ZJJH(SH:600160) Western Securities·2025-08-29 07:37Investment Rating - The investment rating for the company is "Buy" [5][12] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 13.33 billion and net profit at 2.05 billion, representing year-on-year growth of 10.36% and 145.84% respectively [2][4] - The refrigerant business continues to drive the company's performance, with the average price of fluorinated refrigerants recovering, contributing significantly to profit growth [3][4] - The company has ongoing projects that are expected to enhance future performance, including the construction of high-performance fluorinated materials projects [3] Summary by Sections Financial Performance - In 25H1, the company achieved a gross margin of 28.72% and a net margin of 17.07%, reflecting improvements of 11.99 and 9.43 percentage points year-on-year [2] - Revenue from various business segments showed diverse growth, with refrigerants up by 55.09% year-on-year [2][3] Business Segments - The company’s revenue from fluorinated chemical raw materials, refrigerants, and fluorinated fine chemicals showed significant increases, with refrigerants alone contributing 6.09 billion in revenue [2][3] Future Outlook - The company expects net profits to grow to 4.41 billion, 5.31 billion, and 6.53 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22.16, 18.39, and 14.96 [4][11]