Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, driven by the high demand for refrigerants, with a year-on-year growth of 161% [1] - The refrigerant market is expected to remain strong, supported by demand from downstream sectors such as air conditioning and automotive [4] - The company is projected to achieve net profits of 41 billion, 53 billion, and 61 billion RMB for the years 2025 to 2027, respectively, indicating a robust growth trajectory [5] Revenue and Profitability - In Q1 2025, the company achieved total revenue of 5.8 billion RMB, a year-on-year increase of 6% [1] - The company's gross profit margin improved to 28.4%, reflecting a year-on-year increase of 13.7 percentage points [3] - The earnings per share (EPS) for 2025 is estimated at 1.52 RMB, with a projected growth in EPS for the following years [5] Market Performance - The average price of refrigerants has increased, with R22, R32, R125, and R134a prices rising by 9%, 13%, 7%, and 11% respectively since the beginning of the year [4] - The company's market capitalization is approximately 68.47 billion RMB, with a target price set at 31.92 RMB [9] Segment Performance - The refrigerant segment saw a year-on-year sales increase of 4%, despite a seasonal decline in Q1 [2] - The fluoropolymer segment faced temporary pressure, with a year-on-year sales decline of 7% [2] - The basic chemical products segment benefited from improved caustic soda prices, leading to a revenue increase of 7% year-on-year [3]

Core Viewpoint - The company reported significant growth in its first-quarter 2025 performance, driven primarily by the strong demand and price increase of refrigerant products, despite challenges in other chemical product segments [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 5.8 billion yuan, a year-on-year increase of 6.05% but a quarter-on-quarter decrease of 11.52% [1]. - The net profit attributable to shareholders reached 809 million yuan, marking a year-on-year increase of 160.64% and a quarter-on-quarter increase of 15.22% [1]. - The company's non-recurring net profit was 789 million yuan, reflecting a year-on-year increase of 173.94% and a quarter-on-quarter increase of 9.71% [1]. Group 2: Refrigerant Product Performance - The average selling price and external sales volume of refrigerants in Q1 2025 were 37,500 yuan/ton and 69,800 tons, respectively, representing year-on-year increases of 58.08% and 4.14% [1]. - The company’s refrigerant business saw substantial profit growth, which significantly improved the overall revenue and profit structure [1]. Group 3: Industry Trends - The refrigerant market is experiencing an upward trend in prices, supported by supply constraints due to quota systems and improved industry competition [2]. - As of April 28, 2025, the average domestic market prices for key refrigerants (R22, R32, R125, R134a) increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [2]. - The export prices for refrigerant R32 showed a gradual alignment with domestic prices, enhancing the company's performance certainty [2]. Group 4: Investment Outlook - The company is positioned favorably within the fluorochemical industry, benefiting from the upward cycle of second and third-generation refrigerants [3]. - Future net profits for 2025-2027 are projected to be 4.908 billion, 5.660 billion, and 6.656 billion yuan, with year-on-year growth rates of 150.47%, 15.32%, and 17.60% respectively [3]. - The company maintains a strong recommendation for investment, highlighting its cost advantages and strategic capacity expansion [3].

Core Viewpoint - The company reported a revenue of 4.61 billion yuan for 2024, with a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 250 million yuan, reflecting a year-on-year increase of 36.8% [1] Financial Performance - In 2024, the company achieved a revenue of 4.61 billion yuan, with a net profit of 250 million yuan, and a non-recurring net profit also at 250 million yuan, showing significant year-on-year growth of 36.8% and 117.8% respectively [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, but a quarter-on-quarter decrease of 7.3%. The net profit for this quarter was 100 million yuan, marking a year-on-year increase of 161.7% [1] - The total cash dividend for 2024 was 120 million yuan, which accounted for 46.7% of the net profit attributable to shareholders [1] Business Segment Analysis - The fluoropolymer business faced challenges in 2024, generating a revenue of 1.58 billion yuan, a year-on-year increase of 17.4%, but with a gross margin of 15.8%, down by 8.1 percentage points. The average selling price was 41,000 yuan/ton, down 16.5% year-on-year [2] - The refrigerant business showed positive trends, with revenue from fluorocarbon chemicals reaching 2.45 billion yuan, a year-on-year increase of 3.8%, and a gross margin of 20.4%, up by 12.6 percentage points [2] - In Q1 2025, the gross margin for the fluoropolymer materials improved to 23.4%, with a net margin of 8.6%. The average price for fluoropolymer materials was 41,000 yuan/ton, showing a slight year-on-year decrease of 2.1% but a quarter-on-quarter increase of 3.9% [3] Market Outlook - The demand for refrigerants is expected to rise, with projected increases in air conditioning production of 9.1%, 13.0%, and 15.9% year-on-year for the months of April to June [4] - The long-term pricing for refrigerants is also on the rise, with significant increases noted in the second quarter for various refrigerants, indicating a tightening supply-demand balance [4] - The company anticipates a gradual recovery in profitability, with projected net profits for 2025, 2026, and 2027 estimated at 670 million, 920 million, and 1.21 billion yuan respectively [4]

