ZJJH(SH:600160) Guohai Securities·2025-10-27 10:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in net profit due to the rising prices of refrigerant products, with a notable increase in revenue and profit margins [6][10] - The company is a leading global player in the refrigerant market, holding a substantial share of production quotas for various refrigerants, which positions it well for future growth [10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 20.394 billion yuan, a year-on-year increase of 13.89% [5] - The net profit attributable to the parent company reached 3.248 billion yuan, up 160.22% year-on-year, while the net profit after deducting non-recurring gains and losses was 3.199 billion yuan, an increase of 170.13% [5][7] - In Q3 2025 alone, the company reported operating 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% year-on-year growth [9] Product Performance - The refrigerant segment generated revenue of 9.352 billion yuan in the first three quarters of 2025, a 48.01% increase year-on-year, despite a slight decline in production and sales volume [6] - The average price of refrigerants increased significantly, with the average price reaching 40,600 yuan per ton, a 58.14% increase year-on-year [6] Market Position - The company holds a dominant position in the refrigerant market, with a production quota of 38,900 tons for HCFC-22, accounting for 26.10% of the national total, and a 39.33% share for HFCs [10] - The company is also expanding its production capacity for fourth-generation refrigerants (HFOs), with plans to increase capacity by nearly 50,000 tons [10] Future Projections - Revenue projections for 2025-2027 are estimated at 28.269 billion, 32.866 billion, and 35.977 billion yuan respectively, with net profits expected to reach 4.814 billion, 5.978 billion, and 6.841 billion yuan [11]