ZJJH(600160) 开源证券·2025-01-23 01:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][15] Core Views - The company's performance in 2024 is expected to meet expectations, with a significant profit increase anticipated in Q4, projecting a year-on-year growth of 211%-327% [5] - The report highlights a positive outlook for the refrigerant market, with expectations of continued price increases and strong sales growth [6][7] Financial Performance Summary - The company is projected to achieve a net profit attributable to shareholders of 18.7 to 21.0 billion yuan in 2024, representing a year-on-year increase of 98% to 123% [5] - Q4 net profit is expected to be between 6.12 and 8.42 billion yuan, with a median estimate of approximately 7.27 billion yuan, indicating a year-on-year growth of 269% [5] - Revenue from refrigerants is projected to be 94.47 billion yuan in 2024, with a year-on-year increase of 62.69% [6] Revenue and Profit Forecast - The company's revenue for 2024 is estimated at 22.595 billion yuan, with a year-on-year growth of 9.4% [8] - The net profit for 2025 is forecasted to be 51.28 billion yuan, with a significant increase of 161.1% compared to 2024 [8] - The earnings per share (EPS) for 2024 is expected to be 0.73 yuan, increasing to 1.90 yuan in 2025 and 2.70 yuan in 2026 [8] Market Position and Strategy - The establishment of a refrigerant sales center aims to enhance the company's market leadership in refrigerant products [7] - The report indicates that the company is well-positioned to benefit from the ongoing upward trend in the refrigerant market, with expectations of a "main rise" in stock performance [5][6]