ZJJH(600160) 长江证券·2025-02-04 03:18Investment Rating - The investment rating for the company is "Buy" and is maintained [10][11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87-2.10 billion yuan in 2024, representing a year-on-year growth of 98%-123%. The non-net profit is projected to be 1.72-1.95 billion yuan, with a year-on-year increase of 109%-137% [2][4]. - In Q4 2024, the company anticipates a net profit of 610-840 million yuan, showing a year-on-year growth of 211.1%-328.0% and a quarter-on-quarter increase of 44.6%-98.9% [2][4]. - The company is positioned to benefit from the rising prices of refrigerants, with a projected increase in sales volume and prices in the upcoming quarters [10][11]. Summary by Sections Company Performance - The company forecasts a significant increase in net profits for 2024, with Q4 expected to show particularly strong growth [2][4]. - The refrigerant prices have increased by 32.7% year-on-year, contributing to the company's positive outlook [10][11]. Market Dynamics - The refrigerant industry is experiencing an upward trend, with strong demand in the air conditioning sector, which is expected to exceed 200 million units in total production and sales for 2024 [10][11]. - The company’s sales volume for refrigerants in Q4 is projected to reach 107,000 tons, a 25.3% increase from Q3 [10][11]. Future Outlook - The company is expected to continue benefiting from the favorable market conditions in the refrigerant industry, with projected net profits for 2024-2026 being 1.97 billion, 4.94 billion, and 6.32 billion yuan respectively [10][11].