ZJJH(600160) Shanxi Securities·2024-10-25 06:54Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company is a leader in refrigerant quotas and continues to benefit from the long-term prosperity of the refrigerant market [2] - The company's revenue and net profit have shown significant growth year-on-year, with a notable increase in the sales volume of fluorinated fine chemicals [2] - The report anticipates sustained high performance for the company due to its leading position in the refrigerant quota market and the expected recovery of the refrigerant market in Q4 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 17.906 billion yuan, a year-on-year increase of 11.83%, and a net profit of 1.258 billion yuan, a year-on-year increase of 68.40% [1] - In Q3 2024, the company reported revenue of 5.826 billion yuan, a year-on-year decrease of 1.53% and a quarter-on-quarter decrease of 11.86%, while net profit was 423 million yuan, a year-on-year increase of 64.67% but a quarter-on-quarter decrease of 19.19% [1] - The company expects EPS for 2024-2026 to be 0.77, 1.02, and 1.09 respectively, with corresponding P/E ratios of 26.2, 20.0, and 18.7 [3] Market and Product Insights - The sales volume of fluorinated fine chemicals, petrochemical materials, refrigerants, and basic chemical products saw significant increases, with year-on-year growth rates of 286.18%, 52.29%, 11.41%, and 11.41% respectively [2] - The average prices of refrigerants, fluorinated chemical raw materials, and petrochemical materials increased by 29.81%, 15.40%, and 1.90% year-on-year, while other product prices experienced varying degrees of decline [2] - The company has expanded its production quotas for HFC-32 and HFC-245fa, which is expected to support its growth in the upcoming quarters [2]