ZJJH(SH:600160) Ping An Securities·2025-04-25 06:17Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company has significantly increased its profits due to the upward cycle of refrigerants, with a revenue of 24.462 billion yuan in 2024, representing an 18.43% year-on-year increase, and a net profit of 1.960 billion yuan, which is a 107.69% increase year-on-year [4][5] - The supply-demand structure of fluorinated refrigerants has improved, leading to a continuous rise in prices, which has driven the company's high growth in performance [5][9] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 24.462 billion yuan, up 18.43% year-on-year, and a net profit of 1.960 billion yuan, up 107.69% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares (including tax) [4] Business Segments - The production of fluorinated chemical raw materials increased by 6.22% year-on-year, while external sales decreased by 4.59%. The average monthly sales price increased by 23.19%, leading to a total revenue increase of 17.54% [5] - The production and sales volume of fluorinated refrigerants increased by 21.12% and 22.61% respectively, with a revenue of 9.447 billion yuan, a 62.69% increase year-on-year [6] - The production and sales of fluorinated fine chemicals saw a significant increase of 148.99% and 254.95% respectively, with a revenue increase of 99.48% [7] Market Outlook - The refrigerant market is expected to continue its upward trend due to supply constraints and strong demand from downstream industries such as air conditioning and automotive [9] - The company holds the largest production quotas for HCFC-22 and HFCs in the country, which strengthens its market position [5][9] Future Projections - The company forecasts a net profit of 2.764 billion yuan in 2025, 3.323 billion yuan in 2026, and 3.815 billion yuan in 2027, reflecting strong growth potential [9]