Zhejiang Yonghe Refrigerant (SH:605020) 中国基金报·2025-10-08 16:00Core Viewpoint - Yonghe Co., Ltd. is expected to see a significant increase in net profit for the first three quarters of 2025, driven by the sustained high demand in the refrigerant industry, with projected growth rates of 211.59% to 225.25% year-on-year [2][4][6]. Financial Performance - The company anticipates a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, marking an increase of 309.90 million to 329.90 million yuan compared to the previous year [5]. - For the third quarter alone, the expected net profit is between 185 million to 205 million yuan, reflecting a year-on-year growth of 447.64% to 506.85% and a quarter-on-quarter increase of 6.34% to 17.83% [4][5]. - The projected net profit excluding non-recurring gains and losses for the first three quarters is estimated at 441 million to 461 million yuan, with a year-on-year increase of 300.56 million to 320.56 million yuan [5]. Industry Context - The refrigerant industry is experiencing a high level of prosperity, supported by supply-side quota policies and steady growth in downstream demand, particularly in air conditioning and cold chain sectors [6][9]. - The transition from second-generation (HCFCs) to third-generation (HFCs) refrigerants is ongoing, with production quotas tightening, which enhances the supply-demand structure [6][9]. - The company has optimized its product structure and improved operational efficiency, transitioning from capacity building to profit realization, which has contributed to its financial performance [6][8]. Market Dynamics - The domestic refrigerant market is primarily driven by air conditioning (62.18%), refrigerators (4.78%), and automotive applications (9.87%), with a growing trend in consumption upgrades and technological innovation [9]. - The industry is characterized by high concentration, with major players including Yonghe Co., Ltd., Juhua Co., Ltd., and others holding significant market shares in the production of third-generation refrigerants [11].