? 公司预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益 的净利润为 25,000.00 万元到 27,500.00 万元，与上年同期相比，将增加 14,387.16 万元到 16,887.16 万元，同比增长 135.56%到 159.12%。 一、本期业绩预告情况 （一）业绩预告期间 证券代码：605020 证券简称：永和股份 公告编号：2025-060 债券代码：111007 债券简称：永和转债 浙江永和制冷股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上 的情形。 ? 浙江永和制冷股份有限公司（以下简称"公司"）预计 2025 年半年度实现 归属于上市公司股东的净利润为 25,500.00 万元到 28,000.00 万元，与上年同期相比， 将增加 14,231.89 万元到 16,731.89 万元，同比增长 126.30%到 148.49%。 （二）产品结构进一步优化。公司坚持以"强链、延链、补链"为 ...

证券研究报告 | 公司动态点评 2025 年 06 月 27 日 永和股份（605020.SH） 制冷剂进入长景气周期，关注公司含氟高分子材料及精细化学品布 局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,369 | 4,606 | 5,681 | 6,418 | 6,850 | | 增长率 yoy（%） | 14.9 | 5.4 | 23.3 | 13.0 | 6.7 | | 归母净利润（百万元） | 184 | 251 | 583 | 774 | 923 | | 增长率 yoy（%） | -38.8 | 36.8 | 132.0 | 32.7 | 19.2 | | ROE（%） | 7.0 | 8.9 | 17.5 | 19.2 | 19.0 | | EPS 最新摊薄（元） | 0.39 | 0.53 | 1.24 | 1.65 | 1.96 | | P/E（倍） | 57.2 | 41.8 | 18.0 | 13.6 | 11.4 | | P/ ...

司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【210】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改 ...

Core Viewpoint - The company specializes in the research, production, and sales of fluorochemical products, establishing a complete industrial chain from fluorite mining to fluorinated polymers and fine chemicals [1] Group 1: Business Overview - The company has a comprehensive product range including fluorocarbon chemicals, mixed refrigerants, fluorinated polymers, fine chemicals, and various chemical raw materials [1] - The company possesses significant fluorite resource advantages, with proven reserves of 4.8527 million tons as of December 2024 [2] - The company has an annual production capacity of 190,000 tons for fluorocarbon chemicals and has received refrigerant quotas of 61,400 tons for 2025, positioning it favorably in the industry [2] Group 2: Production and Sales Performance - The company reported a 40.6% year-on-year increase in fluorinated polymer sales, reaching 38,600 tons in 2024 [2] - The company has an annual production capacity of 82,800 tons for fluorinated polymers, with over 30,000 tons under construction [3] - The company achieved a revenue of 4.61 billion yuan in 2024, a 5.4% increase from the previous year, and a net profit of 250 million yuan, up 36.8% [5] Group 3: Future Prospects - The company is expanding its fluorinated fine chemicals segment, with new production lines for HFPO and perfluorohexanone entering trial production [4] - The company is expected to benefit from high profitability in refrigerants due to quota constraints and increasing demand from the air conditioning sector [2][6] - The company forecasts net profits of 667 million yuan, 924 million yuan, and 1.207 billion yuan for 2025-2027 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The refrigerant industry is experiencing a high level of prosperity, with the company's performance expected to continue its strong growth [6] - The profitability of fluoropolymer materials is gradually recovering, driven by increased production and improved market conditions [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 4.61 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 250 million yuan, up 36.8% year-on-year [4][7] - The company's Q4 2024 results showed operating revenue of 1.23 billion yuan, a year-on-year increase of 7.6%, and a net profit of 105 million yuan, up 385% year-on-year [5] - For Q1 2025, the company reported operating revenue of 1.14 billion yuan, a year-on-year increase of 12.4%, and a net profit of 97 million yuan, up 161.7% year-on-year [10] Product Segment Performance - In the fluorocarbon chemical segment, the company generated revenue of 2.447 billion yuan in 2024, with an average gross margin of 20.37%, up 12.62 percentage points year-on-year [7][9] - The fluoropolymer materials segment achieved revenue of 1.581 billion yuan in 2024, reflecting a year-on-year increase of 17.38% [7][9] - The chemical raw materials segment saw a revenue decline to 436 million yuan in 2024, with a significant drop in average selling price [9] Future Projections - The company is projected to achieve operating revenues of 5.012 billion yuan, 5.433 billion yuan, and 5.853 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 491 million yuan, 589 million yuan, and 680 million yuan [11][13] - The expected price-to-earnings ratios for the next three years are 20, 17, and 15 times [11]

2025Q1 含氟高分子材料逐步向好，制冷剂业务保持向好。2025Q1 公司实现毛利率23.4%（同比 +6.2pct，环比+3.1pct），实现净利率8.6%（同比+4.9pct，环比持平），含氟高分子材料实现均价4.1 万 元/吨（同比-2.1%，环比+3.9%），随着公司邵武基地工艺不断优化以及行业触底反弹，含氟高分子材 料已开始逐步向好，氟碳化学品实现均价2.8 万元/吨（同比+21.1%，环比+10.1%），制冷剂价格加速 上涨。 展望后市，预计制冷剂内外贸有望进一步上涨。根据产业在线，4-6 月我国家用空调排产分别同比去年 预计提升9.1%/13.0%/15.9%，国补下面旺季需求彰显强劲。同时，"金三银四"需求旺季下，25Q2 空调 长协再度大幅上涨，氟务在线显示最新二季度制冷剂长协定价R32 承兑价格46600 元/吨（环比增加 14.77%），R410a 承兑价格47600 元/吨（环比增加14.42%）。根据百川盈孚，截至4 月24 日，企业报 价仍在不断上涨，巨化R22 报价达到36500 元/吨，永和R32 报价达到50500 元/吨，东阳光R134a 报价为 48000 元/吨，东阳 ...

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].

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]

得益于制冷剂市场需求的持续增长，氟化工企业永和股份（605020）(605020.SH)一季度业绩实现跨越 式增长，盈利能力大幅提升。 4月7日，永和股份发布公告称，预计2025年一季度实现净利润9100万到1.03亿元，同比增长144.49%到 176.74%。 4月7日，永和股份发布公告称，预计2025年一季度实现净利润9100万到1.03亿元，同比增长144.49%到 176.74%。 永和股份凭借其在制冷剂、含氟高分子材料等领域的深厚积累，精准布局市场，抓住了行业发展的机 遇。同时，公司通过定增扩产和加大研发投入，为高质量发展奠定了坚实基础。 永和股份始终将技术创新作为企业发展的核心动力，2020年至2024年前三季度，近五年时间，公司研发 费用累计达2.63亿元。 产品量价齐升净利大增 永和股份专注于含氟化学品的研发、生产和销售，经过多年发展，已形成从萤石矿、氢氟酸、甲烷氯化 物、氟碳化学品到含氟高分子材料的完整产业链。 去年以来，受益公司主营产品价格上涨及市场需求旺盛，永和股份业绩大增。 对于业绩增长，公司表示，2025年一季度，制冷剂需求端延续2024年四季度的高热度，供给端受配额政 策约束，供 ...