研报掘金丨国海证券：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 Juhua Co., Ltd. is expected to see a significant increase in net profit attributable to shareholders in 2025, driven by the sustained demand in the refrigerant market [1] Company Overview - Juhua Co., Ltd. is a global leader in refrigerants, 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 quota share of 31.55%, making it the largest in China [1] - The HFCs production quota is 299,900 tons, representing 37.58% of the total for similar products in the country [1] Leading Position in Fourth Generation Refrigerants - 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 refrigerant prices rise, the company is expected to benefit significantly and experience rapid growth [1] - The report maintains a "Buy" rating for the company's stock [1]