ZJJH(SH:600160) Donghai Securities·2025-05-09 07:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly improved its performance due to the rising demand for refrigerants, with a notable increase in revenue and net profit [4] - The implementation of the third-generation refrigerant quotas has optimized the supply-demand and competitive landscape, leading to a substantial increase in refrigerant prices [4] - The company is positioned as a global leader in refrigerants and is expected to benefit from the ongoing uptrend in the refrigerant market [4] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 24.462 billion yuan, a year-on-year increase of 18.43%, and a net profit of 1.960 billion yuan, up 107.69% [4] - For Q1 2025, the company reported a revenue of 5.800 billion yuan, a 6.05% increase year-on-year, and a net profit of 0.809 billion yuan, up 160.64% [4] - The average prices of refrigerants have increased significantly, with R22, R32, R134a, and R125 prices rising by 84.62%, 172.46%, 66.07%, and 62.16% respectively compared to January 2024 [4] Market Dynamics - The demand for refrigerants is expected to continue rising, supported by a 9.9% year-on-year increase in household air conditioner production in May 2025 [4] - The company completed fixed asset investments of 2.467 billion yuan in 2024, with 125 ongoing projects to enhance its industrial chain [4] Profit Forecast and Valuation - The profit forecast for 2025-2026 has been revised upwards, with expected net profits of 4.236 billion yuan and 5.571 billion yuan respectively [4] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.57 yuan, 2.06 yuan, and 2.40 yuan, with corresponding price-to-earnings (P/E) ratios of 17.20X, 13.07X, and 11.26X [4][5]