Core Viewpoint - The company specializes in the research, production, and sales of fluorochemical products, establishing a complete industrial chain from fluorite mining to fluorinated polymers and fine chemicals [1] Group 1: Business Overview - The company has a comprehensive product range including fluorocarbon chemicals, mixed refrigerants, fluorinated polymers, fine chemicals, and various chemical raw materials [1] - The company possesses significant fluorite resource advantages, with proven reserves of 4.8527 million tons as of December 2024 [2] - The company has an annual production capacity of 190,000 tons for fluorocarbon chemicals and has received refrigerant quotas of 61,400 tons for 2025, positioning it favorably in the industry [2] Group 2: Production and Sales Performance - The company reported a 40.6% year-on-year increase in fluorinated polymer sales, reaching 38,600 tons in 2024 [2] - The company has an annual production capacity of 82,800 tons for fluorinated polymers, with over 30,000 tons under construction [3] - The company achieved a revenue of 4.61 billion yuan in 2024, a 5.4% increase from the previous year, and a net profit of 250 million yuan, up 36.8% [5] Group 3: Future Prospects - The company is expanding its fluorinated fine chemicals segment, with new production lines for HFPO and perfluorohexanone entering trial production [4] - The company is expected to benefit from high profitability in refrigerants due to quota constraints and increasing demand from the air conditioning sector [2][6] - The company forecasts net profits of 667 million yuan, 924 million yuan, and 1.207 billion yuan for 2025-2027 [6]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company has significantly increased its profits due to the upward cycle of refrigerants, with a revenue of 24.462 billion yuan in 2024, representing an 18.43% year-on-year increase, and a net profit of 1.960 billion yuan, which is a 107.69% increase year-on-year [4][5] - The supply-demand structure of fluorinated refrigerants has improved, leading to a continuous rise in prices, which has driven the company's high growth in performance [5][9] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 24.462 billion yuan, up 18.43% year-on-year, and a net profit of 1.960 billion yuan, up 107.69% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares (including tax) [4] Business Segments - The production of fluorinated chemical raw materials increased by 6.22% year-on-year, while external sales decreased by 4.59%. The average monthly sales price increased by 23.19%, leading to a total revenue increase of 17.54% [5] - The production and sales volume of fluorinated refrigerants increased by 21.12% and 22.61% respectively, with a revenue of 9.447 billion yuan, a 62.69% increase year-on-year [6] - The production and sales of fluorinated fine chemicals saw a significant increase of 148.99% and 254.95% respectively, with a revenue increase of 99.48% [7] Market Outlook - The refrigerant market is expected to continue its upward trend due to supply constraints and strong demand from downstream industries such as air conditioning and automotive [9] - The company holds the largest production quotas for HCFC-22 and HFCs in the country, which strengthens its market position [5][9] Future Projections - The company forecasts a net profit of 2.764 billion yuan in 2025, 3.323 billion yuan in 2026, and 3.815 billion yuan in 2027, reflecting strong growth potential [9]