ZJJH(600160) 中原证券·2025-02-21 10:15Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company is strengthening its leading position by increasing its investment in fluorinated polymers and fourth-generation refrigerants [1] - The fluoropolymer industry is currently at the bottom of the cycle, 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] Summary by Relevant Sections Market Data - Closing price: 23.95 yuan - Market capitalization: 646.59 billion yuan - P/B ratio: 3.79 - Net asset per share: 6.32 yuan - Gross margin: 16.95% [1] Financial Performance - Expected revenue for 2024 is 24,001 million yuan, with a growth rate of 16.20% [10] - Expected net profit for 2024 is between 1,951 million yuan and 3,208 million yuan, representing a year-on-year increase of 106.81% to 64.42% [10] - EPS for 2024 and 2025 is projected to be 0.72 yuan and 1.19 yuan, respectively [9] Project Details - The new project includes the production of various fluorinated compounds with a total investment of 196.25 billion yuan, expected to generate an average annual revenue of 82.11 billion yuan and a net profit of 10.68 billion yuan [8] - The project will utilize local resources in Gansu, which will help reduce energy costs and carbon emissions [8] Industry Outlook - The refrigerant market is expected to see continued growth due to supply constraints and increasing demand from the air conditioning and refrigeration sectors [9] - The company is positioned as a leader in the third-generation refrigerant market and is preparing for the transition to fourth-generation refrigerants, which are anticipated to become the industry standard [9]