ZJJH(600160) 首创证券·2024-10-30 08:46Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to benefit significantly from the ongoing price increase of refrigerants, marking the beginning of a favorable pricing cycle [4] - The company reported a revenue of 17.906 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.83%, and a net profit attributable to shareholders of 1.258 billion yuan, up 68.40% year-on-year [4] - The company maintains a leading position in the refrigerant market, holding significant production quotas for both second-generation and third-generation refrigerants [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 1.258 billion yuan, with quarterly profits of 310 million yuan, 524 million yuan, and 423 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 103.35%, 55.35%, and 64.76% [4] - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.330 billion yuan in 2024, reflecting a growth rate of 17.8% [5] Product Performance - The company’s main products saw varying sales performance, with refrigerants and fluorinated fine chemicals showing significant growth, while other products faced price declines due to oversupply [4] - The average prices for the main refrigerants have increased significantly, with the second-generation refrigerant R22 averaging 30,231 yuan per ton in Q3 2024, and the third-generation refrigerant R32 averaging 36,159 yuan per ton [4] Market Position - The company holds a 26.1% market share in the production quota of second-generation refrigerants and a 39.16% share in third-generation refrigerants, solidifying its leading position in the industry [4] - The report anticipates that the refrigerant market will continue to recover positively as the new cooling season begins [4] Profit Forecast - The forecasted net profits for the company are 2.062 billion yuan in 2024, 3.109 billion yuan in 2025, and 4.563 billion yuan in 2026, with corresponding EPS of 0.76, 1.15, and 1.69 yuan [5]