ZJJH(SH:600160) Xiangcai Securities·2025-08-28 05:39Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is a leading player in the fluorochemical industry, benefiting from a high demand for refrigerants, which has significantly boosted its performance [10][15] - The company has experienced strong revenue growth, with a 10.36% year-on-year increase in revenue for the first half of 2025, reaching 13.33 billion yuan, and a remarkable 146.97% increase in net profit attributable to shareholders, amounting to 2.05 billion yuan [5][6] - The price of refrigerants has seen a substantial increase, with an average price of 39,372.45 yuan per ton in the first half of 2025, reflecting a 61.88% year-on-year growth [6] Financial Performance - The company achieved a revenue of 75.31 billion yuan in Q2 2025, marking a 13.93% year-on-year increase and a 29.84% quarter-on-quarter increase, with a net profit of 1.24 billion yuan, up 138.82% year-on-year and 53.57% quarter-on-quarter [5][6] - The company is expected to maintain strong growth, with projected net profits for 2025-2027 of 5.07 billion, 6.04 billion, and 7.05 billion yuan respectively, up from previous estimates of 4.31 billion, 5.30 billion, and 6.17 billion yuan [10][15] Business Outlook - The company is advancing multiple projects that are expected to contribute to future revenue growth, including expansions and upgrades in various production facilities [8] - The fluorochemical industry is expected to maintain a tight supply-demand balance due to quota policies and increasing end-user demand, particularly in the air conditioning sector [10][15]