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永和股份(605020):含氟高分子材料触底 制冷剂景气持续向上
Xin Lang Cai Jing· 2025-04-29 02:40
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 ...
永和股份:2024年营收利润双增长,氟化工产业链优势凸显
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].