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 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Core Viewpoint - Yonghe Co. reported a revenue of 4.61 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million yuan, up 37% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 1.23 billion yuan, an increase of 8% year-on-year and 2% quarter-on-quarter, with a net profit of 105 million yuan, up 385% year-on-year and 210% quarter-on-quarter [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 7%, with a net profit of 97 million yuan, up 162% year-on-year and down 7% quarter-on-quarter [1] - The company proposed a dividend of 0.25 yuan per share (before tax) for 2024, with a payout ratio of 47% [1] Group 2: Industry Insights - In 2024, the refrigerant sector saw a recovery in market conditions, while the fluoropolymer and chemical raw materials segments faced declining profit margins [1] - The sales volume of fluorocarbon chemicals decreased by 9.2% year-on-year to 103,000 tons, but revenue increased by 3.8% to 2.45 billion yuan, with a gross margin up 13 percentage points to 20.4% [1] - The sales volume of fluoropolymers increased by 41% year-on-year to 39,000 tons, with revenue rising 17% to 1.58 billion yuan, although the gross margin fell by 8 percentage points to 15.8% due to price declines [1] - The sales volume of chemical raw materials increased by 14% year-on-year to 240,000 tons, but revenue decreased by 20% to 440 million yuan, with a gross margin down 16 percentage points to -9.3% due to significant price drops [1] Group 3: Future Outlook - In Q1 2025, the sales volume of fluorocarbon chemicals increased by 3.6% year-on-year to 21,000 tons, with revenue up 25% to 590 million yuan, indicating continued improvement in the refrigerant market [2] - The average price of refrigerants increased by 21% year-on-year and 10% quarter-on-quarter to 28,000 yuan per ton [2] - The company expects to enhance its competitiveness in the fluorochemical industry with the successful commissioning of new projects, including 4,000 tons/year of perfluorohexanone and 8,000 tons/year of VDF [2] Group 4: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 450 million, 560 million, and 640 million yuan respectively, reflecting an upward adjustment of 12% and 8% for 2025 and 2026 [3] - The target price for the company is set at 23.04 yuan, up from a previous value of 19.08 yuan, based on a 24x PE ratio for 2025 [3]

Core Viewpoint - The company, Juhua Co., Ltd., reported significant growth in its 2024 annual performance, driven primarily by the strong demand and price increase of refrigerants, despite challenges in other chemical product segments [1][2]. Financial Performance - In 2024, the company achieved total revenue of 24.462 billion yuan, an increase of 18.43% year-on-year [1] - The net profit attributable to shareholders reached 1.960 billion yuan, up 107.69% year-on-year [1] - The net profit excluding non-recurring items was 1.903 billion yuan, reflecting a 131.40% increase year-on-year [1] - In Q4 2024, total revenue was 6.556 billion yuan, a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.52% [1] - The net profit attributable to shareholders in Q4 was 0.702 billion yuan, up 256.83% year-on-year and 65.81% quarter-on-quarter [1] Product Performance - The refrigerant products experienced both volume and price increases, contributing to the overall performance growth [2] - The average selling price of refrigerants was 26,800 yuan/ton, an increase of 32.69% year-on-year, with external sales volume reaching 353,000 tons, up 22.61% year-on-year [2] - Non-refrigerant chemical products faced a challenging market with declining prices, impacting profitability [2] Market Trends - The upward trend in refrigerant prices is expected to continue into 2025 due to supply constraints and improved industry dynamics [3] - The domestic market prices for key refrigerants R22, R32, R125, and R134a have increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [3] - Export prices for R32 refrigerant have shown consistency, indicating a strengthening of the company's market position [3] Investment Outlook - The company is positioned favorably within the fluorochemical industry, benefiting from the upward cycle of refrigerant prices and cost advantages from its integrated operations [4] - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 4.904 billion, 5.760 billion, and 6.416 billion yuan respectively, reflecting year-on-year growth rates of 150.25%, 17.46%, and 11.40% [4] - The company maintains a strong recommendation for investment based on its competitive positioning and growth potential in the refrigerant market [4]

