ZJJH(600160) 长城证券·2024-10-30 01:20Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The refrigerant industry remains highly prosperous, and supply constraints are expected to drive steady growth in the company's performance [1][6] - The company's revenue for the first three quarters of 2024 reached 17.906 billion yuan, a year-on-year increase of 11.83%, while net profit attributable to shareholders was 1.258 billion yuan, up 68.40% year-on-year [1][2] Financial Summary - Revenue (million yuan): 2022A: 21,489; 2023A: 20,655; 2024E: 22,889; 2025E: 25,524; 2026E: 28,271 [1] - Net profit (million yuan): 2022A: 2,381; 2023A: 944; 2024E: 1,856; 2025E: 2,956; 2026E: 3,994 [1] - EPS (latest diluted): 2022A: 0.88; 2023A: 0.35; 2024E: 0.69; 2025E: 1.10; 2026E: 1.48 [1] - ROE (%): 2022A: 15.2; 2023A: 5.9; 2024E: 10.5; 2025E: 14.6; 2026E: 16.7 [1] Revenue Breakdown - The refrigerant segment has seen both volume and price increases, becoming the main driver of the company's performance [2] - Revenue from various segments for the first three quarters of 2024 includes: fluorine fine chemicals: 234 million yuan; fluorochemical raw materials: 899 million yuan; fluoropolymer materials: 1.305 billion yuan; basic chemical products: 2.045 billion yuan; refrigerants: 6.319 billion yuan; petrochemical materials: 3.034 billion yuan; food packaging materials: 731 million yuan [2] Price Trends - The average selling prices for key products in the first three quarters of 2024 were as follows: fluorine fine chemicals: 55,300 yuan/ton; fluorochemical raw materials: 3,400 yuan/ton; fluoropolymer materials: 39,300 yuan/ton; basic chemical products: 1,600 yuan/ton; refrigerants: 25,600 yuan/ton; petrochemical materials: 7,800 yuan/ton; food packaging materials: 11,700 yuan/ton [3] Cash Flow and Financial Ratios - Operating cash flow for the first three quarters of 2024 was 800 million yuan, up 13.79% year-on-year [5] - The company's cash and cash equivalents at the end of the period were 970 million yuan, down 25.85% year-on-year [5] - The company's financial ratios indicate a decrease in sales expenses by 18.22% year-on-year, while financial expenses increased by 629.50% year-on-year [3][5]