ZJJH(600160) 申万宏源·2025-02-19 11:17Investment Rating - The report maintains an "Outperform" rating for the company [3] Core Views - The company plans to jointly increase capital in Gansu Juhua to acquire a 70% controlling stake and implement a high-performance fluorine-chlorine new materials integrated project [6] - The total investment for the project is estimated at 196.25 billion, with 71% of the funding coming from bank loans, indicating confidence in the refrigerant business [6] - The project aims to produce various fluorinated products, including 35,000 tons of R1234yf and 30,000 tons of PTFE annually, with an expected average annual sales revenue of 8.211 billion and a net profit of 1.068 billion [6] - The company is strategically expanding in Gansu to leverage lower energy costs and abundant resources, positioning itself for future growth in the fluoropolymer market [6] - The report forecasts significant growth in net profit for 2024-2026, with estimates of 1.95 billion, 4.16 billion, and 5.44 billion respectively, corresponding to EPS of 0.72, 1.54, and 2.01 [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 20.655 billion, with a year-on-year decrease of 3.9%, followed by a recovery in 2024 with an estimated revenue of 21.237 billion [2] - The net profit for 2023 is expected to be 944 million, reflecting a significant decline of 60.4%, but is projected to rebound to 1.258 billion in 2024, representing a growth of 68.4% [2] - The gross margin is expected to improve from 13.2% in 2023 to 31.0% by 2026, indicating enhanced profitability [2]