ZJJH(SH:600160) Chang Jiang Shang Bao·2026-01-23 01:19Core Viewpoint - The significant increase in the performance of Juhua Co., Ltd. is driven by the rising prices of fluorinated refrigerants and stable production and sales volumes, leading to a substantial growth in gross profit and net profit [1][2]. Group 1: Financial Performance - Juhua Co., Ltd. expects a net profit attributable to shareholders of 3.54 billion to 3.94 billion yuan for 2025, representing a year-on-year increase of 80% to 101% [1][2]. - The company's core product, fluorinated refrigerants, accounts for over 60% of its main business revenue, serving as the cornerstone for performance growth [3][4]. - Historical financial data shows that Juhua achieved net profits of 2.381 billion yuan in 2022, 944 million yuan in 2023, and 1.96 billion yuan in 2024, with revenue figures of 21.49 billion yuan, 20.66 billion yuan, and 24.46 billion yuan respectively [2]. Group 2: Market Position and Industry Dynamics - Juhua Co., Ltd. is a leading enterprise in the fluorochemical industry with a comprehensive operational capability across the entire supply chain, maintaining a strong market share in fluorinated refrigerants [2][3]. - The company holds a significant production quota for HCFC-22 and HFCs, with 3.89 million tons and 29.78 million tons respectively, representing 26.10% and 39.33% of the national total [3]. Group 3: Research and Development - Juhua has invested a total of 4.388 billion yuan in R&D from 2021 to the first three quarters of 2025, focusing on new environmentally friendly refrigerants and high-end fluoropolymers [4]. - The company holds 744 authorized technology patents and has been involved in drafting over 20 national and industry standards, showcasing its commitment to innovation [4]. Group 4: Strategic Investments - In February 2025, Juhua announced a significant investment to increase the registered capital of Gansu Juhua New Materials Co., Ltd. to 6 billion yuan, focusing on a high-performance fluorinated and chlorinated materials project with a total investment of 19.625 billion yuan [5]. - The project is expected to generate an average annual sales revenue of 8.211 billion yuan and a net profit of 1.068 billion yuan, with a payback period of 11.46 years [5]. Group 5: Stock Market Performance - Juhua's stock price reached a high of 45.6 yuan per share in 2025, reflecting a more than 30% increase from the beginning of the year, with a market capitalization of 105.2 billion yuan as of January 22, 2026 [5].