ZJJH(SH:600160) Donghai Securities·2024-08-24 07:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance in the coming months [13]. Core Views - The company has significantly improved its performance in H1 2024, with a revenue of 12.08 billion yuan, a year-on-year increase of 19.65%, and a net profit of 834 million yuan, up 70.31% year-on-year [9]. - The implementation of the third-generation refrigerant quotas and increased downstream market demand are expected to support the recovery of refrigerant prices and profitability [9]. - The company is focusing on R&D and the development of high-value-added fluorochemical products, with a planned R&D expenditure of 1.008 billion yuan for 2024, reflecting a 0.7% increase year-on-year [10]. - The company is projected to achieve net profits of 2.413 billion yuan, 3.537 billion yuan, and 4.692 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.89 yuan, 1.31 yuan, and 1.74 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 12.08 billion yuan and a net profit of 834 million yuan, with Q2 figures showing a revenue of 6.61 billion yuan and a net profit of 524 million yuan, marking significant year-on-year and quarter-on-quarter growth [9]. - The average prices of key products such as refrigerants and fluorinated chemicals have shown notable changes, with refrigerant prices increasing significantly since the beginning of 2024 [9]. Market Position - The company is positioned as a leader in the refrigerant quota market, benefiting from the implementation of new regulations and increased demand from the appliance sector [9]. - The average price changes for various products indicate a favorable market environment, with refrigerant prices rising by 53.85% to 105.80% for different types [9]. R&D and Investment - The company plans to invest 3.409 billion yuan in fixed assets in 2024, a 48.67% increase year-on-year, to enhance its production capabilities and product offerings [10]. - R&D efforts are being prioritized, with 154 projects planned for 2024, and significant progress has been made in developing new fluorinated materials [10]. Profit Forecast - The company is expected to see a steady increase in net profits over the next three years, with projections indicating a strong recovery and growth trajectory [11][12].