ZJJH(SH:600160) Shanxi Securities·2024-07-10 12:30Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company's performance meets expectations, with projected earnings per share for the first half of 2024 estimated at 0.27 - 0.33 CNY, driven by an increase in refrigerant product prices, which rose by 22.05% year-on-year [1][3] - The company is expected to benefit from the sustained high demand in the refrigerant market, with a significant increase in sales volume and price for refrigerants, leading to a projected net profit increase of 51% - 80% year-on-year for the first half of 2024 [4][5] Summary by Sections Market Performance - The company's stock closed at 23.95 CNY on July 9, 2024, with a year-to-date high of 26.10 CNY and a low of 13.12 CNY [2] Financial Data - For the first half of 2024, the company expects a net profit of 7.4 - 8.8 billion CNY, with a year-on-year increase of 2.5 - 3.9 billion CNY [4] - The average price of refrigerant products in the first half of 2024 was 24,300 CNY per ton, with a year-on-year increase of 22.05% [5] Revenue Growth - The main revenue growth drivers include fluorinated fine chemicals (up 107.91% year-on-year), petrochemical materials (up 64.09% year-on-year), and refrigerants (up 36.59% year-on-year), with an overall revenue growth rate of 18.46% [5] - The company’s EPS for 2024-2026 is projected to be 0.76, 1.02, and 1.15 CNY, respectively, with corresponding P/E ratios of 31.6, 23.4, and 20.9 [6]