Core Viewpoint - The company, Duofluor, is establishing a unique competitive advantage in the rapidly growing Chinese new energy industry by integrating fluorine, lithium, silicon, and boron materials with solid-state battery technology, showcasing a narrative of "counter-cyclical growth" through technological iteration, cost control, and long-term strategies [1][8]. Group 1: Company Overview - Duofluor, founded in December 1999 and listed in May 2010, has evolved from a focus on inorganic fluorides to a diversified business model spanning traditional industries, new energy, and semiconductors, forming a "basic materials + high-end applications" driving model [2][3]. - The company operates four main business segments: fluorine-based new materials, electronic information materials, new energy materials, and new energy batteries, all achieving significant market positions [3]. Group 2: Product and Technology Development - The fluorine-based new materials segment includes products like anhydrous aluminum fluoride and anhydrous hydrogen fluoride, with the production process for anhydrous aluminum fluoride being a third-generation technology that has reached an international leading level [3]. - The electronic information materials segment produces electronic-grade hydrogen fluoride, which has successfully entered the semiconductor supply chain, with an annual production capacity of 60,000 tons [4]. - In the new energy materials segment, the company has a production capacity of 65,000 tons of high-purity crystalline lithium hexafluorophosphate (LiPF6), which is a key component in lithium battery electrolytes, and is positioned among the top global producers [5]. Group 3: Market Trends and Future Outlook - The demand for sodium-ion batteries is expected to grow significantly, with projections indicating a market demand of 520 GWh by 2030, presenting a market opportunity exceeding 200 billion [5]. - The company is also advancing in solid-state battery materials, having developed patents for polymer and oxide solid-state electrolytes, with ongoing internal testing and a pilot production line established [7]. - The company’s comprehensive supply chain from fluorine resources to lithium batteries positions it well for future growth, especially as the global demand for lithium batteries is expected to stabilize and grow [8][13]. Group 4: Financial Performance and Strategic Moves - In 2024, the company faced a net loss due to asset impairment and declining product prices, but excluding these factors, it did not incur a net loss, indicating resilience [9][11]. - In Q1 2025, the company reported a revenue of 2.098 billion, with a net profit of 64.73 million, reflecting a significant year-on-year increase of 69.24%, showcasing effective cost control [11]. - The company has initiated a share buyback program, indicating confidence in its future performance and commitment to enhancing shareholder value [15]. Group 5: Industry Context and Competitive Landscape - The fluorochemical industry is positioned for growth due to increasing environmental regulations and the push for sustainable development, which aligns with the company's focus on innovation and eco-friendly products [12]. - The electronic information materials sector is experiencing rising demand driven by advancements in technology, with domestic companies like Duofluor poised to benefit from reduced reliance on imports [13]. - The new energy vehicle market is projected to grow significantly, with production and sales expected to exceed 10 million units in 2024, further driving demand for the company's products [14].

（文章来源：证券时报网） 4月22日公司发布的一季报数据显示，一季度公司共实现营业总收入3.56亿元，同比增长11.97%，实现 净利润311.55万元，同比增长22.01%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.04.23 | 9.97 | 13.60 | 12950.65 | | 2025.04.22 | 9.99 | 6.24 | 4613.99 | | 2025.04.21 | 3.36 | 1.97 | 287.31 | | 2025.04.18 | 0.00 | 1.53 | 23.92 | | 2025.04.17 | 2.32 | 2.19 | -389.99 | | 2025.04.16 | -3.24 | 1.74 | -265.18 | | 2025.04.15 | 1.52 | 2.40 | -657.61 | | 2025.04.14 | 2.60 | 1.96 | 69.52 | | 2025.04.11 | 2.03 | 2.37 | 374.8 ...

