ZJJH(SH:600160) Changjiang Securities·2025-08-28 15:19Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported significant year-on-year growth in its 2025 semi-annual report, achieving revenue of 13.33 billion yuan (up 10.4% year-on-year) and a net profit attributable to shareholders of 2.05 billion yuan (up 147.0% year-on-year) [2][6]. - The second quarter alone saw revenue of 7.53 billion yuan (up 13.9% year-on-year, up 29.8% quarter-on-quarter) and a net profit of 1.24 billion yuan (up 137.1% year-on-year, up 53.6% quarter-on-quarter) [2][6]. - The growth is primarily driven by the continuous price increase of core products, particularly refrigerants, which have seen a recovery in prices due to improved industry ecology and strong downstream demand [12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a net profit of 2.05 billion yuan, with a significant increase in net profit margin to 18.3% (up 9.3 percentage points year-on-year) [12]. - The gross profit margin improved to 29.0% (up 10.6 percentage points year-on-year) [12]. Product Performance - The company sold 85,000 tons of refrigerants in Q2, with an average price of 40,900 yuan per ton (up 65.3% year-on-year) [12]. - The average prices for domestic sales of refrigerants R22, R32, R134a, and R125 increased by 5.7%, 12.8%, 6.8%, and 4.1% respectively compared to Q1 2025 [12]. Market Outlook - The upward trend in refrigerant prices is expected to continue, with projected revenues for 2025-2027 estimated at 5.23 billion, 6.78 billion, and 8.67 billion yuan respectively [12]. - The company is positioned to benefit from the industry's improving conditions as a leading player in the refrigerant market [12].