ZJJH(SH:600160) Shenwan Hongyuan Securities·2025-10-24 13:14Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 20.394 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 14%. The net profit attributable to shareholders was 3.248 billion yuan, up 160% year-over-year, with a net profit margin of 17.77% [6][8] - The average price of refrigerants has continued to rise, with the sales price for Q3 2025 reaching 42,956 yuan per ton, a 53% increase year-over-year. The company is expected to benefit from the upward price trend in refrigerants [6][8] - The company is advancing its high-end transformation in the fluoropolymer materials segment, with several projects underway that are expected to enhance its market position [8] Financial Data and Profit Forecast - For 2025, the company is projected to achieve total revenue of 27.858 billion yuan, with a net profit of 4.556 billion yuan, corresponding to an EPS of 1.69 yuan. The projected net profit for 2026 and 2027 is 5.823 billion yuan and 7.568 billion yuan, respectively [7][10] - The gross profit margin is expected to be 26.7% in 2025, increasing to 30.2% in 2026 and 33.5% in 2027 [7] Segment Performance - The refrigerant segment showed a decline in sales volume in Q3 2025, down 11% year-over-year, but the average selling price increased significantly. The company holds a leading position in the domestic market for third-generation refrigerants [8] - Other segments, such as food packaging materials and basic chemicals, experienced a decline in prices and profitability due to weak demand [8]