Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The company is a leading player in the domestic fluorosilicon industry, benefiting significantly from the rising demand for refrigerants [1][2]. - The company has a comprehensive fluoropolymer industry chain and is continuously expanding its high-end product offerings [3]. - The organic silicon supply landscape is improving, with sustained demand growth expected [3]. Summary by Sections Company Overview - Established in 1987, the company has become a leader in China's fluorosilicon industry, with major revenue sources from refrigerants, fluoropolymers, and organic silicon materials [1][16]. - The company has a total refrigerant production quota of 129,900 tons for 2025, leading the domestic market [1][2]. Refrigerant Business - The company is the largest producer of R22 and R32 in China, holding significant production capacities and quotas [2]. - The average price of the company's refrigerant products is projected to increase, leading to substantial profit growth [2]. Fluoropolymer Business - The company has a strong position in the fluoropolymer market, with a focus on high-end products driven by emerging demands [3]. - The company is expected to benefit from the recovery of profit margins in the organic silicon industry [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 811 million, 2.177 billion, and 2.953 billion yuan for 2024, 2025, and 2026 respectively, with significant growth rates [4][8]. - The reasonable valuation range for the company's stock is estimated to be between 9.51 and 10.86 HKD [4].
东岳集团（00189）：国内氟硅行业龙头企业，充分受益于制冷剂景气度上行