国海证券：维持巨化股份“买入”评级，看好制冷剂景气持续

Core Viewpoint - The report from Guohai Securities indicates that the net profit attributable to the parent company of Juhua Co., Ltd. is expected to significantly increase year-on-year by 2025, driven by the sustained demand in the refrigerant market [1] Company Overview - Juhua Co., Ltd. is a leading global enterprise in the refrigerant industry, possessing a comprehensive range of first to fourth generation fluorinated refrigerant products [1] - The company also produces new types of fluorinated refrigerants (D series hydrofluoroether, JHT series perfluoropolyether), hydrocarbon refrigerants (35,000 tons/year), and a series of blended refrigerants [1] Production Quota Advantage - Juhua holds a significant advantage in refrigerant production quotas, with the 2026 HCFC-22 production quota set at 38,400 tons, accounting for 26.30% of the national total, and an internal use quota of 31.55%, making it the largest in the country [1] - The HFCs production quota is 299,900 tons, representing 37.58% of the total for similar products nationwide [1] Leading Position in HFOs - The company leads in the domestic production capacity of fourth-generation fluorinated refrigerants (HFOs), currently operating two mainstream HFOs production facilities with a capacity of approximately 8,000 tons/year [1] - Plans are in place to increase capacity by nearly 50,000 tons through new construction and technological upgrades [1] Market Outlook - As a global leader in fluorinated refrigerants, Juhua is well-positioned to benefit from rising refrigerant prices, which is expected to facilitate rapid growth [1] - The report maintains a "Buy" rating for the company, reflecting confidence in its future performance [1]