ZJJH(SH:600160) Minsheng Securities·2024-10-25 09:41Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 20.99 CNY [3] Core Views - The company achieved a revenue of 17.906 billion CNY in the first three quarters, representing a year-on-year increase of 11.83%. The net profit attributable to shareholders reached 1.258 billion CNY, up 68.40% year-on-year [2] - The report highlights that the refrigerant prices are expected to remain high due to supply-demand dynamics, with the company likely to benefit from additional quotas in 2025 [2] - The projected net profits for the company from 2024 to 2026 are 2.001 billion CNY, 3.150 billion CNY, and 4.023 billion CNY respectively, with corresponding PE ratios of 27, 17, and 14 [2] Financial Performance Summary - For Q3, the company reported a revenue of 5.826 billion CNY, a decrease of 1.53% year-on-year, while the net profit was 423 million CNY, an increase of 64.76% year-on-year [2] - The refrigerant segment showed a production of 141,100 tons in Q3, down 16.70% quarter-on-quarter but up 21.73% year-on-year, with an average price of 28,152.38 CNY per ton, reflecting a 13.76% increase quarter-on-quarter [2] - The forecasted total revenue for the company is expected to grow from 20.655 billion CNY in 2023 to 29.439 billion CNY in 2026, with a compound annual growth rate of approximately 8.2% [4]