Zhejiang Yonghe Refrigerant (SH:605020) Shenwan Hongyuan Securities·2025-10-09 06:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 4.56 to 4.76 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 212% to 225%, with a median estimate of 4.66 billion yuan [8] - The increase in profits is primarily driven by rising refrigerant prices and improved product quality and sales scale at Shaowu Yonghe, which has been profitable since Q4 2024 [8] - The company has successfully launched new liquid cooling products and is expanding its product line into high-value fluorinated polymers and fine chemicals [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5,875 million yuan, with a year-on-year growth rate of 27.6% [2] - Net profit attributable to shareholders is projected to be 646 million yuan for 2025, reflecting a year-on-year growth of 156.9% [2] - Earnings per share (EPS) is expected to be 1.27 yuan for 2025, with a projected PE ratio of 22 [2] Market Data - As of September 30, 2025, the closing price of the stock is 28.38 yuan, with a market capitalization of 14,223 million yuan [3] - The stock has a price-to-book ratio of 3.2 and a dividend yield of 0.88% [3] Performance Analysis - The company has shown a significant increase in net profit for Q3 2025, with estimates ranging from 1.85 to 2.05 billion yuan, indicating a year-on-year increase of 448% to 507% [8] - The prices of key refrigerants have risen, with R32, R125, and R134a showing significant price increases in Q3 2025 [8] - The operational efficiency and product quality at Shaowu Yonghe have improved, leading to a positive profit outlook for Q3 2025 [8]