ZJJH(600160) 中原证券·2025-02-21 09:30Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [23]. Core Views - The company is strengthening its leading position by increasing investments in fluorinated polymers and fourth-generation refrigerants [4][5]. - The fluoropolymer industry is currently at a cyclical low, but the company is strategically expanding its capacity to enhance market share as weaker competitors exit the market [5][9]. - The company plans to invest 42 billion yuan in a new project in Gansu, which will significantly increase its production capacity and market competitiveness [4][8]. - The refrigerant market is expected to remain favorable, with a projected net profit increase of 98% to 123% in 2024 due to rising prices and demand [9]. Summary by Sections Market Data - The closing price of the company is 23.95 yuan, with a market capitalization of 646.59 billion yuan and a price-to-book ratio of 3.79 [1]. - The company has a diluted return on equity of 7.37% and a debt-to-asset ratio of 33.87% [1]. Financial Projections - The company is expected to achieve revenues of 24 billion yuan in 2024, with a net profit forecast of 1.95 billion yuan, reflecting a significant recovery from 2023 [10]. - Earnings per share (EPS) are projected to be 0.72 yuan in 2024 and 1.19 yuan in 2025, with corresponding price-to-earnings ratios of 33.14 and 20.15 [10]. Industry Outlook - The company is positioned to benefit from the ongoing transition to fourth-generation refrigerants, with plans to produce 52,000 tons of these refrigerants, enhancing its competitive edge [9]. - The report highlights the importance of utilizing local resources in Gansu to reduce energy costs and carbon emissions, further improving the project's viability [8].