ZJJH(600160)2025-04-30 12:16Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's profitability is expected to significantly increase due to the high demand for refrigerants, with prices and profits likely to accelerate as the peak season approaches [1] - The first quarter of 2025 showed a year-on-year increase in net profit of 161%, driven by rising average prices of refrigerants [7] - The company is projected to benefit from the upward price movement of second and third-generation refrigerants, with net profit forecasts for 2025, 2026, and 2027 being 4.163 billion, 5.435 billion, and 7.123 billion respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 24.462 billion, with a year-on-year growth rate of 18.4% [2] - The net profit attributable to the parent company for 2025 is estimated at 4.163 billion, reflecting a 112.4% year-on-year growth [2] - Earnings per share (EPS) for 2025 is forecasted to be 1.54 yuan, with a price-to-earnings (PE) ratio of 16 [2] Market Data - The closing price of the company's stock is 25.41 yuan, with a market capitalization of 68.601 billion [3] - The price-to-book ratio is 3.7, and the dividend yield is 0.43% [3] Sales and Price Trends - In Q1 2025, the company sold 69,800 tons of refrigerants, with an average selling price of 37,504 yuan per ton, marking a 58% year-on-year increase [7] - The average price of refrigerants such as R22, R32, and R134a has seen significant increases, indicating strong market demand [7] Segment Performance - The fluorinated polymer segment showed a year-on-year sales increase of 10%, while the fluorinated fine chemicals segment experienced a 33% quarter-on-quarter sales increase [7] - The company is expected to benefit from the rising prices of second and third-generation refrigerants due to supply constraints and increasing downstream demand [7]