ZJJH(600160) 长江证券·2025-05-01 01:58Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve significant growth in 2024, with projected revenue of 24.46 billion yuan (up 18.4% year-on-year) and a net profit attributable to shareholders of 1.96 billion yuan (up 107.7% year-on-year) [2][4] - The refrigerant industry is experiencing an upward trend, with prices expected to continue rising, benefiting the company as a leading player in the market [4][9] - The company has completed the acquisition of Feiyuan Chemical, enhancing its market position and benefiting from price increases in refrigerants [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 24.46 billion yuan, with a net profit of 1.96 billion yuan and a non-recurring net profit of 1.90 billion yuan [2][4] - The fourth quarter alone saw revenue of 6.56 billion yuan (up 41.2% year-on-year) and a net profit of 700 million yuan (up 256.8% year-on-year) [2][4] - The company plans to distribute a cash dividend of 621 million yuan, representing 31.7% of the net profit attributable to shareholders [2] Industry Outlook - The refrigerant industry is expected to see improved demand, with the total production and sales of household air conditioners projected to exceed 200 million units in 2024, marking a year-on-year increase of 17.8% [4] - The average price of refrigerants is expected to rise, with a reported increase of 32.7% year-on-year [4][9] - The company’s refrigerant revenue is projected to reach 9.4 billion yuan in 2024, reflecting a year-on-year increase of 57.1% [4] Future Projections - The company forecasts net profits of 1.97 billion yuan, 4.94 billion yuan, and 6.32 billion yuan for the years 2024, 2025, and 2026 respectively [4][9] - The company is expected to benefit from the ongoing recovery in the refrigerant market, with anticipated increases in both sales volume and prices [4][9]