Donghai Securities·2025-05-13 08:25Investment Rating - The report maintains a positive outlook on the refrigerant industry, suggesting a high level of market activity and profitability for related companies [6][59]. Core Insights - The prices of third-generation refrigerants have been on an upward trend, with R32, R125, and R134a priced at 49,000 CNY/ton, 45,000 CNY/ton, and 47,500 CNY/ton respectively as of April 30, 2025, reflecting increases of 4.26%, 0%, and 2.15% compared to the end of March [6][14]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, indicating a tightening supply-demand relationship [6][59]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes of 23.3 million units, 20.98 million units, and 18.42 million units projected for May to July 2025, showing growth rates of 9.94%, 14.10%, and 14.30% respectively [6][36]. 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, with year-on-year changes of 23.72%, 17.87%, and -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, showing a month-on-month change of -2.58%, 0.72%, and 0.84% respectively [6][18]. Fluoropolymer Insights - The prices of fluoropolymers have started to rebound in 2025, with PTFE, PVDF, and HFP priced 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 well-established supply chains in the fluorochemical sector, such as Juhua Co., Ltd., Sanmei Co., Ltd., and Jinshi Resources [6][59].