Zhejiang Yonghe Refrigerant (605020) 国海证券·2024-11-12 13:03Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 3.379 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.64%. However, the net profit attributable to shareholders decreased by 9.63% to 146 million yuan [3] - The increase in financial expenses and depreciation amortization has put pressure on the net profit for Q3 2024, which was 34 million yuan, down 35.07% year-on-year [3] - The company has a complete fluorochemical industry chain layout, with significant self-sufficiency in raw materials, which is expected to gradually release performance as new capacities come online [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.203 billion yuan, up 4.66% year-on-year and 3.37% quarter-on-quarter. The net profit for the quarter was 34 million yuan, down 35.07% year-on-year and 55.23% quarter-on-quarter [3] - For the first three quarters of 2024, the company’s gross profit was 567 million yuan, with total expenses of 377 million yuan, leading to a cash flow from operating activities of 269 million yuan, an increase of 17 million yuan year-on-year [3] Product Segments - The fluorocarbon chemical segment saw a production volume of 121,600 tons, down 20.48% year-on-year, while the sales volume was 74,800 tons, down 12.76%. Revenue from this segment was 1.728 billion yuan, a decrease of 1.15% [4] - The fluoropolymer materials segment experienced a production increase of 34.62% year-on-year, with sales up 55.97%, resulting in a revenue of 1.218 billion yuan, an increase of 24.21% [4] Future Outlook - The company’s revenue projections for 2024-2026 are 4.618 billion, 5.264 billion, and 6.001 billion yuan, respectively, with net profits expected to be 198 million, 364 million, and 552 million yuan [6][8] - The report anticipates that the company will benefit from the gradual release of performance as new capacities are successfully implemented [6]