Guoxin Securities·2026-03-06 05:51Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [6][9]. Core Views - The fluorochemical industry is experiencing a positive trend with the production of air conditioners showing a year-on-year increase starting from April 2026, supported by a recovery in domestic demand and installation needs driven by housing projects [3][5]. - Prices of fluorinated polymers are on the rise due to cost support and supply-demand improvements, with notable increases in PTFE and PVDF prices [4][5]. - The report highlights the ongoing demand for refrigerants, particularly R32, R134a, and R125, which are expected to maintain a tight supply-demand balance, leading to potential price increases [5][6]. Summary by Sections 1. Industry Performance - As of February 27, 2026, the fluorochemical index rose by 4.35% compared to the end of January, outperforming the Shanghai Composite Index and the CSI 300 Index [1][16]. 2. Refrigerant Market Review - The prices of major refrigerants have increased, with R32 rising to 61,500-62,500 CNY/ton and R125 to 51,000-56,000 CNY/ton as of February 28, 2026 [2][23]. 3. Liquid Cooling Demand - The report emphasizes the growing need for liquid cooling solutions in data centers, which is expected to drive demand for fluorinated liquids and refrigerants [56][67]. 4. Refrigerant Quota Announcement - The 2026 refrigerant quota has been announced, with a slight increase in production quotas for R32, R125, and R134a, indicating a sustained positive outlook for refrigerant products [68][70]. 5. Air Conditioner Production Data - Air conditioner production is projected to show a year-on-year increase starting in April 2026, with March production figures indicating a decline of 1.5% year-on-year [3][81]. 6. Fluorinated Polymer Prices - Prices for fluorinated polymers such as PTFE and PVDF are expected to recover, driven by low inventory levels and supply constraints [4][5]. 7. Key Company Performance Predictions - Companies like Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players with strong earnings growth potential, maintaining an "Outperform" rating [9].