ZJJH(600160)2025-05-07 14:16Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported significant growth in Q1 2025, with revenue reaching 5.8 billion yuan, a year-on-year increase of 6.0% but a quarter-on-quarter decrease of 11.5%. The net profit attributable to shareholders was 810 million yuan, up 160.6% year-on-year and 15.2% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 790 million yuan, reflecting a year-on-year increase of 173.9% and a quarter-on-quarter increase of 9.7% [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 5.8 billion yuan, with a year-on-year growth of 6.0% and a quarter-on-quarter decline of 11.5%. The net profit attributable to shareholders was 810 million yuan, marking a year-on-year increase of 160.6% and a quarter-on-quarter increase of 15.2%. The net profit after deducting non-recurring items was 790 million yuan, up 173.9% year-on-year and 9.7% quarter-on-quarter [2][6]. Business Segment Analysis - The core business of refrigerants saw a significant price increase year-on-year. The external sales volume of refrigerants reached 70,000 tons, a year-on-year increase of 4.1%, with an average price of 37,500 yuan per ton, up 58.1% year-on-year and 27.8% quarter-on-quarter. The average prices for various refrigerants in the domestic market also showed substantial increases compared to the previous quarter [11][11]. Profitability Metrics - The company experienced a substantial increase in profit margins, with a gross margin of 28.4%, up 13.7 percentage points year-on-year and 9.4 percentage points quarter-on-quarter. The net margin was 15.5%, reflecting a year-on-year increase of 9.5% and a quarter-on-quarter increase of 3.5% [11]. Market Outlook - The outlook for the refrigerant market remains positive, with expectations for further price increases in both domestic and international markets. The company is well-positioned to benefit from the industry's recovery, with projected revenues of 4.72 billion yuan, 5.72 billion yuan, and 7.68 billion yuan for 2025, 2026, and 2027 respectively [11].