Investment Rating - The investment rating for the company has been upgraded to OUTPERFORM [2][3][10] Core Views - The company has shown significant growth, with a 2024 operating income of Rmb 4.04 billion, representing a year-on-year increase of 21.17%, and a net profit of Rmb 779 million, up 178.4% year-on-year [4][7] - The refrigerant prices are on an upward trend, significantly improving the company's profitability, with a gross margin of 29.79% in 2024, increasing to 46.70% in Q1 2025 [8][9] - The demand for three generations of refrigerants is expected to continue rising, benefiting the company due to its substantial production quotas [9][10] Financial Performance - The company's revenue projections for 2025-2027 are Rmb 5.95 billion, Rmb 6.47 billion, and Rmb 7.05 billion, respectively, with corresponding net profits of Rmb 2.01 billion, Rmb 2.42 billion, and Rmb 2.87 billion [3][10] - The diluted EPS is expected to rise from Rmb 3.30 in 2025 to Rmb 4.70 in 2027, reflecting strong earnings growth [10] Market Position - The company holds a significant market position with a production quota of 15.4% for three generations of refrigerants, positioning it to fully benefit from the ongoing market trends [9][10]