巨化股份：公司事件点评报告：氟化工龙头业绩随制冷剂景气度上行

Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Insights - The company has shown significant performance improvement due to the rising demand for refrigerants, with a notable increase in revenue and net profit in the first half of 2024 [4][3] - The acquisition of Zibo Feiyuan has enhanced the company's production quotas, solidifying its position as a leading player in the fluorochemical industry [5] - The growth of fluoropolymers is promising, with several projects underway that are expected to open new growth avenues for the company [6] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved 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 [3] - In Q2 2024, the company reported revenue of 6.61 billion yuan, a 19.77% year-on-year increase and a 20.86% quarter-on-quarter increase, with a net profit of 524 million yuan, reflecting a 55.35% year-on-year and 68.83% quarter-on-quarter growth [3] Market Dynamics - The pricing of refrigerant products has rebounded, ending a period of irrational decline, which has positively impacted the company's performance [4] - The average price of fluorochemical raw materials and refrigerants in H1 2024 was 0.33 and 2.43 million yuan, respectively, representing increases of 6.68% and 22.05% compared to the same period last year [4] Strategic Developments - Following the acquisition of Zibo Feiyuan, the company now holds a total production quota of 278,800 tons for third-generation fluorinated refrigerants, accounting for 39.16% of the national total [5] - The company is the only domestic producer with a complete range of fluorinated refrigerants from the first to the fourth generation, and it is expanding its production capacity for new refrigerants [5] Growth Prospects - The company is developing high-value-added fluoropolymers, with several projects in progress that are expected to contribute to future growth [6] - The projected earnings per share (EPS) for 2024-2026 are 1.00, 1.30, and 1.63 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17.6, 13.6, and 10.8 [8]