ZJJH(600160) Guoxin Securities·2025-01-10 01:43Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is investing CNY 28.68 million to build a 500 tons/year perfluoroether derivative pilot test line, which will help expand its product structure in the semiconductor low-temperature application field [3][5] - The company has signed an investment agreement with Chongqing Tongnan District to jointly build the largest submerged liquid cooling intelligent computing center in China [7] - The continuous implementation of the "old-for-new" policy is driving up refrigerant prices [9] Financial Projections - The company is expected to benefit from the long-term improvement in refrigerant prices, with projected revenues for 2024, 2025, and 2026 being CNY 265.78 billion, CNY 344.63 billion, and CNY 407.35 billion respectively, reflecting changes of +5.25%, +6.02%, and -1.80% from previous forecasts [4][17] - The projected net profit attributable to the parent company for the same years is CNY 19.99 billion, CNY 30.58 billion, and CNY 34.73 billion, with year-on-year growth rates of 111.8%, 53.0%, and 13.6% [4][17] - The diluted EPS for 2024, 2025, and 2026 is expected to be CNY 0.74, CNY 1.13, and CNY 1.29, corresponding to PE ratios of 32.87, 21.52, and 18.85 respectively [4][17] Industry Context - The company is a leader in the fluorochemical industry with a well-established industrial chain and significant cost advantages [4][17] - The demand for fluorochemical products is steadily increasing due to improvements in living standards and the rapid development of strategic emerging industries in China [4][17] - The company holds the largest refrigerant quota in China, positioning it to directly benefit from the sustained demand in the refrigerant market [4][17]