Investment Rating - The investment rating for Dongyue Group is "Outperform the Market" [5][30][31] Core Views - The refrigerant market is experiencing an upward trend, leading to continuous improvement in the company's performance. In 2024, the company achieved a net profit attributable to shareholders of 811 million yuan, a year-on-year increase of 14.6% [8][30] - The company is a leading producer of R22 and R32 refrigerants in China, with significant production capacity and quotas, which positions it well to benefit from rising refrigerant prices [2][19] - The fluoropolymer segment has a complete industrial chain and cost advantages, contributing to profit growth despite a decrease in revenue [3][23] - The organic silicon segment is seeing improved supply-demand dynamics, with increased sales volume offsetting price declines [4][24] Summary by Sections Financial Performance - In 2024, Dongyue Group reported revenue of 14.181 billion yuan, a decrease of 2.2% year-on-year, while net profit reached 811 million yuan, up 14.6% [8][30] - The gross profit margin was 21.62%, an increase of 4.81 percentage points year-on-year, and the net profit margin was 6.96%, up 2.76 percentage points [8][30] Refrigerant Segment - The refrigerant segment generated revenue of 3.248 billion yuan in 2024, a year-on-year increase of 13.1%, with profits soaring by 159.6% to 806 million yuan [2][19] - The company holds approximately 22,000 tons of R22 production capacity and 6,000 tons of R32 capacity, with significant market share in quotas [2][19] Fluoropolymer Segment - The fluoropolymer segment achieved revenue of 3.825 billion yuan in 2024, a decrease of 16.0%, but profits increased by 50.9% to 508 million yuan [3][23] - The company benefits from a complete industrial chain and cost advantages, positioning it for high-end market breakthroughs [3][23] Organic Silicon Segment - The organic silicon segment reported revenue of 5.213 billion yuan in 2024, a year-on-year increase of 7.2%, with profits turning positive at 102 million yuan [4][24] - Despite price declines, the increase in sales volume has led to improved financial performance [4][24] Future Outlook - The company is expected to maintain a long-term growth trajectory in the refrigerant market, with forecasts for net profits of 2.177 billion yuan in 2025 and 2.953 billion yuan in 2026 [30][31] - The EPS is projected to be 1.26 yuan in 2025 and 1.70 yuan in 2026, reflecting strong growth potential [30][31]
东岳集团（00189）：冷剂景气度向上，公司业绩持续向好