巨化股份 20250915 摘要 制冷剂行业正经历代际更替，一代已淘汰，二代面临清退，三代进入配 额生产黄金期，四代环保但受法规限制。评价指标包括 ODP 值和 GWP 值，政策旨在减少环境危害，推动环保技术发展。 三代制冷剂配额制度下，中国总量发放少于国际修正案规定，且按吨数 而非二氧化碳排放当量发放，旨在保护低 GWP 值产品如 R32，使其价 格更易上涨。政府对配额发放态度克制，间接支持价格上涨。 2024 年中国增发三代制冷剂配额以应对空调需求，2025 年配额略增， 2026 年基本持平，调整比例提高。政策与欧美日趋同，抑制高 GWP 值 产品，鼓励低 GWP 值产品，如汽车空调系统 GWP 值限制。 R32 价格持续上涨，定价权向上游转移，需求旺盛是主因。空调产量增 速显著，出口虽降但价格坚挺。内外贸价格基本持平，出口略领先。制 冷剂市场已转为卖方市场，供给端一致性高。 制冷剂板块估值逻辑转变，摆脱周期品概念，转向供给端逻辑，即使淡 季也能涨价。2024 年配额接近满用，验证供给紧平衡下价格高位。若 液冷使用 134A，将进一步推高价格。 Q&A 巨化股份在制冷剂行业的地位和未来发展前景如何？ 巨 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by rising prices of refrigerants and an improved supply-demand balance in the industry [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.828 billion yuan, a year-on-year increase of 38.58% [1] - The net profit attributable to shareholders reached 999.5 million yuan, up 159.22% year-on-year [1] - The net profit excluding non-recurring items was 986 million yuan, reflecting a growth of 163.61% [1] - In Q2 2025, revenue was 1.616 billion yuan, a 49.36% increase year-on-year, with net profit of 594 million yuan, up 158.98% [1] Refrigerant Pricing and Sales - The company's refrigerant sales volume was 62,000 tons in the first half of 2025, a decrease of 6.20% year-on-year, but the average selling price rose to 39,000 yuan per ton, an increase of 56.53% [2] - In Q2 2025, the average selling price of refrigerants reached 40,300 yuan per ton, up 55.06% year-on-year and 7.82% quarter-on-quarter [2] - The company's gross margin for refrigerants improved to 54.59%, contributing to an overall gross margin of 49.50% [2] Market Trends - As of August 23, 2025, the price of R22 has risen due to improved demand during the high-temperature season, with current quotes between 40,000 and 40,500 yuan per ton [3] - R32 is currently priced between 59,000 and 60,000 yuan per ton, with expectations for further increases [3] - R134a prices are stable at 50,000 to 51,000 yuan per ton, with upward price expectations [3] - R125 is primarily used for domestic purposes, while R227ea is experiencing supply shortages, with prices reaching 76,000 yuan per ton [3] Strategic Initiatives - The company is actively extending its industrial chain into high-value areas such as fluoropolymers and new energy materials [4] - Key projects include a lithium hexafluorophosphate project in Fujian and fluoropolymer projects in Zhejiang, which are progressing well [4] - The company is also advancing its fourth-generation refrigerants and preparing for future market expansions and technological iterations [4]

证券研究报告 | 2025年08月23日 三美股份（603379.SH） 优于大市 制冷剂价格逐季提升，公司利润率快速增长 制冷剂均价及利润率快速提升，公司 2025 年上半年归母净利润同比增长 159%。2025 年 8 月 22 日，公司发布 2025 年半年度报告。根据公司公告，2025 年上半年，公司实现营业收入 28.28 亿元，同比增长 38.58%；实现归属于上 市公司股东的净利润 9.95 亿元，同比增长 159.22%；实现归属于上市公司股 东的扣除非经常性损益的净利润 9.86 亿元，同比增长 163.61%。其中第二季 度实现营收 16.16 亿元，同比增长 49.36%；实现归母净利润 5.94 亿元，同 比增长 158.98%。业绩大幅增长的主要原因是，随着第二、三代氟制冷剂配 额制度的持续实施，行业供需格局优化，公司核心产品氟制冷剂销售均价同 比显著提升，盈利能力大幅增强。 制冷剂均价逐季增长，盈利能力显著提升。2025 年上半年，公司氟制冷剂业 务表现强劲，尽管销量同比有所下滑，但价格的强劲上涨成为业绩核心驱动 力。2025 年上半年，公司氟制冷剂销量为 6.20 万吨，同比下降 ...