Core Viewpoint - The company is experiencing significant growth in net profit due to the rapid increase in refrigerant prices, with substantial year-on-year increases projected for 2024 and Q1 2025 [1][2] Financial Performance - In 2024, the company achieved operating revenue of 4.04 billion yuan, a year-on-year increase of 21.17% [1] - The net profit attributable to shareholders for 2024 was 779 million yuan, up 178.40% year-on-year [1] - For Q1 2025, the company reported operating revenue of 1.21 billion yuan, a 26.42% increase year-on-year [1] - The net profit attributable to shareholders for Q1 2025 was 401 million yuan, reflecting a year-on-year growth of 159.59% [1] Refrigerant Market Dynamics - The company's refrigerant sales volume reached 125,400 tons in 2024, a 1.65% increase year-on-year [2] - The average selling price of refrigerants for 2024 was 26,100 yuan per ton, up 28.17% year-on-year [2] - In Q1 2025, the average selling price of refrigerants rose to 37,400 yuan per ton, marking a 56.92% year-on-year increase [2] - The supply quotas for second-generation refrigerants have been significantly reduced, with R22 quotas down by 18% and R142b by 64% [2] Price Trends - As of April 28, 2025, the price of R32 was 48,000 yuan per ton, with a price difference of 32,970 yuan per ton, reflecting a 3% increase [3] - The price of R22 remained stable at 36,000 yuan per ton, with no change in price difference [3] - R134a and R152a also saw price increases of 1% and 6% respectively compared to early April [3] Strategic Investments - The company is actively investing in the fluorinated refrigerants, fluorochemical products, and fluoropolymers sectors [4] - Projects include a lithium hexafluorophosphate production facility with an annual capacity of 6,000 tons and a fluoropolymer project with a capacity of 5,000 tons [4] - The company is also advancing various technological and infrastructure projects to enhance its production capabilities [4] Future Outlook - The company is expected to benefit from the ongoing structural reforms in the supply side of the refrigerant market, leading to a more concentrated competitive landscape [6] - Projected net profits for 2025-2027 are 1.598 billion, 1.844 billion, and 1.959 billion yuan respectively, with year-on-year growth rates of 105.3%, 15.4%, and 6.2% [6] - The diluted EPS for the same period is forecasted to be 2.62, 3.02, and 3.21 yuan, with corresponding PE ratios of 16.3, 14.1, and 13.3 [6]

事件：公司发布2024 年年报，公司2024 年实现营收244.62 亿元，同比增长18.43%，归母净利润19.6 亿 元，同比增长107.69%，其中四季度实现营收65.56亿元，同比增长41.21%，归母净利润7.02 亿元，同比 增长256.83%。 2024 年取得亮眼成绩主要是由于制冷剂板块贡献。公司主要产品市场结构性分化突出。公司第二、三 代氟制冷剂在生产配额制下，供需格局、竞争格局、竞争秩序优化，下游需求改善等，产品价格合理性 回归上行，涨幅较大；非制冷剂化工产品总体"供强需弱"，竞争激烈，价格下行。随着制冷剂产品价格 回升，公司制冷剂业务在主营业务结构、盈利结构中的占比大幅提升。 公司制冷剂业务因产品价格上行的增利影响大于公司非制冷剂业务因价格下行的减利影响。从经营数据 上来看，制冷剂营收贡献最大，增速也较快，同比增长62.6%，含氟精细化学品虽然占比较小，但是增 速最快，达到99.48%，除此之外氟化工原料和石化材料板块营收也取得正增长，可以说公司2024 年业 绩取得如此亮眼成绩主要依靠制冷剂板块。公司原材料市场局部价格坚挺，萤石、无水氟化氢、甲醇、 苯、硫磺、液氯、甘油、丙酮、环己酮等 ...

