ZJJH(SH:600160) Ping An Securities·2025-04-25 08:05Investment Rating - The investment rating for the company is "Recommended (Maintain)" with a current price of 24.74 CNY [1] Core Views - The company has significantly increased its profits due to the upward cycle of refrigerants, with a 2024 revenue of 24.462 billion CNY, an 18.43% year-on-year increase, and a net profit of 1.960 billion CNY, a 107.69% increase year-on-year [3][4] - The supply-demand structure of fluorinated refrigerants has improved, leading to sustained price increases, which is a major driver of the company's profit growth [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 24.462 billion CNY, up 18.43% year-on-year, and a net profit of 1.960 billion CNY, up 107.69% year-on-year [3][4] - The profit distribution plan for 2024 includes a cash dividend of 2.3 CNY per 10 shares (tax included) [3] Business Segments - The fluorochemical raw materials segment saw a production increase of 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% [4] - The refrigerant segment experienced a production and sales volume increase of 21.12% and 22.61% respectively, with a revenue of 9.447 billion CNY, a 62.69% increase year-on-year [5] - The fluorinated fine chemicals segment saw a dramatic increase in production and sales volume by 148.99% and 254.95% respectively, with a revenue increase of 99.48% [6] Market Outlook - The company holds the largest production quotas for HCFC-22 and HFCs in the country, with 3.89 million tons and 299,800 tons respectively, which is 26.10% and 39.6% of the national total [4] - The refrigerant industry is expected to continue benefiting from strong domestic demand in air conditioning and automotive sectors, supported by government subsidies [9] Future Projections - The company is projected to achieve a net profit of 2.764 billion CNY in 2025, 3.323 billion CNY in 2026, and 3.815 billion CNY in 2027, with corresponding P/E ratios of 24.2, 20.1, and 17.5 [7][9]