ZJJH(600160) 国信证券·2025-01-23 02:58Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][27] Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 1.87 billion to 2.1 billion yuan in 2024, representing a year-on-year growth of 98% to 123% [3][5] - The demand for household air conditioning is rapidly increasing, and supply is constrained by quotas, leading to a simultaneous increase in both volume and price for the company's refrigerant products in 2024 [3][5] - The company plans to establish a refrigerant sales center to enhance its marketing efforts and consolidate its market leadership in refrigerant products [4][16] Summary by Relevant Sections Financial Performance - The company expects to achieve a net profit of 1.87 to 2.1 billion yuan in 2024, with a growth rate of 98% to 123% year-on-year. The net profit after deducting non-recurring items is projected to be 1.721 to 1.951 billion yuan, with a growth of 109% to 137% [3][5] - For the fourth quarter of 2024, the expected net profit is between 612 million and 842 million yuan [3][5] Market Dynamics - The company benefits from being the largest domestic supplier of refrigerants, with a significant increase in sales volume and price due to rising demand in the air conditioning market [4][5] - The overall supply-demand structure for fluoropolymer products is expected to improve in 2025, despite current competitive pressures leading to price declines [12] Strategic Initiatives - The establishment of a refrigerant sales center is aimed at improving the efficiency of marketing operations and enhancing profit margins [4][16] - The company has a strong financial structure and is positioned to benefit from the long-term growth in the refrigerant market due to its high quota share [4][27] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 26.578 billion, 34.463 billion, and 40.735 billion yuan, respectively, with net profits of 1.999 billion, 3.058 billion, and 3.473 billion yuan, reflecting growth rates of 111.8%, 53.0%, and 13.6% [4][27]