证券研究报告 | 2025年10月24日 巨化股份（600160.SH） 优于大市 三代制冷剂景气周期延续，制冷剂均价逐季持续提升 公司 2025 年前三季度归母净利润 32.48 亿元，同比提升 160.22%。2025 年 10 月 23 日，公司发布《2025 年第三季度报告》。根据公司公告，2025 年前 三季度公司实现营业收入 203.94 亿元，同比增长 13.9%；实现归母净利润 32.48 亿元，同比增长 160.2%；扣非后归母净利润为 31.99 亿元，同比增长 170.1%；公司前三季度毛利率达 28.9%，同比增长 11.9pct；前三季度净利 率达 17.8%，同比增长 10.0pct。其中第三季度单季实现营收 70.62 亿元， 同比增长 21.2%，环比减少 6.2%；实现归母净利润 11.97 亿元，同比增长 186.55%，环比二季度（约 12.42 亿元）略有下滑，体现出一定的行业需求 的季节性特征；实现销售毛利率 29.1%，同比增长 11.7pct，环比增长 0.17pct；实现销售净利率 19.1%，同比增长 11.1pct，环比增长 0.8pct。公 司业绩大幅增长 ...

瑞财经 钟鸣辰10月8日晚，永和股份(SH605020)发布2025年前三季度业绩预增公告，预计前三季净利同 比增长211.59%到225.25%。 8月11日，永和股份发布2025年半年报。报告显示，公司上半年营业收入为24.45亿元，同比增长 12.39%；归母净利润为2.71亿元，同比增长140.82%；扣非归母净利润为2.68亿元，同比增长152.25%； 基本每股收益0.67元。 2024年前三季度，永和股份实现归属于上市公司股东的净利润1.46亿元，归属于上市公司股东的扣除非 经常性损益的净利润1.41亿元；基本每股收益与稀释每股收益均为0.39元/股。 永和股份表示，本期业绩预增主要有两方面原因。一是制冷剂行业高景气度延续。供给侧配额政策与下 游需求稳步增长，使行业整体维持高景气态势。第二代氟制冷剂（HCFCs）生产配额持续缩减，第三代 氟制冷剂（HFCs）实行生产配额管理，强化了行业供给端约束，优化了供需结构。下游空调、冷链等 领域需求稳步增长，支撑产品价格上行，毛利率提升。二是产品结构优化与产业链协同。公司优化邵武 永和等生产基地产线运行效率，提升HFP、FEP、PTFE、PFA等产品优等品 ...

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 ...

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 从业绩预告来看，在上半年高增长的基础上，永和股份第三季度业绩呈加速增长之势。 公司预计第三季度实现归母净利润1.85亿元至2.05亿元，同比增长447.64%至506.85%；环比增长6.34%至17.83%。预计第三季度实现扣非归母净利润1.74 亿元至1.94亿元，同比增长396.82%至453.92%，环比增长1.71%至13.40%。 | 证券代码:605020 | 证券简称:永和股份 | 公告编号: 2025-082 | | --- | --- | --- | | 债券代码:111007 | 债券简称:永和转债 | | 对于业绩大幅预增的原因，永和股份表示，一是制冷剂行业高景气度延续。受益于供给侧配额政策与下游需求稳步增长，制冷剂行业整体维持高景气态 势。 ...

Core Viewpoint - Yonghe Co., Ltd. (605020.SH) expects a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, representing a year-on-year increase of 211.59% to 225.25% due to the sustained high prosperity of the refrigerant industry [1] Industry Summary - The refrigerant industry continues to maintain a high prosperity level, benefiting from supply-side quota policies and steady growth in downstream demand. The production quotas for second-generation fluorinated refrigerants (HCFCs) are continuously reduced, and third-generation fluorinated refrigerants (HFCs) are still subject to production quota management, which strengthens supply-side constraints and optimizes the supply-demand structure [1][1] - Steady growth in demand from downstream sectors such as air conditioning and cold chain supports continuous price increases and steady improvement in gross margins [1] Company Summary - The company is optimizing production line efficiency at its Shaowu Yonghe production base, enhancing the yield and sales scale of products such as HFP, FEP, PTFE, and PFA, transitioning from "capacity construction" to "efficiency release" [1] - From the fourth quarter of 2024, Shaowu Yonghe is expected to achieve sustained profitability [1] - The company leverages its full industry chain layout from upstream fluorite resources to downstream fluorinated fine chemicals, seizing market opportunities through lean internal management, expanding market share, and strengthening cost control to further widen profit margins and enhance operational efficiency [1]

