to remain unchanged, with continued favorable conditions anticipated in 2026 [1] Group 2 - The non-refrigerant business is expected to see product prices gradually stabilize and recover, contributing positively to profit expectations [1] - The report maintains an "outperforming the industry" rating and sets a target price of 43.56 yuan per share for Juhua Co., Ltd. [1]