永和股份：Q3业绩短期承压，后续制冷剂望景气持续上行

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.38 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.6%. However, the net profit attributable to shareholders decreased by 9.6% to 150 million yuan, and the net profit after deducting non-recurring gains and losses fell by 6.3% to 140 million yuan [4][6]. - In Q3 alone, the company achieved a revenue of 1.2 billion yuan, up 4.7% year-on-year and 3.4% quarter-on-quarter. However, the net profit attributable to shareholders dropped significantly by 35.1% year-on-year and 55.2% quarter-on-quarter to 30 million yuan [4][6]. - The company’s refrigerant product prices have shown mixed trends, with the fluoropolymer segment under pressure. The revenue from fluorocarbon chemicals in Q3 was 690 million yuan, up 10.6% year-on-year and 20.6% quarter-on-quarter, while the external sales volume decreased by 8.9% year-on-year [4][6]. - The gross margin for Q3 was 14.7%, a year-on-year increase of 0.6 percentage points but a quarter-on-quarter decrease of 3.8 percentage points, indicating pressure on profitability [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.38 billion yuan, with a net profit of 150 million yuan and a net profit after deducting non-recurring items of 140 million yuan. In Q3, the revenue was 1.2 billion yuan, with a net profit of 30 million yuan [4][6]. - The gross margin for Q3 was reported at 14.7%, while the net margin was 2.8%, reflecting a decline in profitability [4][6]. Market Outlook - The outlook for Q4 indicates a continued upward trend in refrigerant prices, with recent increases in R22, R32, R134a, and R125 prices. The average domestic prices for these refrigerants are expected to rise by 1.7% to 11.9% compared to Q2 [5][6]. - The company anticipates that the long-term outlook for the refrigerant market will be positive, supported by new production capacities coming online [6]. Employee Stock Ownership Plan - On October 9, the company announced a revised employee stock ownership plan, which includes a total of up to 3 million shares for no more than 420 employees, with performance targets based on revenue growth rates for the years 2024 to 2026 [6]. Future Profit Projections - The company projects net profits of 220 million yuan, 370 million yuan, and 514 million yuan for the years 2024, 2025, and 2026, respectively [6].