ZJJH(SH:600160) Ping An Securities·2025-10-24 08:36Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected stock performance that is better than the market by 10% to 20% over the next six months [12]. Core Insights - The company benefits from a continued upward trend in refrigerant prices, leading to sustained profit growth. The supply constraints in the fluorinated refrigerant market, combined with strong demand, support this price increase [5][9]. - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 7.062 billion yuan, a year-on-year increase of 21.22%, and net profit of 1.197 billion yuan, a year-on-year increase of 186.55% [4][5]. Summary by Relevant Sections Company Overview - The company, Juhua Co., Ltd. (600160.SH), operates in the basic chemical industry, with a total market capitalization of 96.2 billion yuan and a major shareholder, Juhua Group, holding 52.70% [1]. Financial Performance - For Q3 2025, the company achieved a revenue of 7.062 billion yuan, a 21.22% increase year-on-year, and a net profit of 1.197 billion yuan, reflecting a 186.55% increase year-on-year. The net profit after deducting non-recurring items was 1.173 billion yuan, up 200.44% year-on-year [4][5]. Business Segments - The fluorinated refrigerant segment saw a production increase of 9.91% in Q3 2025, with unit prices rising by 52.58% year-on-year, leading to a revenue of 3.266 billion yuan, a 36.41% increase year-on-year [5]. - The fluorinated polymer segment experienced a production increase of 3.60%, with revenue reaching 499 million yuan, a 7.41% increase year-on-year [6]. - The fluorinated fine chemicals segment also saw a production increase of 9.97%, contributing to a revenue of 95 million yuan, an 8.48% increase year-on-year [6]. Market Outlook - The company is positioned as a leader in the fluorochemical and specialty chlor-alkali sectors, with significant quotas for both second and third-generation refrigerants. The supply constraints due to quota limitations are expected to enhance the company's competitive advantage [9]. - The report anticipates continued strong performance in the refrigerant market, with projected net profits of 4.025 billion yuan, 4.675 billion yuan, and 5.228 billion yuan for 2025, 2026, and 2027, respectively [9].