氟化工：旺季临近需求旺盛，制冷剂涨势有望延续

Investment Rating - The report maintains an investment rating of "Leading the Market-B" [1] Core Viewpoints - The upcoming peak season is expected to drive strong demand, leading to a continuation of the price increase for refrigerants [1] - Air conditioning production is projected to see significant growth, with a year-on-year increase of 16.9% in January 2024 for household air conditioners, and domestic sales expected to rise by 9.4% [1] - The production schedule for air conditioning units is anticipated to increase by 22.7%, 17.7%, and 14.7% in the first three months of the year, with domestic production rising by 20.9%, 16.3%, and 13.5% respectively [1] - Export production is also expected to grow, with increases of 28.3%, 16.7%, and 3.1% compared to the same period last year [1] - The report highlights expectations of high temperatures and the "old-for-new" policy, which have raised overall market expectations for the air conditioning industry [1] - The recovery in air conditioning exports is notable, driven by rising shipping prices due to geopolitical tensions, which has led to early order placements in Europe [1] - The report suggests that the demand for refrigerants is significantly increasing, with a tight supply in the market, leading to a bullish sentiment among market participants [1] Summary by Relevant Sections - Production and Sales Growth: The report indicates a robust growth trajectory for air conditioning production and sales, with specific percentage increases outlined for both domestic and export markets [1] - Market Dynamics: The report discusses the impact of external factors such as weather conditions and policy changes on market expectations and pricing trends [1] - Investment Recommendations: The report recommends focusing on integrated refrigerant companies and flexible stocks such as Juhua Co., Sanmei Co., and Yonghe Co. due to the anticipated recovery in industry profitability [1]