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [7][11]. Core Insights - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with expectations for air conditioning production to rise in August due to high summer temperatures [5][7]. - The supply-demand dynamics for refrigerants are tightening, particularly for R22 and R32, driven by government subsidy policies and increasing demand in emerging markets [7][60]. Summary by Sections 1. Industry Performance in July - As of July 30, the fluorochemical index was at 1471.59 points, up 6.29% from the end of June, underperforming the Shenwan Chemical Index by 1.76 percentage points but outperforming the CSI 300 Index by 1.32 percentage points [2][18]. 2. Refrigerant Market Review 2.1 Price Trends - Refrigerant prices have shown an upward trend, with R32 and R134a expected to average 56,000, 57,000, and 58,000 yuan per ton from August to October 2025 [3][25][26]. 2.2 Export Data - From January to June 2025, R32 exports increased by 14% year-on-year, while R22 exports decreased by 34% [34]. The export price for R32 was 44,449 yuan per ton as of June 2025 [4][34]. 2.3 Production and Operating Rates - Domestic air conditioning production in August 2025 was 6.735 million units, down 11.9% year-on-year, while export production was 4.708 million units, down 14.7% year-on-year [6][70]. 3. Compliance with the Montreal Protocol - The report outlines China's commitment to reducing HCFCs and HFCs in line with the Montreal Protocol, with significant reductions planned for 2025 and 2030 [60][61]. 4. Air Conditioning Production and Export Data - The air conditioning sector has seen strong production growth in the first half of 2025, with cumulative exports reaching 41.08 million units, a 6.9% increase year-on-year [5][70]. 5. Key Companies and Profit Forecasts - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted, with profit growth expected due to favorable market conditions [11][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [7][11]. Core Insights - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with expectations for air conditioning production to rise in August due to high summer temperatures [2][5]. - The report highlights a significant demand for refrigerants driven by national subsidy policies and growth in emerging markets, particularly in Southeast Asia [7][60]. - The supply constraints from regulatory policies are expected to maintain a favorable pricing environment for refrigerants like R22 and R32, with long-term price increases anticipated [7][60]. Summary by Sections 1. Industry Performance in July - As of July 30, the fluorochemical index stood at 1471.59 points, up 6.29% from the end of June, underperforming the Shenwan Chemical Index by 1.76 percentage points [18][20]. 2. Refrigerant Market Review 2.1 Price Trends - Refrigerant prices have shown an upward trend, with R32 and R410a experiencing significant increases in March, while R22 prices remained stable in the summer months [24][25]. - Future price forecasts for R32 are projected at 56,000, 57,000, and 58,000 yuan per ton for August to October, respectively [25][26]. 2.2 Export Data - From January to June 2025, R32 exports increased by 14%, while R22 exports decreased by 34% [34]. - The average export price for R32 was 44,449 yuan per ton as of June 2025 [34]. 2.3 Production and Operating Rates - Domestic air conditioning production in August 2025 is projected at 6.735 million units, a year-on-year decrease of 11.9% [6]. 3. Compliance with the Montreal Protocol - The report discusses China's commitment to reducing HCFCs and HFCs, with significant reductions planned for 2025 and 2030 [60][61]. 4. Air Conditioning Production and Export Data - The report notes a strong performance in air conditioning production in the first half of 2025, with a total of 41.08 million units exported, reflecting a year-on-year increase of 6.9% [5][6]. 5. Key Companies and Profit Forecasts - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted, with profit growth expected due to favorable market conditions [11][10].

