ZJJH(SH:600160) Guoxin Securities·2025-08-28 02:38Investment Rating - The investment rating for the company is "Outperform the Market" [5][38]. Core Views - The company's net profit attributable to shareholders for the first half of 2025 is projected to be 2.051 billion yuan, representing a year-on-year increase of 146.97% [10]. - The significant growth in performance is primarily driven by the strong performance of the refrigerant business, with the average price of refrigerant products increasing by 61.88% year-on-year to 39,400 yuan per ton [10][11]. - The company benefits from a global leading production quota advantage under the third-generation refrigerant quota system, allowing it to fully enjoy the industry's upward trend [10][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.051 billion yuan, a year-on-year increase of 146.97% [10]. - The second quarter of 2025 saw revenue of 7.531 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with a net profit of 1.242 billion yuan, up 137.07% year-on-year and 53.56% quarter-on-quarter [10]. Refrigerant Business - The refrigerant segment's revenue increased by 55.09% year-on-year, driven by a significant rise in product prices [10][11]. - The company sold 154,600 tons of refrigerants in the first half of 2025, a decrease of 4.19% year-on-year, but the sales price per ton increased significantly [11]. Market Dynamics - The refrigerant market is characterized by a supply-side structural reform, transitioning from excess competition to supply constraints, with China holding over 80% of the global quota for third-generation refrigerants [24]. - The demand for refrigerants is driven by their necessity in air conditioning and heat pump applications, with a low cost share in downstream industries and high price elasticity [24]. Liquid Cooling Business - The demand for liquid cooling solutions is rapidly growing due to advancements in AI technology and increased server power density, leading to a shift from traditional air cooling methods [37]. - The company has proactively developed fluorinated liquid products and has initiated a project to produce a cooling liquid with a capacity of 5,000 tons per year [37]. Non-Refrigerant Business - The non-refrigerant business faces intense competition, with the average price of fluoropolymers showing a slight recovery [31]. - The company sold 22,900 tons of fluoropolymers in the first half of 2025, with a second-quarter sales price of 38,446 yuan per ton, reflecting a year-on-year increase [31].