Investment Rating - The report initiates coverage with a "Buy" rating for the company [10] Core Insights - The company is a leader in the fluorosilicone industry, with the third-generation refrigerant quota officially freezing in 2024, indicating a long-term upward trend for the industry [3][10] - Significant slowdown in capital expenditure for organic silicon, with demand maintaining high growth, suggesting a potential reversal from the industry's bottom [3][10] - The fluorinated polymer segment is expected to encounter structural opportunities [3][10] Company Overview - The company is a leading enterprise in China's fluorosilicone industry, focusing on creating a world-class fluorosilicone material industry chain [6][16] - It operates through subsidiaries, including Dongyue Green Cold Technology for refrigerants, Dongyue Silicon Materials for organic silicon, and Dongyue High Polymer Materials for fluorinated polymers [6][16] Refrigerants - The refrigerant market is experiencing a sustained upward trend, with a new business model forming due to the freezing of third-generation refrigerant quotas in 2024 [7][40] - The industry is transitioning from a state of oversupply to a balanced supply-demand situation, with a high concentration rate of 65% among the top three companies [7][47] - Prices for R32, R134a, R125, and R143a have increased significantly, with respective price increases of 265%, 107%, 71%, and 44% compared to early 2024 [7] Organic Silicon - The organic silicon industry is at the bottom of its cycle, with expectations for a gradual recovery supported by stable demand across traditional and emerging sectors [8] - The domestic organic silicon industry is transitioning from a phase of capacity expansion to a period of limited new capacity, alleviating supply-side pressures [8] Fluorinated Polymers - The fluorinated polymer sector is at a low point, but emerging demand is expected to drive growth, particularly in high-end applications [9] - The company is well-positioned in the production of PTFE, with advantages in high-end markets, while PVDF is benefiting from unexpected demand in lithium battery applications [9]
东岳集团（00189）：氟硅材料龙头，有望多点开花