丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨永和股份（605020.SH） [Table_Title] 制冷剂景气助力，单季度业绩环比继续上行 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现收入 37.9 亿元（同比+12.0%），实现归属净利润 4.7 亿元（同比+220.4%），实现归属扣非净利润 4.6 亿元（同比+223.7%）。其中 Q3 单季度实现 收入 13.4 亿元（同比+11.4%，环比+2.5%），实现归属净利润 2.0 亿元（同比+485.8%，环比 +13.7%），实现归属扣非净利润 1.9 亿元（同比+440.4%，环比+10.6%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 永和股份（605020.SH） cjzqdt11111 [Table_Title2] 制冷剂景气助 ...

Investment Rating - The investment rating for the company is "Buy" [5][12] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 13.33 billion and net profit at 2.05 billion, representing year-on-year growth of 10.36% and 145.84% respectively [2][4] - The refrigerant business continues to drive the company's performance, with the average price of fluorinated refrigerants recovering, contributing significantly to profit growth [3][4] - The company has ongoing projects that are expected to enhance future performance, including the construction of high-performance fluorinated materials projects [3] Summary by Sections Financial Performance - In 25H1, the company achieved a gross margin of 28.72% and a net margin of 17.07%, reflecting improvements of 11.99 and 9.43 percentage points year-on-year [2] - Revenue from various business segments showed diverse growth, with refrigerants up by 55.09% year-on-year [2][3] Business Segments - The company’s revenue from fluorinated chemical raw materials, refrigerants, and fluorinated fine chemicals showed significant increases, with refrigerants alone contributing 6.09 billion in revenue [2][3] Future Outlook - The company expects net profits to grow to 4.41 billion, 5.31 billion, and 6.53 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22.16, 18.39, and 14.96 [4][11]