业绩大幅增长，看好制冷剂景气周期 巨化股份(600160) ——巨化股份 2024 年报及 2025Q1 季报点评 [Table_Industry] 石油/能源 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 32.75 [Table_CurPrice] 当前价格： 25.41 [Table_Market] 交易数据 二代和三代制冷剂价格大幅上涨，公司 24 年业绩大幅增长。2025 年制冷剂配额政 策延续，叠加下游需求增长，公司作为三代制冷剂龙头将充分受益制冷剂景气周期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,655 | 24,462 | 25,664 | 27,079 | 28,445 | | (+/-)% | -3.9% | 18.4% | 4.9% | 5.5% | 5.0% | | 净利润（归母） | 944 | 1,960 | 3,548 | 4,2 ...

[巨化股份（ Table_NewTitle] 600160）：制冷剂景气上行， 公司业绩大幅提升 ——公司简评报告 [table_main] 投资要点 [Table_Reportdate] 2025年05月09日 [Table_invest] 买入（维持） 报告原因：业绩点评 基 础 化 工 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/08 | | --- | --- | | 收盘价 | 26.98 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 32.85% | | 市净率(倍) | 3.62 | | 净资产收益率(加权) | 4.44 | | 12个月内最高/最低价 | 27.76/14.25 | [Table_QuotePic] -54% -43 ...

业绩大幅增长，看好制冷剂景气周期 巨化股份(600160) ——巨化股份 2024 年报及 2025Q1 季报点评 [Table_Industry] 石油/能源 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 32.75 [Table_CurPrice] 当前价格： 25.41 [Table_Market] 交易数据 二代和三代制冷剂价格大幅上涨，公司 24 年业绩大幅增长。2025 年制冷剂配额政 策延续，叠加下游需求增长，公司作为三代制冷剂龙头将充分受益制冷剂景气周期。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,655 | 24,462 | 25,664 | 27,079 | 28,445 | | (+/-)% | -3.9% | 18.4% | 4.9% | 5.5% | 5.0% | | 净利润（归母） | 944 | 1,960 | 3,548 | 4,246 | 4 ...

[Table_Reportdate] 2025年05月09日 [table_main] 投资要点 基 础 化 工 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/08 | | --- | --- | | 收盘价 | 26.98 | | 总股本(万股) | 269,975 | | 流通A股/B股(万股) | 269,975/0 | | 资产负债率(%) | 32.85% | | 市净率(倍) | 3.62 | | 净资产收益率(加权) | 4.44 | | 12个月内最高/最低价 | 27.76/14.25 | [Table_QuotePic] -54% -43% -31% -19% -7% 4% 16% 28% 24-05 24-08 24-11 25-02 巨化股份 沪深300 [Table_invest] 买入（维持） 报告原因：业 ...

石油石化 2025 年 5 月 6 日 石油石化周报 OPEC+保持增产节奏，或通过压低油价约束超产国 强于大市（维持） 行情走势图 -40% -20% 0% 20% 40% 24-01 24-05 24-09 25-01 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：OPEC+保持增产节奏，或通过压低油价约束超产国。据 ifind 数据，2025 年 4 月 18 日-2025 年 4 月 25 日，WTI 原油期货收 盘价(连续)下跌 2.15%，布伦特油期货价下跌 1.39%。地缘局势方 面：4 月 29 日消息，俄罗斯总统普京宣布在卫国战争胜利 80 周年庆 典期间，即从当地时间 5 月 8 日 0 时至 5 月 11 日 0 时，暂停一切军 ...

智通财经APP获悉，根据氟务在线报道，二季度R32长协价为4.66万/吨，环比上涨约6000元/吨。 2025年二代制冷剂履约加速削减，三代制冷剂配额制度延续，R22、R32等品种行业集中度高;需求端受 国补政策刺激、欧美补库、东南亚等新兴区域需求增长等因素影响，海内外空调生产、排产大幅提升。 二代制冷剂R22等品种在供给快速收缩、空调维修市场的支撑下，预计2025年将出现供需缺口； 三代制冷剂R32供给虽同比小幅提升，但2024年库存消耗殆尽，需求端也呈现快速增长，预计2025年将 保持供需紧平衡。 国信证券指出，进入二季度，受夏季高温天气驱动，制冷剂消费即将进入传统旺季，在低库存背景下交 易活跃度逐步提升。 中航证券认为，当下低库存叠加头部企业挺价决心和制冷剂产业链惜售情绪，二季度制冷剂或将掀起新 一轮涨价潮。 方正证券指出，制冷剂是氟化工行业中规模最大、应用最广泛的细分领域之一。《蒙特利尔议定书》推 动了制冷剂的代际更迭，当前制冷剂行业处于二代制冷剂加速削减、三代制冷剂配额冻结、四代制冷剂 专利保护期，供给强约束叠加行业格局集中背景下，二、三代制冷剂正处于价格上行周期，下游空调和 汽车行业有望保持增长趋 ...

