ZJJH(SH:600160) Guohai Securities·2025-09-08 14:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The report indicates that the price increase of refrigerant products is expected to continue, leading to a significant year-on-year increase in the company's net profit attributable to shareholders in the first half of 2025 [2][3]. - The company achieved operating revenue of 13.33 billion yuan in the first half of 2025, a year-on-year increase of 10.36% [2]. - The company is a global leader in refrigerants, holding a significant production quota advantage in the domestic market [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a net profit attributable to shareholders of 2.05 billion yuan, a year-on-year increase of 146.97% [3]. - The sales expense ratio was 0.57%, down by 0.20 percentage points year-on-year, mainly due to a decrease in leasing fees for exported products [3]. - The company achieved operating revenue of 7.53 billion yuan in Q2 2025, a year-on-year increase of 13.93% and a quarter-on-quarter increase of 29.84% [4]. Product Performance - The refrigerant segment generated revenue of 6.09 billion yuan in the first half of 2025, a year-on-year increase of 55.09% [2]. - The average price of refrigerants increased to 39,400 yuan per ton, a year-on-year increase of 61.88% [2][4]. - The company has a diverse product range, including first to fourth generation fluorinated refrigerants and new types of refrigerants [9]. Market Position - The company holds a production quota of 38,900 tons for HCFC-22, accounting for 26.10% of the national total, and a production quota of 297,800 tons for HFCs, representing 39.33% of the national market share for similar products [9]. - The company plans to expand its production capacity for fourth-generation fluorinated refrigerants (HFOs) by nearly 50,000 tons through new construction and technological upgrades [9]. Future Projections - The company is projected to achieve operating revenues of 28.27 billion yuan, 33.37 billion yuan, and 36.38 billion yuan for the years 2025, 2026, and 2027, respectively [11]. - The net profit attributable to shareholders is expected to reach 5.17 billion yuan, 6.59 billion yuan, and 7.44 billion yuan for the same years [11].