Investment Rating - The report assigns an "Accumulate" rating to Dongyue Group, suggesting investors pay attention to the stock [1][2]. Core Views - Dongyue Group is a leader in China's fluorosilicon industry, with optimized shareholding structure, improving refrigerant business margins, and promising long-term potential in polymer materials [1]. - The company is expected to achieve net profits attributable to shareholders of RMB 570 million, RMB 1.3 billion, and RMB 1.54 billion for the years 2023, 2024, and 2025, respectively, reflecting year-on-year changes of -85.2%, +127.4%, and +18.6% [1][4]. - The report highlights the integrated advantages of the fluorochemical and silicon chemical industries, with significant contributions from polymer materials, refrigerants, and organosilicon products [1]. Summary by Sections Industry Overview - Dongyue Group is positioned as a leader in the fluorosilicon industry, with a revenue structure comprising 31.6% from polymer materials, 20.2% from refrigerants, and 34.8% from organosilicon products as of H1 2023 [1]. Refrigerant Business - The issuance of production quotas for third-generation refrigerants in January 2024 is expected to improve supply-demand dynamics and drive price increases, benefiting Dongyue Group's profitability [1]. - The production quotas for second-generation refrigerants R22 and R142b are set at 53,574 tons and 1,882 tons, respectively, while third-generation refrigerants have a total quota of 74,556 tons [1]. Polymer Materials - Dongyue's polymer materials include various products such as PTFE and PVDF, with significant production capacities and self-sufficiency in raw materials [1]. - The report notes that while PVDF prices have seen a decline due to oversupply, the long-term outlook for polymer materials remains positive [1]. Shareholding Structure - The report mentions a planned buyback of 23.12% of shares held by Xinhua Group, which will result in the founder becoming the largest shareholder with a 25.22% stake [1].
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