第一上海发布研报称，维持东岳集团(00189)"买入"评级，预测公司2025-2027年的收入分别为160.9亿 元/174.7亿元/181.5亿元人民币;净利润分别为19.0亿元/25.8亿元/28.1亿元。给予公司2025年15xPE，目标 价18.9港元，较现价有57.5%的上涨空间。 第一上海主要观点如下： 上半年利润超预期 公司2025年上半年实现收入74.6亿元(人民币，下同)，同比增长2.8%;毛利率为29.1%，同比提升近9.3个 百分点;归母净利润7.8亿元，同比增长153.3%，略高于公司的盈喜预告。 制冷剂维持高景气度，价格持续攀升 集团制冷剂业务快速增长，成为公司业绩的重要支撑。2025年上半年实现收入22.9亿元，同比增长 47.7%。盈利10.3亿元，同比增长209.8%，分部利润率为44.9%，同比提升23.5个百分点，主要是受益于 R32、R22、R410a等主要产品价格有明显上涨。目前，截至9月12日，二代制冷剂R22价格为3.45万元/ 吨，较年初上涨2500元/吨。三代制冷剂方面，R134a价格为5.2万元/吨，较9月初上涨500元/吨;R32价格 为6.15万元/吨，较 ...

Core Viewpoint - First Shanghai maintains a "buy" rating for Dongyue Group (00189), predicting revenue and net profit growth from 2025 to 2027, with a target price of HKD 18.9, indicating a potential upside of 57.5% from the current price [1] Group 1: Financial Performance - In the first half of 2025, Dongyue Group achieved revenue of RMB 74.6 billion, a year-on-year increase of 2.8%, with a gross margin of 29.1%, up nearly 9.3 percentage points; net profit attributable to shareholders was RMB 7.8 billion, a year-on-year increase of 153.3%, slightly exceeding the company's profit forecast [1] Group 2: Refrigerant Business - The refrigerant business experienced rapid growth, contributing significantly to the company's performance, with revenue of RMB 22.9 billion in the first half of 2025, a year-on-year increase of 47.7%; profit reached RMB 10.3 billion, a year-on-year increase of 209.8%, with a segment profit margin of 44.9%, up 23.5 percentage points, driven by significant price increases in key products [2] - As of September 12, 2025, the price of second-generation refrigerant R22 was RMB 34,500 per ton, up RMB 2,500 per ton since the beginning of the year; third-generation refrigerants R134a and R32 also saw price increases [2] Group 3: Fluoropolymer and Silicone Business - The fluoropolymer materials segment faced weak downstream demand, leading to a further decline in product prices; however, the company maintained a competitive advantage with superior product quality, achieving revenue of RMB 19.4 billion, a year-on-year decrease of 4.6%, and a segment profit margin of 13.4% [3] - The silicone segment experienced a significant decline in revenue and profit due to oversupply and weak downstream demand, with revenue of RMB 27.6 billion, a year-on-year decrease of 15.9%, and a segment profit margin of 0.38% [3]