积极完善上下游产业链一体化布局。报告期内，公司稳步推进各项目建设，福建东莹已建成的1500 吨/ 年六氟磷酸锂产能处于试生产及技改阶段。浙江三美5000 吨/年聚全氟乙丙烯及5000 吨/年聚偏氟乙烯 项目、年智能分装3,500 万瓶罐制冷剂生产线及配套设施项目已完成主体工程，处于设备安装阶段。同 时，公司稳步推进浙江三美的科创中心（办公大楼）、AHF 技改项目、催化剂项目、中试基地项目、 环氧氯丙烷项目，重庆嘉利合氟化工一体化（一期）项目、甲烷氯化物及四氯乙烯技改项目等。 投资建议：供给强约束叠加行业格局集中背景下，二、三代制冷剂正处于景气上行周期，公司作为制冷 剂头部企业，盈利中枢有望持续上行。预计公司2025-2027 年归母净利润分别为21.47、26.55、31.85 亿 元，同比增速分别为+175.83%、+23.65%、+19.93%，对应PE 分别为16X、13X、11X。维持"强烈推 荐"评级。 风险提示：1.三代制冷剂政策变化；2.下游空调、汽车产量不及预期；3.原材料价格波动；4.新项目进展 不及预期等。 公司制冷剂产品均价持续增长，1H25 业绩同比大幅增长。国家对第二、三代氟制冷剂均 ...

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]