氟化工：关注萤石资源和政策约束下制冷剂的高景气

Investment Rating - The report suggests a positive outlook for the fluorochemical industry, highlighting the high demand for fluorite resources and the favorable policy environment for refrigerants [2][4]. Core Insights - The fluorochemical industry, utilizing fluorite as a raw material, has a diverse product range and wide applications across various sectors, including construction, textiles, automotive, and electronics. The total output value of China's fluorochemical industry reached 50 billion yuan in 2024, with a steady growth trajectory expected [2][15]. - Fluorite is a critical mineral for the fluorochemical industry, with China holding 27% of the global reserves and 62% of the global production in 2024. The demand for fluorite is expected to remain strong due to the development of new materials and the replacement of refrigerants [3][30]. - The refrigerant market is undergoing a transformation due to quota restrictions, which are reshaping the supply-demand dynamics. The price of refrigerants has been rising since 2024, driven by quota limitations and increased market demand [4][19]. - High-performance fluoropolymers have significant potential for breakthroughs, although production technology is predominantly held by developed countries. The demand for PTFE and PVDF is expected to grow, with PVDF prices having surged significantly in recent years [5][20]. Summary by Sections Fluorochemical Industry Overview - The fluorochemical industry is one of the fastest-growing sectors in the chemical industry, with a market size reaching 58.56 billion yuan in 2022, reflecting a year-on-year increase of 32.26%. The production volume of fluorochemical products is projected to approach 5.07 million tons by 2027, with a growth rate of 5.58% [15][19]. Fluorite as a Key Raw Material - Global fluorite reserves are estimated at 320 million tons in 2024, with China accounting for 86 million tons. The price of fluorite is expected to remain high in the medium to long term due to supply constraints and increasing demand from downstream applications [3][45]. Refrigerants Market Dynamics - The refrigerant market is characterized by a quota system that limits supply, leading to a favorable competitive landscape. The price of refrigerants has shown a significant upward trend since 2024, indicating a positive market outlook [4][19]. High-Performance Fluoropolymers - The production of high-end fluoropolymers is concentrated in developed countries, with significant demand in sectors such as electronics and renewable energy. The market for PVDF has seen rapid growth, particularly driven by the lithium battery sector [5][20]. Key Companies in the Industry - The report highlights several leading companies in the fluorochemical sector, including Juhua Co., Dongyue Group, Sanmei Co., Haohua Technology, Yonghe Co., and Jinshi Resources, which are well-positioned to capitalize on the industry's growth [5][19].