ZJJH(SH:600160) Huachuang Securities·2025-09-07 13:46Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][18]. Core Views - The company reported significant growth in its financial performance for the first half of 2025, with revenue reaching 13.33 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.05 billion yuan, up 146.97% year-on-year. In Q2 alone, revenue was 7.53 billion yuan, reflecting a 13.93% year-on-year and 29.84% quarter-on-quarter increase, while net profit was 1.24 billion yuan, up 138.82% year-on-year and 53.57% quarter-on-quarter [1]. - The refrigerant market is experiencing a sustained uptrend, with the company benefiting from price increases in second and third-generation refrigerants. The average price for these refrigerants has risen significantly, with R22, R32, R125, and R134a priced at 36,000, 61,000, 45,500, and 52,000 yuan per ton, respectively [8]. - The company is positioned as a leader in the refrigerant industry, with strong pricing power and a robust growth outlook driven by demand in emerging sectors such as new energy and liquid cooling [8]. Financial Summary - The company is projected to achieve total revenue of 31.14 billion yuan in 2025, with a year-on-year growth rate of 27.3%. Net profit is expected to reach 4.41 billion yuan, reflecting a growth rate of 125% [3]. - Earnings per share (EPS) are forecasted to increase from 0.73 yuan in 2024 to 1.63 yuan in 2025, with a price-to-earnings (P/E) ratio of 22 for 2025 [3][9]. - The company's total assets are projected to grow from 27.91 billion yuan in 2024 to 49.14 billion yuan by 2027, indicating a strong upward trend in financial health [9].