Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the refrigerant market is experiencing a sustained upward trend, with a gradual emergence of a main bullish market [5] - The company achieved a revenue of 5.8 billion yuan in Q1 2025, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 809 million yuan, up 160.64% year-on-year [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 5.128 billion, 7.285 billion, and 8.535 billion yuan respectively, with corresponding EPS of 1.90, 2.70, and 3.16 yuan [5] Financial Performance Summary - In Q1 2025, the company's revenue from various segments was as follows: fluorochemical raw materials (326 million yuan, +26.90%), refrigerants (2.618 billion yuan, +64.63%), and other segments [6] - The average price of refrigerants in Q1 2025 increased significantly, with a year-on-year rise of 58.08% to 37,504 yuan/ton [6] - The company’s total revenue for 2023 was 20.655 billion yuan, with a projected increase to 28.642 billion yuan in 2025, reflecting a year-on-year growth of 17.1% [8] Market Trends - The report highlights a continuous increase in air conditioning production in China, with expected growth rates of 9.9%, 14.1%, and 14.3% from May to July 2025 [7] - The demand for air conditioning in overseas markets is also strong, with significant sales increases reported by major manufacturers [7]

2025Q1 含氟高分子材料逐步向好，制冷剂业务保持向好。2025Q1 公司实现毛利率23.4%（同比 +6.2pct，环比+3.1pct），实现净利率8.6%（同比+4.9pct，环比持平），含氟高分子材料实现均价4.1 万 元/吨（同比-2.1%，环比+3.9%），随着公司邵武基地工艺不断优化以及行业触底反弹，含氟高分子材 料已开始逐步向好，氟碳化学品实现均价2.8 万元/吨（同比+21.1%，环比+10.1%），制冷剂价格加速 上涨。 展望后市，预计制冷剂内外贸有望进一步上涨。根据产业在线，4-6 月我国家用空调排产分别同比去年 预计提升9.1%/13.0%/15.9%，国补下面旺季需求彰显强劲。同时，"金三银四"需求旺季下，25Q2 空调 长协再度大幅上涨，氟务在线显示最新二季度制冷剂长协定价R32 承兑价格46600 元/吨（环比增加 14.77%），R410a 承兑价格47600 元/吨（环比增加14.42%）。根据百川盈孚，截至4 月24 日，企业报 价仍在不断上涨，巨化R22 报价达到36500 元/吨，永和R32 报价达到50500 元/吨，东阳光R134a 报价为 48000 元/吨，东阳 ...

风险提示：氟化工需求疲弱；项目投产进度不及预期；产品价格大幅下滑等。 投资建议：维持盈利预测，维持"优于大市"评级。 随着三代制冷剂产品供给侧结构性改革不断深化，行业竞争格局趋向集中，三代制冷剂有望保持长期的 景气周期，公司作为行业领先企业将持续受益。 未来，公司将积极布局新材料、新能源等业务领域，并通过子公司向氟化工下游高附加值领域延伸。 2024 年以来，公司制冷剂产品价格持续上涨，带动公司利润增长，考虑到2025 年制冷剂价格将持续上 涨，对应制冷剂板块毛利率水平上行，我们维持公司盈利预测：预计公司2025-2027 年归母净利润分别 为15.98/18.44/19.59 亿元，同比增长105.3%/15.4%/6.2%；摊薄EPS为2.62/3.02/3.21 元；对应当前股价对 应PE 为16.3/14.1/13.3X。维持"优于大市"评级。 受益于制冷剂价格快速上涨，公司2024 年全年、2025 年一季度归母净利润同比大幅增长。2025 年4 月 28 日，公司发布2024 年年度报告及2025 年一季度报告。根据公司公告，2024 年，公司实现营业收入 40.40 亿元，同比增长21.17%； ...

