Tesla(US:TSLA) First Shanghai Securities·2025-09-23 09:13Group 1: Company Overview - Dongyue Group reported a revenue of 7.46 billion RMB in H1 2025, a year-on-year increase of 2.8%[7] - The gross profit margin improved to 29.1%, up by 9.3 percentage points year-on-year[7] - Net profit attributable to shareholders reached 780 million RMB, a significant increase of 153.3% year-on-year[7] Group 2: Refrigerant Business Performance - The refrigerant segment generated 2.29 billion RMB in revenue, a year-on-year growth of 47.7%[8] - Profit from the refrigerant business soared to 1.03 billion RMB, up 209.8% year-on-year, with a segment profit margin of 44.9%, an increase of 23.5 percentage points[8] - As of September 12, 2025, the price of R22 refrigerant was 34,500 RMB per ton, up 2,500 RMB per ton since the beginning of the year[8] Group 3: Challenges in Other Segments - Revenue from fluorinated polymers declined by 4.6% year-on-year to 1.94 billion RMB, with a segment profit margin of 13.4%[9] - The organic silicon segment faced a 15.9% drop in revenue to 2.76 billion RMB, with a profit margin of only 0.38%[9] Group 4: Future Projections and Ratings - The target price for Dongyue Group is set at 18.9 HKD, representing a potential upside of 57.5% from the current price[10] - Projected revenues for 2025-2027 are 16.09 billion RMB, 17.47 billion RMB, and 18.15 billion RMB respectively, with net profits expected to be 1.90 billion RMB, 2.58 billion RMB, and 2.81 billion RMB[10]