ZJJH(SH:600160) Guotai Junan Securities·2024-08-26 15:18Investment Rating - The investment rating for the company is "Accumulate" [5][10]. Core Views - The company has significantly benefited from the price surge of second and third-generation refrigerants, leading to substantial growth in Q2 2024. The industry is entering a favorable cycle, and the company, as a leader in third-generation refrigerants, is expected to fully capitalize on this trend [4][10]. - The company achieved a revenue of 12.08 billion yuan in the first half of 2024, representing a year-on-year increase of 19.65%, with a net profit attributable to shareholders of 834 million yuan, up 70.31% year-on-year [10][11]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 6.61 billion yuan, a year-on-year increase of 19.77% and a quarter-on-quarter increase of 20.84%. The net profit attributable to shareholders reached 524 million yuan, up 55.35% year-on-year and 68.83% quarter-on-quarter [10]. - The company’s revenue for the first half of 2024 was 12.08 billion yuan, with a net profit of 834 million yuan, reflecting a strong performance in the refrigerant market [10][11]. Market Position - The company maintains a leading position in the third-generation refrigerant quota, with significant production quotas for R32, R134A, R125A, and R143A, which account for 37.4% of the total quota [10]. - The company has expanded its product offerings through the acquisition of Feiyuan Chemical, enhancing its position in the fluorine chemical industry [10]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected EPS of 0.95, 1.31, and 1.57 yuan for 2024, 2025, and 2026 respectively. The target price is set at 28.87 yuan, based on a PE ratio of 30.39 for 2024 [10][11]. - The company is also focusing on high-value fluorine chemical products and has successfully implemented the industrialization of fourth-generation fluorinated refrigerants [10].