事件：公司发布2024 年年报，公司2024 年实现营收244.62 亿元，同比增长18.43%，归母净利润19.6 亿 元，同比增长107.69%，其中四季度实现营收65.56亿元，同比增长41.21%，归母净利润7.02 亿元，同比 增长256.83%。 2024 年取得亮眼成绩主要是由于制冷剂板块贡献。公司主要产品市场结构性分化突出。公司第二、三 代氟制冷剂在生产配额制下，供需格局、竞争格局、竞争秩序优化，下游需求改善等，产品价格合理性 回归上行，涨幅较大；非制冷剂化工产品总体"供强需弱"，竞争激烈，价格下行。随着制冷剂产品价格 回升，公司制冷剂业务在主营业务结构、盈利结构中的占比大幅提升。 公司制冷剂业务因产品价格上行的增利影响大于公司非制冷剂业务因价格下行的减利影响。从经营数据 上来看，制冷剂营收贡献最大，增速也较快，同比增长62.6%，含氟精细化学品虽然占比较小，但是增 速最快，达到99.48%，除此之外氟化工原料和石化材料板块营收也取得正增长，可以说公司2024 年业 绩取得如此亮眼成绩主要依靠制冷剂板块。公司原材料市场局部价格坚挺，萤石、无水氟化氢、甲醇、 苯、硫磺、液氯、甘油、丙酮、环己酮等 ...

Core Viewpoint - Yonghe Co., Ltd. has demonstrated significant growth in both revenue and profit in its 2024 annual report, indicating strong performance in the fluorochemical industry and effective utilization of market opportunities [1][2]. Financial Performance - In 2024, Yonghe Co., Ltd. reported a revenue of 4.606 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 251 million yuan, up 36.83% [1]. - The company's net profit excluding non-recurring items reached 246 million yuan, reflecting a substantial growth of 117.8% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.138 billion yuan, representing a 12.36% increase compared to the same period last year, with a net profit of 97.39 million yuan, up 161.66% [1]. Industry Position and Strategy - Yonghe Co., Ltd. has established itself as a comprehensive fluorochemical enterprise, covering the entire industry chain from raw material mining to production and sales, making it one of the most complete fluorochemical industry chains in China [1]. - The company has benefited from policy and market opportunities, achieving synergistic development in fluorocarbon chemicals, fluoropolymer materials, and fine fluorochemical products, with a nationwide sales network and international channels covering over 100 countries [1]. Market Dynamics - The implementation of production quotas for HFCs refrigerants in 2024 has altered the competitive landscape, leading to increased industry concentration and tighter supply-demand balance, which has driven significant price increases for refrigerants [2]. - In 2024, the fluorocarbon chemicals business generated a revenue of 2.4467353 billion yuan, a year-on-year increase of 3.78%, with an average gross margin of 20.37%, up 12.62% from the previous year [2]. - The company received a total quota of 61,400 tons for HCFCs and HECs refrigerants in 2025, with HFCs product quota at 58,200 tons, positioning it among the industry leaders [2]. Product Performance - Despite general pressure on fluoropolymer materials leading to a "volume increase, price decrease" scenario, certain products like HFP have shown price stabilization since Q4 2024, improving profitability [2]. - The sales volume of fluoropolymer materials reached 38,635.68 tons, a year-on-year increase of 40.59%, with revenue for this segment at 1.5811074 billion yuan, up 17.38% [2]. Future Outlook - Yonghe Co., Ltd. plans to continue its global business expansion and leverage its full industry chain advantages, focusing on high-end fluoropolymer materials, new environmentally friendly refrigerants, and fine fluorochemical development [3]. - The company aims to enhance its product variety and quality, striving to become a leading professional fluorochemical enterprise in China, characterized by comprehensive offerings, environmental sustainability, and high quality [3].

石油石化 2025 年 4 月 27 日 石油石化周报 OPEC+增产意愿增强，原油供应压力加大 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： 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+部分成员国增产意愿增强，原油供应压力加大。 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 25 日，美国总统特使和普京在莫斯科进行三小时会谈讨论了 俄乌停战协议的计划，会后，特朗普表示：俄乌非常接近达成停火协 议，现在该进行高层会晤；4 月 26 日，美国与伊朗代表团举行第三轮 间接谈判，谈判传递出一定的积极信号。基本面：根据 ...