Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price trend of refrigerants continues to rise, contributing to the company's profitability [6] - The company's Q3 performance shows consistent growth both year-on-year and quarter-on-quarter, with significant increases in net profit [5][6] - The report anticipates sustained high demand for refrigerants and improvements in the profitability of fluoropolymer materials [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.786 billion yuan, a year-on-year increase of 12.04%, and a net profit of 469 million yuan, up 220.39% year-on-year [4] - In Q3 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 11.42% and a quarter-on-quarter increase of 2.46% [5] - The gross profit margin for Q3 2025 was 27.38%, reflecting a year-on-year increase of 12.65 percentage points [5] Product Pricing and Profitability - The average prices for major refrigerants in Q3 2025 were R32 at 57,701 yuan/ton, R125 at 45,500 yuan/ton, and R134a at 50,828 yuan/ton, showing significant year-on-year increases of 59.58%, 46.06%, and 58.95% respectively [6] - The average gross profit for these refrigerants also saw substantial growth, with R32 at 43,441 yuan/ton, R125 at 28,253 yuan/ton, and R134a at 32,710 yuan/ton, reflecting year-on-year increases of 102.05%, 110.27%, and 113.48% respectively [6] Future Earnings Forecast - The company is projected to achieve revenues of 5.152 billion yuan, 5.671 billion yuan, and 6.213 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 633 million yuan, 810 million yuan, and 950 million yuan [10] - The report maintains a "Buy" rating based on the expectation of sustained high refrigerant prices and ongoing recovery in the profitability of fluoropolymer materials [9]