ZJJH(600160) 长江证券·2024-10-28 07:44Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 17.91 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.8%. The net profit attributable to the parent company reached 1.26 billion yuan, up 68.4% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.18 billion yuan, reflecting a 71.9% increase year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 5.83 billion yuan, which is a decrease of 1.5% year-on-year and a decline of 11.9% quarter-on-quarter. The net profit attributable to the parent company for this quarter was 420 million yuan, up 64.8% year-on-year but down 19.2% quarter-on-quarter [4][5]. - The report highlights that during the off-season in Q3, the sales volume of refrigerants decreased quarter-on-quarter, with some product prices declining. However, the revenue from the refrigerant business still increased by 60.0% year-on-year [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 17.91 billion yuan, a year-on-year increase of 11.8%. The net profit attributable to the parent company was 1.26 billion yuan, up 68.4% year-on-year, and the net profit after deducting non-recurring items was 1.18 billion yuan, reflecting a 71.9% increase year-on-year [4][5]. - In Q3 2024, the company reported a revenue of 5.83 billion yuan, a decrease of 1.5% year-on-year and 11.9% quarter-on-quarter. The net profit attributable to the parent company was 420 million yuan, up 64.8% year-on-year but down 19.2% quarter-on-quarter [4][5]. Market Outlook - Looking ahead to Q4, the prices of refrigerants in domestic and foreign trade are expected to converge, with overall prices trending upward. The company anticipates receiving a quota of 16,000 tons for hydrofluorocarbons, while also planning for a major annual system overhaul [5]. - The report indicates that the demand for air conditioning is expected to significantly increase due to the replacement of old units, with production data showing a year-on-year increase of 23.9% in October, 24.0% in November, and 9.7% in December [5]. - For the next few years, the company is projected to benefit from the improving market conditions in the refrigerant industry, with expected earnings of 1.98 billion yuan, 3.40 billion yuan, and 4.73 billion yuan for 2024, 2025, and 2026 respectively [5].