永和股份（605020）：制冷剂进入长景气周期，关注公司含氟高分子材料及精细化学品布局

Investment Rating - The report maintains a "Buy" rating for Yonghe Co., Ltd. [4] Core Views - The refrigerant market is entering a long-term prosperity cycle, with a focus on the company's fluorinated polymer materials and fine chemicals layout [1] - The company is expected to see stable revenue growth in 2024, driven by new production facilities coming online and rising refrigerant prices [2][3] - The demand for refrigerants is anticipated to increase due to the growth in air conditioning production, leading to a favorable supply-demand balance [9] Financial Summary - Revenue projections for Yonghe Co., Ltd. are as follows: 2025 revenue is expected to be 56.81 billion yuan, 2026 at 64.18 billion yuan, and 2027 at 68.50 billion yuan, with year-on-year growth rates of 23.3%, 13.0%, and 6.7% respectively [11] - The net profit attributable to shareholders is projected to be 5.83 billion yuan in 2025, 7.74 billion yuan in 2026, and 9.23 billion yuan in 2027, with significant growth rates of 132.0%, 32.7%, and 19.2% respectively [11] - The company's earnings per share (EPS) are expected to increase from 1.24 yuan in 2025 to 1.96 yuan in 2027 [11] Revenue Breakdown - In 2024, the revenue from fluorocarbon chemicals, fluorinated polymer materials, and chemical raw materials is expected to be 24.47 billion yuan, 15.81 billion yuan, and 4.36 billion yuan respectively [2] - The average selling prices for these products in 2024 are projected to be 2.37 million yuan/ton for fluorocarbon chemicals, 4.09 million yuan/ton for fluorinated polymer materials, and 0.18 million yuan/ton for chemical raw materials [2] Production Capacity and Projects - The company has new projects in fluorinated polymer materials and fine chemicals that are gradually coming online, which are expected to enhance competitiveness and open new revenue growth avenues [10] - By the end of 2024, the company will have a production capacity of 82,800 tons for fluorinated polymer materials and fine chemicals, with additional capacity under construction exceeding 30,000 tons [10]