ZJJH(600160) 山西证券·2025-02-05 15:36Investment Rating - The report maintains a "Buy-B" rating for the company [4][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87 to 2.1 billion yuan for 2024, with the fourth quarter projected to contribute 612 to 842 million yuan [5] - The supply tightness in the refrigerant market is expected to persist, driven by improved downstream demand and price increases [6][7] Market Performance - The company's stock closed at 25.66 yuan on February 5, 2025, with a yearly high of 26.72 yuan and a low of 14.25 yuan [2] - The circulating A-shares total 2.7 billion, with a market capitalization of 69.275 billion yuan [2] Financial Data - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.515 billion yuan in 2024, reflecting a year-on-year increase of 18.7% [12] - The net profit is expected to rise significantly from 944 million yuan in 2023 to 1.984 billion yuan in 2024, marking a 110.3% increase [12] - The diluted EPS is forecasted to be 0.73 yuan in 2024, increasing to 1.16 yuan in 2025 and 1.34 yuan in 2026 [8][12] Supply and Demand Dynamics - The company’s main products are expected to see a 14.96% increase in external sales volume, reaching 3.1438 million tons in 2024 [6] - The average selling price of refrigerants is projected to rise by 32.69% year-on-year to 26,765 yuan per ton in 2024 [6] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 35, 22, and 19, respectively, based on the closing price of 25.66 yuan [8]