第三季度净利预增超4倍 根据业绩预告，永和股份预计2025年前三季度实现归母净利润为4.56亿元到4.76亿元，同比增长 211.59%到225.25%。其中，预计2025年第三季度实现归母净利润为1.85亿元到2.05亿元，同比增长 447.64%到506.85%，环比增长6.34%到17.83%。 对于业绩增长，永和股份表示，本期业绩预增的主要原因是制冷剂行业高景气度延续。一方面，第二代 氟制冷剂（HCFCs）生产配额持续缩减，第三代氟制冷剂（HFCs）继续实行生产配额管理，行业供给 端约束强化，推动供需结构进一步优化。另一方面，下游空调、冷链等领域需求稳步增长，共同支撑产 品价格持续上行，毛利率稳步提升。 除此之外，永和股份表示，业绩增长还与产品结构优化与产业链协同有关。据了解，永和股份通过优化 邵武永和等生产基地的产线运行效率，提升HFP、FEP、PTFE、PFA等产品的优等品率与产销规模，推 动邵武永和从"产能建设"向"效益释放"阶段转型，邵武永和自2024年第四季度起实现持续盈利。同时， 依托从萤石上游资源到含氟精细化学品终端产品的全产业链布局，公司紧紧把握市场机遇，推动运营效 率持续提升。 长江 ...

【导读】永和股份预计第三季度归母净利润同比增长超4倍 见习记者 夏天 受益于制冷剂行业持续的高景气度， 永和股份 （证券代码：605020）预计前三季度业绩大幅增长。 10月8日晚间，永和股份发布2025年前三季度业绩预增公告。公司预计前三季度 实现归母净利润4.56亿元至4.76亿元，同比增长 211.59%至225.25%。 预计第三季度业绩同比、环比双增长 制冷剂行业高景气度有望持续 永和股份主营氟化学产品的研发、生产、销售，是氟化工龙头企业之一，现已形成从萤石矿、氢氟酸、甲烷氯化物、氟碳化学品到含氟高 分子材料、含氟精细化学品的完整产业链。 2025年上半年，受益于制冷剂行业的高景气度，包括永和股份在内的多家氟化工龙头企业盈利能力显著增长。 从下游需求看，目前国内制冷剂下游行业分布大致为空调（62.18%）、冰箱（4.78%）、汽车（9.87%）、其他（23.17%）。在消费升 级、技术创新、政策推动等因素作用下 ，第二代氟制冷剂 （HCFCs）在发达国家已经基本淘汰，我国实行配额制度，逐渐减产。第三代 氟制冷剂（HFCs）在发展中国家逐步替代第二代氟制冷剂，目前发达国家已开始削减用量。 | | 门 ...

Core Viewpoint - Under the dual drive of quota policy promotion and market demand boost, domestic fluorochemical leader Juhua Co., Ltd. (600160.SH) is expected to deliver impressive mid-term performance results [2][3] Company Summary - Juhua Co., Ltd. announced that it expects its net profit attributable to shareholders for the first half of 2025 to reach between 1.97 billion to 2.13 billion yuan, representing a year-on-year growth of 136% to 155% [2] - The company's net profit after deducting non-recurring gains and losses is projected to be between 1.95 billion to 2.11 billion yuan, with a year-on-year increase of 146% to 166% [2] - The significant growth in performance is primarily attributed to the simultaneous increase in both volume and price of core refrigerant products [2] Industry Summary - The refrigerant industry is undergoing a restructuring, transitioning from "free competition" to "quota regulation" due to the implementation of the Kigali Amendment [3] - Juhua Co., Ltd. holds a significant advantage with a high quota share, having a production quota of 38,900 tons for second-generation refrigerants (HCFCs), accounting for 26.10% of the national total, and 31.28% of internal quotas, making it the leader in China [3] - For third-generation refrigerants (HFCs), the company has a production quota of 299,800 tons, representing 39.6% of the total market share for similar products [3] - Since the fourth quarter of last year, domestic refrigerant prices have been on a continuous rise, with the average price of the mainstream refrigerant R32 exceeding 51,000 yuan/ton as of June 5, marking a 19% increase within the year and a 42% year-on-year growth [3] - The industry's gross profit reached 35,000 yuan/ton, an increase of over 10,000 yuan/ton compared to the same period last year [3] - Benefiting from strong performance expectations and high industry prosperity, Juhua Co., Ltd.'s stock price has risen by 20.4% this year, reaching a historical high of 29.29 yuan/share on July 2 [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company reported a strong performance in Q1 2025, achieving revenue of 5.8 billion yuan, a year-on-year increase of 6.05%, and a net profit of 809 million yuan, up 160.64% year-on-year, indicating a robust recovery and growth trajectory [1][7]. - The company is positioned as a leader in the fluorochemical industry, particularly benefiting from the ongoing upcycle in refrigerants, with significant growth expected in the coming years [7]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 29.36 billion yuan, 35.23 billion yuan, and 40.51 billion yuan respectively, alongside net profits of 3.30 billion yuan, 4.20 billion yuan, and 4.90 billion yuan [7][15]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 20.66 billion yuan, with a year-on-year decline of 4%, followed by a recovery with 18% growth in 2024 [15]. - The earnings per share (EPS) are expected to rise from 0.35 yuan in 2023 to 1.22 yuan in 2025, reflecting a strong growth outlook [15]. - The price-to-earnings (PE) ratio is projected to decrease from 72.6 in 2023 to 20.8 in 2025, indicating improving valuation metrics as earnings grow [15]. Market Position - The company has solidified its market position as a leading player in the fluorochemical sector, particularly in the production of fluorinated refrigerants and chlorinated raw materials, with a global leadership status [7]. - The first quarter of 2025 showed a significant increase in sales and production across key product lines, particularly in refrigerants, where average prices rose over 50% [7].