ZJJH(600160) 华创证券·2024-11-10 03:23Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 29 CNY per share, compared to the current price of 22.09 CNY [6][5]. Core Insights - The company reported a revenue of 17.906 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 11.83%. The net profit attributable to shareholders was 1.258 billion CNY, up 68.40% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 5.826 billion CNY, a decrease of 1.53% year-on-year and 11.86% quarter-on-quarter. The net profit for the same period was 423 million CNY, reflecting a year-on-year increase of 64.76% but a quarter-on-quarter decline of 19.19% [3][4]. - The report highlights the strong price increase of refrigerants, driven by the implementation of the third-generation refrigerant quota production system in 2024 and an unexpected growth in downstream air conditioning production [4]. Financial Summary - The company is projected to achieve net profits of 1.878 billion CNY, 3.129 billion CNY, and 4.182 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 99.0%, 66.6%, and 33.6% [5][8]. - The total revenue forecast for the same years is 25.316 billion CNY, 29.270 billion CNY, and 33.244 billion CNY, with growth rates of 22.6%, 15.6%, and 13.6% respectively [5][8]. - The report indicates that the company has a strong market position as a leader in the third-generation refrigerant sector, which is expected to benefit from ongoing price increases [5][4].