ZJJH(600160) 国信证券·2025-02-19 04:25Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][4][13] Core Views - The company is increasing its stake in Gansu Juhua New Materials, enhancing its leading position in the domestic fluorochemical industry [2][3] - The project aims to build an integrated production facility for high-performance fluorinated materials, with a total investment of 19.625 billion yuan [2][6] - The project will significantly expand the production capacity for fluoropolymers and fourth-generation refrigerants, which are expected to see increasing demand [3][4][6] Summary by Relevant Sections Company Announcement - The company plans to increase the registered capital of Gansu Juhua from 100 million yuan to 6 billion yuan, with the company contributing 4.2 billion yuan (70%) and the controlling shareholder contributing 1.8 billion yuan (30%) [2][5] - The project will include production facilities for various fluorinated products, including 35,000 tons of R1234yf and 30,000 tons of PTFE annually [2][6] Economic Benefits - The project is expected to generate an average annual sales revenue of 8.211 billion yuan and a net profit of 1.068 billion yuan, with a payback period of approximately 11.46 years [9] - The project has a total investment return rate of 7.17%, indicating good economic viability and potential to enhance the company's long-term profitability [9] Industry Outlook - The demand for fluorinated products is expected to grow steadily due to improvements in living standards and the rapid development of strategic emerging industries in China [4][8] - The company is well-positioned to benefit from the ongoing transition from third-generation to fourth-generation refrigerants, which are more environmentally friendly [7][8] Financial Projections - Revenue projections for the company are 26.578 billion yuan, 34.463 billion yuan, and 40.735 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.999 billion yuan, 3.058 billion yuan, and 3.473 billion yuan [4][13] - The company’s diluted EPS is expected to be 0.74 yuan, 1.13 yuan, and 1.29 yuan for the same years, with corresponding PE ratios of 33.53, 21.96, and 19.23 [4][13]