基础化工行业周报：HFCs配额再调整，三代制冷剂涨价趋势不改

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6][43]. Core Viewpoints - The basic chemical index decreased by 2.31% over the past week, underperforming the CSI 300 index by 1.76 percentage points, ranking 14th among all sectors [6][12]. - Key sub-sectors with positive performance include non-metallic materials (4.38%), rubber additives (0.45%), and phosphate fertilizers (0.33%), while sectors with significant declines include adhesives and tapes (-6.60%), modified plastics (-5.39%), and soda ash (-5.25%) [6][12]. - The report highlights a significant price increase for products such as acrylonitrile (103.75%), liquid chlorine (68.63%), and domestic vitamin A (43.48%), while products like acrylic short fibers (-43.78%) and international toluene (-6.54%) saw notable declines [7][18]. Market Trends - The report indicates that the recent redistribution of HFCs quotas will increase the supply of R32, which is expected to stabilize the refrigerant supply chain in the short term [8]. - The long-term trend for the refrigerant industry remains positive, with expectations for continued price increases for mainstream refrigerants like R32, R125, and R134a [8]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants: Companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. are recommended. 2. Chemical fibers: Recommended companies include Huafeng Chemical, Xin Fengming, and Taihe New Materials. 3. Coal chemical sector: Focus on Hualu Hengsheng, Luxi Chemical, and Baofeng Energy. 4. Tire sector: Recommended companies are Sailun Tire, Senqilin, and Linglong Tire. 5. Agricultural chemicals: Focus on Yaqi International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical. 6. Quality growth stocks: Recommended companies include Blue Sky Technology, Shengquan Group, and Shandong Heda [9][43]. Key Company Dynamics - Wanhu Chemical reported a revenue of 97.067 billion yuan for the first half of 2024, a 10.77% increase year-on-year, but a net profit decline of 4.60% [29]. - Hualu Hengsheng achieved a revenue of 16.975 billion yuan, a 37.35% increase, with a net profit growth of 30.10% [30]. - Huafeng Chemical reported a revenue of 13.744 billion yuan, an 8.89% increase, and a net profit increase of 11.74% [31]. - Jinshi Resources saw a revenue increase of 100.20% to 1.119 billion yuan, with a net profit growth of 32.54% [33]. - Blue Sky Technology reported a revenue of 1.295 billion yuan, a 29% increase, and a net profit growth of 17% [34].