Core Viewpoint - Cathay Pacific Haitong maintains an "Overweight" rating for Dongyue Group (00189), projecting net profits attributable to shareholders for 2025-2027 at 1.822 billion, 2.017 billion, and 2.410 billion RMB respectively, with a target price of 15.29 HKD based on a 12x PE for 2026 and an exchange rate of 0.91 [1] Group 1: Refrigerant Business Performance - In H1 2025, the refrigerant segment's revenue reached 2.292 billion RMB, a year-on-year increase of 47.69%, accounting for 30.71% of the group's total external sales [2] - The refrigerant segment achieved a profit of 1.030 billion RMB in H1 2025, reflecting a significant year-on-year growth of 209.77% [2] - Price increases for key products R32 and R410A were the main drivers of the segment's performance growth, attributed to quota restrictions [2] Group 2: Subsidiary and Associate Company Updates - Dongyue Silicon Materials, a non-wholly owned subsidiary, reported unaudited revenue of 490 million RMB and a net profit of 2.857 million RMB for the first three quarters of 2025 [3] - The associate company, Future Materials, has submitted its IPO application to the Shanghai Stock Exchange, which has been accepted for processing [4] - Dongyue Group holds an 8.33% stake in Future Materials, while Shandong Dongyue Silicon Materials holds a 5.14% stake [4]

公司于深圳证券交易所创业板上市的非全资附属公司山东东岳有机硅材料股份有限公司已于深圳证券交 易所网站发布2025年第三季度报告。以下是东岳硅材2025年前三季度未经审计的主要财务资料：收入为 4.90亿元;归属于东岳硅材股东的净利润为285.7万元。 参股公司未来材料已向上交所提交上市申请材料 智通财经APP获悉，国泰海通发布研报称，维持东岳集团(00189)"增持"评级，给予公司2025-2027年归 母净利润为18.22、20.17、24.10亿元，结合同行业可比公司，给予公司2026年12倍PE，按港币兑人民币 汇率为0.91计算，对应目标价15.29港元。 国泰海通主要观点如下： 2025H1制冷剂业务业绩同比增长209.77% 2025H1，制冷剂分部对外销售为22.92亿元，同比增长47.69%，占集团总对外销售的30.71%;而该分部业 绩为盈利10.30亿元，同比增长209.77%。25H1，制冷剂分部R32、R410a等主要的产品价格有明显上 涨，为该分部业绩增长的主要原因。该两种产品价格于2025H1上涨主要与配额的限制有关。 附属公司东岳硅材发布三季度业绩 公司收到参股公司山东东岳未来氢 ...