ZJJH(SH:600160) Guoxin Securities·2025-10-24 01:40Investment Rating - The investment rating for the company is "Outperform the Market" [4][32][29] Core Views - The third-generation refrigerant market is experiencing a prolonged boom cycle, with prices increasing steadily each quarter. The company has a leading position in production quotas, benefiting from the industry's upward trend [1][20][29] - The company's net profit for the first three quarters of 2025 reached 3.248 billion yuan, a year-on-year increase of 160.22%, driven primarily by strong performance in the refrigerant business [1][9][10] - The company is expanding its liquid cooling business in response to growing demand from data centers, positioning itself for future growth in this area [4][28][29] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 20.394 billion yuan, a year-on-year increase of 13.9%, and a net profit of 3.248 billion yuan, up 160.2% year-on-year. The gross margin reached 28.9%, an increase of 11.9 percentage points [1][9][10] - The third quarter alone saw revenue of 7.062 billion yuan, a 21.2% increase year-on-year, while net profit was 1.197 billion yuan, reflecting a year-on-year growth of 186.55% [1][9][10] Refrigerant Business - The company sold 230,600 tons of refrigerants in the first three quarters of 2025, a decrease of 6.4% year-on-year, but the average selling price increased to 40,554 yuan per ton, up 58.1% year-on-year [10][21] - The pricing of refrigerants is increasingly decoupled from traditional cyclical pricing, indicating a long-term upward trend in prices [20][21] Non-Refrigerant Business - The non-refrigerant business is facing intense competition, with a slight decrease in the average price of fluoropolymers. Sales of fluoropolymers reached 36,400 tons, a year-on-year increase of 9.79% [3][25] - The market for fluoropolymers is transitioning from general-purpose to specialized and high-end products, indicating a shift in industry dynamics [25][27] Liquid Cooling Business - The demand for liquid cooling solutions is rapidly increasing due to advancements in AI technology and the limitations of traditional cooling methods. The company has initiated projects to produce fluorinated liquids for cooling applications [4][28][29] - A strategic partnership has been established to develop the largest immersion liquid cooling intelligent computing center in China, further enhancing growth prospects in this sector [28][29]