Group 1 - The company forecasts a 150% year-on-year increase in net profit attributable to shareholders for 1H25, amounting to approximately 770 million RMB [1] - The average prices for fluoropolymers and organosilicon products have shown a downward trend, with fluoropolymer prices decreasing by 7% to 23.7% year-on-year, while organosilicon DMC prices fell by 12.4% [1] - The supply constraints in the fluoropolymer and organosilicon industries are weak, which has mitigated the profit elasticity from rising refrigerant prices [1] Group 2 - The demand for R22 refrigerant is expected to increase as the air conditioning usage rate rises in July and August, leading to a potential price rebound [2] - The industry is intensifying efforts to combat illegal R22 production, which may enhance profitability as illegal capacities are eliminated [2] - The thermal power cogeneration project in Zibo is expected to strengthen the company's cost advantages through the construction of new high-efficiency facilities [2] Group 3 - The company maintains net profit forecasts of 2.113 billion RMB and 2.694 billion RMB for 2025 and 2026, respectively, with current stock prices reflecting P/E ratios of 7.7x and 6.0x for those years [2] - The target price is set at 11.6 HKD, indicating a 14.9% upside potential based on the projected P/E ratios of 8.8x and 6.8x for 2025 and 2026 [2]

Group 1 - The company expects to achieve a net profit attributable to shareholders of 255 million to 280 million yuan for the first half of 2025, representing an increase of 142.32 million to 167.32 million yuan compared to the same period last year, with a year-on-year growth of 126.30% to 148.49% [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses of 250 million to 275 million yuan, which is an increase of 143.87 million to 168.87 million yuan year-on-year, reflecting a growth of 135.56% to 159.12% [1][2] - The previous year's net profit attributable to shareholders was 112.68 million yuan, with a total profit of 137.13 million yuan [2] Group 2 - The main reasons for the profit increase include the rise in refrigerant prices due to reduced production quotas for second-generation fluorinated refrigerants (HCFCs) and the continuation of third-generation fluorinated refrigerants (HFCs) quota management policies, which have strengthened supply constraints while downstream demand has steadily increased [1][3] - The company has optimized its product structure by focusing on improving production efficiency and product quality of fluorinated polymer materials, leading to increased production and sales volume, along with a decrease in raw material costs [3]

Core Viewpoint - The company aims to enhance operational quality and profitability through the "Quality Improvement and Efficiency Enhancement Return" action plan for 2024 and 2025, responding to the Shanghai Stock Exchange's initiative to protect investor interests and boost confidence [1][2]. Group 1: Business Performance and Strategy - The company focuses on its four main business segments: fluorocarbon chemicals, fluorine-containing polymer materials, fluorine-containing fine chemicals, and chemical raw materials, achieving a revenue of 4.605 billion yuan in 2024, a year-on-year increase of 5.42% [2][3]. - Domestic sales showed strong growth, with revenue reaching 2.988 billion yuan in 2024, up 15.30% year-on-year, increasing its share of total revenue from 60.97% in 2023 to 67.30% in 2024 [3]. - The company successfully raised 1.736 billion yuan through a targeted stock issuance, which will support the construction of a new energy materials industrial park [2][3]. Group 2: Innovation and Development - The company is committed to product iteration and upgrading, focusing on the development of second and third-generation refrigerants and accelerating the innovation of fourth-generation refrigerants [4]. - A total of 17 new patents were added in 2024, including 3 invention patents and 14 utility model patents, enhancing the company's technological capabilities [5]. - The company has established a research and development system that integrates various research institutes to improve innovation efficiency and protect intellectual property [5]. Group 3: Investor Relations and Communication - The company emphasizes high-quality information disclosure, having published 6 regular reports and 122 temporary announcements in 2024, and has received an "A" rating for information disclosure from the Shanghai Stock Exchange for two consecutive years [6][7]. - A cash dividend of 57 million yuan was distributed to shareholders in 2024, with a planned increase to 117 million yuan in 2025, representing a year-on-year growth of 105.82% [5][6]. Group 4: Corporate Governance - The company is enhancing its internal governance structure and compliance awareness, conducting training for board members and senior management to improve operational efficiency [8][9]. - An employee stock ownership plan was implemented, covering 388 employees and aligning their interests with those of the company and shareholders [9][10].