ZJJH(SH:600160) Huajin Securities·2025-05-10 13:20Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance has significantly improved due to the rising prices of refrigerants, leading to a notable increase in revenue and profit margins [4][5] - The company reported a revenue of 24.462 billion yuan in 2024, a year-on-year increase of 18.43%, and a net profit of 1.960 billion yuan, up 107.69% year-on-year [4] - The first quarter of 2025 saw a revenue of 5.800 billion yuan, a 6.05% increase year-on-year, and a net profit of 808 million yuan, reflecting a 160.64% year-on-year growth [4] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 17.50%, an increase of 4.28 percentage points year-on-year [4] - The first quarter of 2025 showed a gross margin of 28.42%, up 13.67 percentage points year-on-year and 9.42 percentage points quarter-on-quarter [4] - Revenue projections for 2025-2027 are 29.522 billion yuan, 32.238 billion yuan, and 35.575 billion yuan, representing year-on-year growth rates of 20.7%, 9.2%, and 10.4% respectively [6] Market Dynamics - The company benefits from a favorable supply-demand balance in the refrigerant market, with significant price increases for second and third-generation refrigerants due to production quotas and improved downstream demand [4][5] - The average prices for refrigerants such as R22 and R32 have increased by 38.46% and 48.48% year-on-year respectively as of May 7, 2025 [5] Competitive Position - The company has a leading position in the fluorochemical industry, with substantial production quotas for refrigerants, holding 26.10% of the national HCFC-22 production quota and 39.6% of the HFCs production quota [5] - The acquisition of Feiyuan Chemical has enhanced the company's production capacity and product offerings, solidifying its market leadership [5] Investment Outlook - The company is expected to continue benefiting from the upward trend in refrigerant prices and strong market demand, with a forecasted net profit of 4.069 billion yuan in 2025, reflecting a 107.6% year-on-year increase [6]