ZJJH(600160) Haitong Securities·2024-08-29 00:42Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - 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%. The net profit attributable to the parent company was 794 million yuan, showing a significant year-on-year growth of 73.97% [5][6]. - The increase in revenue is primarily attributed to the rise in product sales and prices, with specific segments such as refrigerants and fluorinated polymer materials showing notable performance [5][6]. - The company holds a leading market position in the production of fluorinated refrigerants, with a significant share of national quotas, which strengthens its competitive advantage [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 12.08 billion yuan, up 19.65% year-on-year, and a net profit of 794 million yuan, up 73.97% year-on-year [5][6]. - The sales gross margin and net margin for the first half of 2024 were 16.73% and 7.65%, respectively, reflecting an increase of 2.54 and 2.78 percentage points year-on-year [5][6]. Revenue Breakdown - Revenue from various segments in the first half of 2024 showed the following year-on-year changes: fluorinated raw materials (+4.00%), refrigerants (+36.59%), fluorinated polymers (-26.12%), and fluorinated fine chemicals (+107.91%) [5]. - The sales volume for refrigerants increased significantly, with a year-on-year growth of 302.59% in one category [5]. Market Position and Competitive Advantage - The company possesses a unique operational model with national production quotas, holding 26.3% of the national quota for second-generation fluorinated refrigerants and 39.16% for third-generation refrigerants [5][6]. - The company is expanding its high-performance fluoropolymer product lines, which are expected to enhance its market position further [5][6]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 0.95, 1.23, and 1.43 yuan, respectively, with a reasonable valuation range of 25.65 to 28.50 yuan based on a PE ratio of 27-30 times [6][12].