ZJJH(SH:600160) Donghai Securities·2025-08-28 11:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly improved its performance, driven by the rising prices of refrigerants and sustained industry prosperity [6] - The company is positioned as a leader in the refrigerant industry, benefiting from a highly concentrated quota system [6] - The company is expected to maintain strong profitability and growth in the coming years, with projected net profits of 4.236 billion yuan, 5.570 billion yuan, and 6.465 billion yuan for 2025, 2026, and 2027 respectively [6] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36% - The total profit reached 2.607 billion yuan, up 148.27% year-on-year, while the net profit attributable to shareholders was 2.051 billion yuan, reflecting a growth of 146.97% [6] Price Trends - The average prices of refrigerants and related products saw significant year-on-year changes, with refrigerant prices increasing by 18.33% to 66.20% [6] - As of August 27, 2025, the prices for refrigerants R22, R32, R134a, and R125 were 35,500 yuan, 59,000 yuan, 51,500 yuan, and 45,500 yuan per ton respectively [6] Market Position - The company holds a dominant position in the refrigerant market, with a production quota of 38,900 tons for R22, accounting for 26.10% of the national total, and a 39.33% share for HFCs [6] - The company is expected to benefit from the tightening of refrigerant quotas and the ongoing demand for refrigerants as essential consumer products [6] Investment Outlook - The company is projected to maintain strong profitability with an expected EPS of 1.57 yuan, 2.06 yuan, and 2.39 yuan for 2025, 2026, and 2027 respectively [5][6] - The corresponding PE ratios are forecasted to be 22.84X, 17.37X, and 14.97X for the same years [5][6]