本周氟化工指数下跌6.06%，跑输上证综指2.95%。本周（4月21日-4月25日）氟化工指 数收于3570.93点，上涨6.61%，跑赢上证综指6.05%，跑赢沪深300指数6.23%，跑赢基础化 工指数3.28%，跑赢新材料指数5.17%。 全球空调需求火热，制冷剂报价进一步上涨 开源证券近日发布氟化工行业周报：本周氟化工指数下跌6.06%，跑输上证综指2.95%。 本周（4月21日-4月25日）氟化工指数收于3570.93点，上涨6.61%，跑赢上证综指6.05%，跑 赢沪深300指数6.23%，跑赢基础化工指数3.28%，跑赢新材料指数5.17%。 以下为研究报告摘要： 本周（4月21日-4月25日）行情回顾 受益标的 推荐标的：金石资源、巨化股份、三美股份、昊华科技等。其他受益标的：东阳光、永 和股份、东岳集团、新宙邦等。 风险提示：下游需求不及预期，价格波动，行业政策变化超预期等。（开源证券 金益 腾,毕挥,李思佳） 据产业在线数据，2025年5、6、7月排产分别+9.9%、+14.1%、+14.3%。又据制冷网公 众号，韩国出现家用空调热销的局面，三星电子家用空调2025第一季度销量同比+51% ...

Group 1: Oil and Petrochemical Industry - OPEC+ members are likely to propose accelerating oil production in June, leading to increased supply pressure on crude oil [1][2] - WTI crude oil futures fell by 2.15% and Brent crude oil futures decreased by 1.39% during the specified period [2] - Domestic oil companies are reducing their sensitivity to oil prices through upstream and downstream integration and diversifying their oil and gas sources [1][5] Group 2: Fluorochemical Industry - National subsidies are driving domestic demand growth, with refrigerant prices continuing to rise [3][4] - The production quota for second-generation refrigerants is decreasing, while the increase in third-generation refrigerant quotas is limited, leading to a tight supply situation [4] - The demand for refrigerants is expected to remain strong due to robust growth in the home appliance and automotive sectors, supported by national subsidy policies [3][5] Group 3: Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly the "Big Three" oil companies: China National Petroleum, Sinopec, and CNOOC, due to their strong earnings resilience [1][5] - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [5] - The semiconductor materials sector is also highlighted, with a positive outlook on inventory reduction and improving end-market fundamentals [5]

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].

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Insights - OPEC+ members are showing an increased willingness to raise production, leading to heightened supply pressure on crude oil [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through integrated operations and diversifying energy sources [7]. - The fluorochemical sector is benefiting from national subsidies driving domestic demand, with refrigerant prices continuing to rise [7]. Summary by Sections Oil and Petrochemicals - OPEC+ is expected to suggest accelerating oil production in June, increasing supply pressure [6]. - Recent data shows WTI crude futures fell by 2.15% and Brent crude by 1.39% [6]. - Geopolitical discussions between the US and Russia regarding a ceasefire are ongoing, which may impact oil supply dynamics [6]. Fluorochemicals - National subsidies are expected to boost domestic demand, particularly in the air conditioning and automotive sectors [6]. - The production of second-generation refrigerants is set to decrease, while the growth in third-generation refrigerants is limited, leading to a favorable supply-demand balance [7]. Semiconductor Materials - The semiconductor sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting potential for upward movement in the industry index [7].

长江商报消息 ●长江商报记者 杨蝶 氟化工龙头巨化股份（600160.SH）业绩逆势复苏。 4月24日晚间，巨化股份发布2024年年度报告，公司全年实现营业收入244.62亿元，同比增长18.43%； 归属于上市公司股东的净利润（以下简称"净利润"）19.6亿元，同比增长107.69%。 长江商报记者注意到，作为国内唯一拥有第一至四代含氟制冷剂系列产品的企业，巨化股份竞争优势明 显。2024年，化工行业规模以上企业利润总额同比下降8.6%，而同处该行业的巨化股份业绩却逆势大 幅增长。 巨化股份将业绩增长主要归因于，公司第二、三代氟制冷剂价格合理性回归上行。 业绩稳健之下，巨化股份继续稳定分红。公司宣布，2024年拟派发现金红利6.21亿元。算上此次分红， 公司自1998年上市以来，累计派现达59.73亿元。 对此，巨化股份称，主要原因系公司第二、三代氟制冷剂在生产配额制下，供需格局、竞争格局、竞争 秩序优化，下游需求改善等，产品价格合理性回归上行，涨幅较大，盈利大幅增长。 巨化股份表示，预计2025年公司氟制冷剂产品实际均价仍将上移，盈利水平及盈利比重进一步提升。 根据此前公布的2025年一季度业绩预告，公司 ...