研究报告 Research Report 5 May 2025 三美股份 Zhejiang Sanmei Chemical Industry (603379 CH) 业绩保持增长，看好三代制冷剂景气周期 公司业绩大幅增长。公司 2024 年营业收入 40.4 亿元，同比增长 21.17%；归属于母公司所有者的净利润 7.79 亿元，同比增长 178.4%，其中 2024Q4 营业收入 10.00 亿元，同比+37.98%，环比 +0.10%，归母净利润 2.18 亿元，同比+423.08%，环比+22.85%。 2025 年一季度营业收入 12.12 亿元，同比增长 26.42%，环比 +21.17%；归属于母公司所有者的净利润 4.01 亿元，同比增长 159.59%，环比+84.01%。 制冷剂价格保持涨势，公司盈利能力显著提高。2024 年公司制 冷剂产量/销量 16.26/12.34 万吨，分别同比+3.88%/+1.62%，制 冷剂价格 26055.9 元/吨，同比+28.17%，其中第四季度制冷剂价 格同比+48.49%，环比+6.09%。2025 年第一季度，公司制冷剂产 量/销量 4.09 万 ...

研究报告 Research Report 5 May 2025 三美股份 Zhejiang Sanmei Chemical Industry (603379 CH) 业绩保持增长，看好三代制冷剂景气周期 Growth Maintained, Positive with Three Generations of Refrigerant Boom Cycle [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 上调至优于大市 Upgrade to OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb44.10 目标价 Rmb59.40 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb26.92bn / US$3.71bn 日交易额 (3 个月均值) US$30.59mn 发行股票数目 610.48mn 自由流通股 (%) 33% 1 年股价最高最低值 Rmb46.48-Rmb26.07 注：现价 Rmb44.10 为 20 ...

Financial Data and Key Metrics Changes - Total net sales increased by 22.9% year over year to $322.1 million, up from $262.1 million in Q1 2024 [16][10] - Gross profit decreased by 6.4% to $86.4 million, with gross margin at 26.8% compared to 35.2% in Q1 2024 [18][12] - Diluted earnings per share was $0.35, down 23.9% from a year ago, while adjusted earnings were $0.37, down 20% [22][18] - Cash flow used in operations was $9.2 million compared to cash flows provided by operations of $92.4 million in the same period last year [23] Business Line Data and Key Metrics Changes - Sales of Basics branded equipment surged by 374.8%, driven by strong demand for airside and liquid cooling solutions for data centers [11][25] - Aon branded equipment sales declined by 19.1%, primarily due to weak bookings and production issues related to rooftop units [11][17] - Gross margin at the Aon Oklahoma segment decreased by 1380 basis points to 23.5%, while gross margins at the Basics and Aon Coil Products segments improved by 350 and 100 basis points, respectively [19][26] Market Data and Key Metrics Changes - Total backlog reached a record level of $1 billion, up 83.9% year over year and 18.4% quarter over quarter [13][29] - Backlog of Aon branded equipment increased by 44.9% year over year and 23.4% quarter over quarter, indicating strong demand [29][14] - Backlog of Basics branded equipment rose by 122.7% year over year and 15.4% quarter over quarter, driven by robust bookings [33][14] Company Strategy and Development Direction - The company focuses on three strategic pillars: leading in innovation and custom solutions, driving sustainable organic growth, and being a best-in-class operator [7][9] - The development of heat pumps and liquid cooling solutions is a key part of the company's strategy to drive market share gains [10][8] - The company aims to enhance operational efficiencies and expand production capacity, particularly in the Basics and Aon Coil Products segments [34][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of production volumes and profitability in the second quarter, despite ongoing macroeconomic uncertainties [31][31] - The sentiment across the sales channel remains upbeat, with expectations of continued market share gains [32][31] - Management anticipates full-year sales growth in the mid to high teens, with gross margins similar to those realized in 2024 [36][36] Other Important Information - The company plans to host an Investor Day on June 10 in New York City [38] - Capital expenditures for 2025 are expected to be approximately $220 million [24] Q&A Session Summary Question: What does K to 12 public bid data indicate about industry pricing? - Management noted that the Aon price premium has contracted, allowing for increased competitiveness and market share [46] Question: What is the current market share in national accounts? - Management indicated that while current market share is low, there is significant acceleration in national account activity, particularly with the Alpha Class product line [48] Question: How did the rooftop business perform in terms of orders? - Management confirmed that pushouts from the previous quarter have rebounded, and there is a traditional strengthening of orders [60] Question: What is the outlook for the Oklahoma business? - Management stated that the guidance remains unchanged, with uncertainty primarily in Q4 due to macroeconomic factors [100] Question: How is the company positioned regarding tariffs? - Management expressed confidence in their vertical integration and reliance on US partners, which mitigates tariff impacts compared to competitors [92] Question: What is the diversification of customers within the Basics branded products? - Management emphasized ongoing efforts to diversify the customer base and reduce reliance on any single customer [95]

基础化工行业 买入（维持） 制冷剂价格持续上涨，公司业绩大增 公 司 点 评 三美股份（603379）2024 年年报及 2025 年一季报点评 2025 年 4 月 30 日 投资要点： 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公司发布2024年年报及2025年一季报，公司2024年实现营收40.40亿元， 同比+21.17%；实现归母净利润7.79亿元，同比+178.40%；实现扣非归 母净利润7.48亿元，同比+257.74%。2025Q1，公司实现营收12.12亿元， 同比+26.42%，环比+21.20%；实现归母净利润4.01亿元，同比+159.59%， 环比83.94%；实现扣非归母净利润3.96亿元，同比+156.46%，环比+98%。 主要数据 2025 年 4 月 29 日 2024年公司制冷剂产品价格、盈利同比明显提升，推动业绩大涨。公司 去年业绩增长主要受氟制冷剂业务增长所驱动。2024年，国家对第二、 三代氟制冷剂均实行生产配额管理，行业的 ...