ZJJH(600160) 平安证券·2025-01-24 00:29Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 1.87 billion to 2.10 billion yuan, representing a year-on-year growth of 98% to 123% [4][5] - The improvement in the supply-demand structure of fluorinated refrigerants and continuous price increases are driving the company's strong performance [5][11] Summary by Sections Company Overview - The company operates in the basic chemical industry, with a total market capitalization of 68.5 billion yuan and a total share capital of 2.7 billion shares [1] Financial Performance - The company reported a revenue of 20.66 billion yuan in 2023, with a projected increase to 24.35 billion yuan in 2024, reflecting a year-on-year growth of 17.9% [7] - The net profit for 2023 was 944 million yuan, with expectations of 2.02 billion yuan in 2024, indicating a year-on-year increase of 114.4% [7] Business Segments - The fluorinated chemical raw material production is expected to increase by 6.22% in 2024, while the sales price is projected to rise by 23.19%, leading to a total revenue growth of 17.54% in this segment [5] - The refrigerant production and sales are anticipated to grow by 21.12% and 22.61% respectively, with a significant revenue increase of 62.69% in 2024 [5] - The fluoropolymer segment is expected to see a slight decline in revenue due to a decrease in sales price, while the fine chemical segment is projected to experience substantial growth in production and sales [6] Market Dynamics - The supply of refrigerants is constrained due to quota regulations, while demand from the air conditioning and automotive sectors remains strong, contributing to rising prices [11] - The report highlights that the price of mainstream refrigerants has increased significantly, with R22 rising by 69.23% and R32 by 149.28% by the end of 2024 [11] Future Outlook - The company is expected to maintain its leading position in the fluorinated products industry, with projected net profits of 2.02 billion, 2.46 billion, and 2.91 billion yuan for 2024, 2025, and 2026 respectively [11] - The report anticipates a stable upward trend in the company's performance, supported by strong pricing in the fluorinated refrigerant market [11]