中欣氟材 在 氟化工 领域交出了一份亮眼的成绩单。 8月18日晚间，中欣氟材（002915.SZ）公告，2025年上半年实现营收7.74亿元，同比增长19.81%；归母 净利润541.2万元，同比扭亏为盈，增长123.40%。 报告期内，中欣氟材深入推进含氟 新材料 业务的战略布局。2025年上半年，公司的新材料和 电子化学 品 营收为8978万元，营收占比达11.6%，与上年同期相比增长28.85%。 中欣氟材表示，2025年下半年，公司将充分发挥自身氟化工产业链一体化的优势，进一步延伸打造"萤 石—氟精细化学品—新材料"一体化产业链条。 业绩回暖扭亏为盈 中欣氟材的主营业务聚焦于氟精细化学品的研发、生产与销售，构建了涵盖"萤石矿—氟化氢—精细化 学品"的完整全产业链，产品广泛应用于医药、农药、新材料与电子化学品三大关键领域。 近年来，中欣氟材持续发力氟化工产业链一体化。 7月7日晚间，中欣氟材发布定增预案，拟以简易程序向特定对象发行股票募集资金，募资总额不超过 2.26亿元，用于年产2000吨BPEF、500吨BPF、1000吨9-芴酮产品建设项目及补充流动资金。 本次募投项目紧密围绕公司主业展开，主要用 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 9.48 to 10.42 billion yuan in the first half of 2025, representing a year-on-year growth of 147% to 172% [6] - The price of refrigerants has significantly increased, leading to improved profitability, with the average prices for mainstream refrigerants R22, R32, R125, and R134a rising substantially [6] - The company is investing in the construction of fourth-generation refrigerant projects to enhance its integrated industrial chain in fluorine chemicals [6] Financial Data and Profit Forecast - Total revenue is projected to reach 6,569 million yuan in 2025, with a year-on-year growth rate of 62.6% [2] - Net profit attributable to shareholders is forecasted at 2,212 million yuan for 2025, reflecting a year-on-year increase of 184.1% [2] - Earnings per share (EPS) is expected to be 3.62 yuan in 2025, with a projected increase to 6.10 yuan by 2027 [2] Market Data - The closing price of the stock on July 11, 2025, was 45.38 yuan, with a market capitalization of 27,704 million yuan [3] - The price-to-earnings (P/E) ratio is projected to be 13 for 2025, decreasing to 7 by 2027 [2][3] Investment Analysis - The company is one of the leading players in the domestic third-generation refrigerant market, benefiting from an optimized industry structure and unexpected downstream demand [6] - The report has revised the revenue forecasts for 2025-2027 to 22.12 billion yuan, 29.84 billion yuan, and 37.23 billion yuan, respectively [6] - The company has significant pricing flexibility due to its allocation of refrigerant quotas, which is expected to support continued price increases [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported significant growth in its financial performance, with 2024 revenue reaching 4.04 billion, a year-on-year increase of 21.2%. The net profit attributable to shareholders was 780 million, up 178.4% year-on-year, and the net profit excluding non-recurring items was 750 million, reflecting a 257.7% increase [2][5]. - In Q1 2025, the company achieved revenue of 1.21 billion, a year-on-year increase of 26.4% and a quarter-on-quarter increase of 21.2%. The net profit attributable to shareholders was 400 million, up 159.6% year-on-year and 84.0% quarter-on-quarter [2][5]. - The company declared a total cash dividend of 270 million for 2024, accounting for 35.0% of the net profit attributable to shareholders [2][5]. Financial Performance Summary - In 2024, the company’s refrigerant business showed significant improvement, with external sales of refrigerants at 125,000 tons/year (up 1.7% year-on-year) and an average selling price of 26,000 yuan/ton (up 28.2% year-on-year). The gross margin for 2024 was 29.8%, an increase of 16.4 percentage points year-on-year [10]. - For Q1 2025, the average price of refrigerants continued to rise, with external sales of 27,000 tons (down 16.1% year-on-year) and an average price of 37,400 yuan/ton (up 56.9% year-on-year) [10]. - The company is actively enhancing its integrated supply chain, focusing on various projects including a 90,000-ton AHF technical transformation project and a 45,000-ton R32 refrigerant expansion project [10]. Future Outlook - The refrigerant industry is expected to continue its upward trend, with the company positioned to benefit as a leading player. Projected revenues for 2025-2027 are estimated at 2.28 billion, 3.02 billion, and 3.54 billion respectively [10].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has shown significant performance improvement due to the substantial increase in refrigerant prices, with expectations for continued growth as the peak season approaches [1][7] - The company reported a strong Q1 2025 performance, with revenue and net profit showing high year-on-year growth, driven by rising refrigerant prices [7] Financial Data and Profit Forecast - Total revenue is projected to reach 6,038 million yuan in 2025, reflecting a year-on-year growth rate of 49.5% [3] - The net profit attributable to the parent company is expected to be 1,783 million yuan in 2025, with a year-on-year growth rate of 129.1% [3] - Earnings per share (EPS) is forecasted to be 2.92 yuan in 2025, increasing to 5.43 yuan by 2027 [3] - The gross margin is expected to be 44.1% in 2025, improving to 56.6% by 2027 [3] - The return on equity (ROE) is projected to be 21.8% in 2025, with a slight decrease to 25.2% by 2027 [3] Market Data - As of April 30, 2025, the closing price of the stock was 44.10 yuan, with a market capitalization of 26,922 million yuan [4] - The stock has a price-to-earnings (P/E) ratio of 15 for 2025, decreasing to 8 by 2027 [3][4] Performance Analysis - The company achieved a significant increase in refrigerant sales and prices in Q1 2025, with a notable rise in average selling prices compared to the previous quarter [7] - The company is expected to benefit from a favorable industry environment, with reduced inventory levels and increasing demand for refrigerants [7] - The company has plans for further investments in the refrigerant sector, enhancing its production capabilities and market position [7]