ZJJH(SH:600160) Shenwan Hongyuan Securities·2025-08-28 12:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with significant increases in refrigerant prices and profitability, indicating potential benefits from the liquid cooling trend [1][5] - The company achieved a total revenue of 13.33 billion yuan in H1 2025, with a year-on-year growth of 10%, and a net profit attributable to shareholders of 2.05 billion yuan, reflecting a year-on-year increase of 147% [5] - The report anticipates continued upward trends in refrigerant prices and profitability due to improved industry dynamics and growing downstream demand [5] Financial Data and Profit Forecast - Projected total revenue for 2025 is 27.86 billion yuan, with a year-on-year growth rate of 13.9% [2] - Expected net profit attributable to shareholders for 2025 is 4.56 billion yuan, representing a year-on-year growth of 132.5% [2] - Earnings per share (EPS) is forecasted to be 1.69 yuan for 2025, with a projected price-to-earnings (PE) ratio of 21 [2] Market Data - The closing price of the company's stock is 36.20 yuan, with a market capitalization of 97.73 billion yuan [3] - The company has a price-to-book (PB) ratio of 5.1 and a dividend yield of 0.64% [3] Related Research - The company reported a significant increase in refrigerant gross profit to 3.09 billion yuan in H1 2025, with a gross margin of 50.35% [5] - The report highlights the company's leading position in the domestic market for third-generation refrigerants and its potential to benefit from price increases in both second and third-generation refrigerants [5] - The company is also expected to benefit from the liquid cooling wave, with ongoing projects in high-performance fluorinated chemical materials [5]