氟化工行业月报：制冷剂价格维持上行趋势，需求持续提升-20250513

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of market activity and potential for profitability [6][59]. Core Insights - Refrigerant prices are on an upward trend, with demand continuing to rise. As of April 30, 2025, the prices for R32, R125, and R134a were 49,000 CNY/ton, 45,000 CNY/ton, and 47,500 CNY/ton, reflecting increases of 4.26%, 0%, and 2.15% respectively compared to the end of March [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes for May, June, and July 2025 projected at 23.3 million units, 20.98 million units, and 18.42 million units, representing year-on-year growth rates of 9.94%, 14.10%, and 14.30% respectively [6][36]. - The report suggests that the refrigerant industry is likely to maintain a high level of prosperity, with significant profit potential for leading companies in the sector, such as Juhua Co., Ltd. and Sanmei Co., Ltd. [6][59]. Refrigerant Tracking - As of April 2025, the production volumes for R32, R134a, and R125 were 25,759 tons, 15,029 tons, and 10,316 tons, showing year-on-year increases of 23.72%, 17.87%, and a decrease of 19.41% respectively [6][15]. - The total inventory of R32, R134a, and R125 as of April 25, 2025, was 4,033 tons, 3,488 tons, and 2,643 tons, with changes of -2.58%, 0.72%, and 0.84% respectively compared to the previous month [6][18]. Fluoropolymer Insights - The prices of fluoropolymers have started to rebound in 2025, with PTFE, PVDF, and HFP prices recorded at 42,000 CNY/ton, 62,000 CNY/ton, and 39,700 CNY/ton respectively as of April 30, 2025 [6][47]. - The production of PTFE, PVDF, and HFP in April 2025 was 12,746 tons, 10,399 tons, and 6,080 tons, reflecting year-on-year increases of 24.51%, 26.12%, and 7.31% respectively [6][54]. Investment Recommendations - The report recommends focusing on leading companies in the refrigerant industry and those with a well-established supply chain in fluorochemical production, such as Juhua Co., Ltd., Sanmei Co., Ltd., and Jinshi Resources [6][59].