Core Viewpoint - The special engineering plastics industry in China, particularly the production of 4,4'-difluorobenzophenone (DFBP), is experiencing rapid growth, with significant increases in production, demand, and market size projected for 2024 [1][10]. Industry Overview - DFBP is a crucial fluorinated organic fine chemical product and pharmaceutical intermediate, primarily synthesized through methods such as Friedel-Crafts acylation and diazotization oxidation [2][4]. - The upstream supply chain for DFBP includes various raw materials like fluorobenzene and hydrogen fluoride, with China being a major producer, ensuring sufficient domestic supply [4]. Demand Structure - The PEEK sector is the largest market for DFBP in China, accounting for over 90% of demand in 2024, with approximately 0.8 tons of DFBP required to produce 1 ton of PEEK [6][10]. - The medical intermediate sector is a smaller but growing application for DFBP, driven by the expanding pharmaceutical industry and aging population [8]. Market Size and Growth - In 2024, China's DFBP production is expected to reach 5,150 tons, with a demand of 3,121.3 tons and a market size of approximately 39,523.9 million yuan, translating to an average price of about 127,000 yuan per ton [10]. - The global DFBP market is projected to reach 1.175 billion yuan in 2024, with Asia and Europe accounting for 48.77% and 44.51% of the market, respectively [8]. Competitive Landscape - The DFBP market in China is highly concentrated, with leading companies like Xinhang New Materials and Zhongxin Fluorine Materials holding over 80% of the market share [12]. - Zhongxin Fluorine Materials is the largest player, capturing more than 30% of the market, followed by Xinhang New Materials and Xingfu New Materials [12]. Company Analysis - Zhongxin Fluorine Materials reported a total revenue of 1.028 billion yuan and a gross profit of 97 million yuan in the first three quarters of 2024, with a gross margin of 9.4% [14]. - Xinhang New Materials achieved a revenue of 209 million yuan in the first half of 2024, with 92 million yuan coming from its core raw materials for special engineering plastics, representing 44% of total revenue [16]. Development Trends - Future advancements in DFBP synthesis will focus on optimizing processes, developing new catalysts, and implementing automation and green technologies [18]. - Collaboration between DFBP manufacturers and downstream PEEK producers is expected to increase, enhancing product practicality and ensuring stable revenues for DFBP manufacturers [18].

随着年报披露，金石资源(603505)董事长王锦华继续撰写2024年度致股东信。他首次向市场发布招贤 令，表示求贤若渴、急需更多矿山和化工领域的高级管理者、优秀技术专家与公司同行。 对于2024年业绩，王锦华坦言"成绩单显然无法让各位投资者满意"，并以"真诚反思：当前存在的主要 问题"和"抽丝剥茧：对问题成因的深度剖析"展开了自我批评。 值得称赞的是，王锦华将行业因素置后，以公司内部因素作为首要原因。他表示，公司管理和能力没有 跟上监管趋势导致成本上升，同时尾泥提锂和锂电材料项目受行业周期性因素影响发生亏损。 从所处赛道的前景、行业竞争格局、以及企业竞争力三个方面，王锦华向投资者传达了强烈的信心。第 一，萤石是氟化工"黄金赛道"的起点，无论是传统制冷剂还是新能源领域，氟都是不可或缺的。包括现 在大家关注的数据中心液冷技术，氟化液是最有效的制冷介质。 第二，金石资源是资本市场唯一以萤石为主业的上市公司，标的具有稀缺性，因此会享受到龙头企业的 估值溢价。 第三，公司护城河来自"资源+技术"的双重保障。面对伴生矿、低品位矿、难选矿这些"硬骨头"，公司 通过先进技术将其价值激活，而新入局者需要同时跨越资源获取的高门槛 ...

多氟多（002407）公告，2024年营业收入82.07亿元，同比下降31.25%。归属于上市公司股东的净亏损 3.08亿元，去年同期净利润5.11亿元，由盈转亏。基本每股收益-0.26元/股。公司拟向全体股东每10股派 发现金红利2元(含税)，不送红股，不以公积金转增股本。 ...

Company Overview - The company focuses on the research, production, and sales of fluorine-containing new materials, having developed a complete fluorochemical industry chain including basic raw materials, fluorinated refrigerants, fluorinated polymers, and fluorinated fine chemicals [4][5] - The company has established a significant production capacity in the fourth-generation refrigerant sector, with plans for capacity expansion through technological upgrades based on market conditions [6] Product Segments - **Fluorinated Refrigerants**: The company produces HCFCs and HFCs, which are used in various applications including refrigeration systems and as raw materials for fluorinated polymers. HCFC-142b is a key product, while HFC-152a serves multiple roles including as a propellant [4][6] - **Fluorinated Polymers (PVDF)**: The company has industrialized PVDF, which is in high demand due to its excellent properties and applications in sectors such as telecommunications, new energy, and construction. The lithium battery sector has become the largest downstream application for PVDF [6][7] Financial and Operational Updates - The company has not needed to restate previous financial data and has maintained consistent financial reporting [9][10] - Recent market conditions have led to a significant decline in prices for fluorinated materials, particularly in the lithium battery sector, prompting the company to pause the construction of a new PVDF project and reassess its plans [11] Strategic Developments - The company has approved the acquisition of a 9.9990% stake in Shandong Hu'an New Materials Co., thereby increasing its ownership to 100%, which aligns with its long-term strategic goals [10] - A project for the construction of a 50,000 tons/year PVDF production facility has been approved, but its development is currently on hold due to market fluctuations and the need for further planning [11][12]