ZJJH(SH:600160) Guoxin Securities·2025-07-01 02:08Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][13] Core Viewpoints - The controlling shareholder has increased its stake in the company, acquiring 4.0665 million shares for a total of approximately RMB 99.97 million, reflecting confidence in the company's long-term development [2][3][4] - The long-term contract prices for refrigerants have been established in Q3, with expectations for continued retail price growth [3][4][6] - The main refrigerant varieties have seen price increases over the past two years, supported by supply-side constraints, indicating a sustained boom cycle in the refrigerant market [3][6][7] - The company, as a leader in fluorochemical products, benefits from a comprehensive industrial chain layout and significant cost advantages, with the highest refrigerant quota in China, positioning it well for the long-term growth of the refrigerant market [3][13] Financial Forecasts - The forecasted net profits for 2025-2027 are RMB 4.114 billion, RMB 4.823 billion, and RMB 5.170 billion, respectively, with corresponding EPS of RMB 1.52, RMB 1.79, and RMB 1.92 [3][13] - The current price-to-earnings (PE) ratios are projected to be 18.9, 16.0, and 14.9 for the years 2025, 2026, and 2027, respectively [3][13] - The company has been enhancing its core competitiveness and optimizing its industrial and product structure through continuous investment in advanced fluorinated chemical materials [3][13]