ZJJH(600160) KAIYUAN SECURITIES·2024-07-14 00:35Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to achieve a net profit of 700 to 840 million yuan in H1 2024, representing a year-on-year growth of 51% to 80%. The second quarter alone is projected to yield a net profit of 430 to 570 million yuan, with a year-on-year increase of 27.6% to 69.1% and a quarter-on-quarter growth of 38.7% to 83.9% [6][7] - The report maintains profit forecasts for 2024-2026, estimating net profits of 3.039 billion, 4.912 billion, and 6.343 billion yuan respectively, with corresponding EPS of 1.13, 1.82, and 2.35 yuan. The current stock price corresponds to P/E ratios of 20.2, 12.5, and 9.7 times for the respective years [6][9] - The report emphasizes a positive outlook on the refrigerant cycle, indicating that the upward trend is in its early stages [6] Financial Summary and Valuation Indicators - The company's revenue from various segments in H1 2024 is projected as follows: - Fluorochemical raw materials: 553 million yuan (+4.00% YoY) - Refrigerants: 3.925 billion yuan (+36.59% YoY) - Fluoropolymer materials: 841 million yuan (-26.12% YoY) - Fluorine fine chemicals: 147 million yuan (+107.91% YoY) - Food packaging materials: 436 million yuan (-14.87% YoY) - Petrochemical materials: 1.99 billion yuan (+64.09% YoY) - Basic chemical products: 1.311 billion yuan (-8.34% YoY) [7] - The report notes that the refrigerant market is expected to transition from being driven by a single product to a more stable and comprehensive upward trend across various refrigerants [8]