丨证券研究报告丨 公司研究丨点评报告丨巨化股份（600160.SH） [Table_Title] 业绩同比实现大幅增长，制冷剂价值进一步凸显 报告要点 [Table_Summary] 公司发布 2025 年上半年业绩预告，预计 2025H1 实现归母净利润为 19.7-21.3 亿元，同比增 长 136%到 155%，预计 2025H1 实现扣非净利润 19.5-21.1 亿元，同比增长 146%到 166%。 其中预计 2025Q2 单季度实现归母净利润 11.6-13.2 亿元，同比增长 121.6%-152.1%,预计 2025Q2 单季度实现扣非净利润 11.6-13.2 亿元，同比增长 129.5%-161.2%。 分析师及联系人 research.95579.com 1 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% 巨化股份（600160.SH） cjzqdt11111 [Table_Title 业绩同比实现大幅增长，制冷剂价值进一步凸 2] 显 [T ...

【中金油气化工】制冷剂高频数据追踪20250511 【本周价格】 R22收报36000元/吨，较上周变化0% R32收报49000元/吨，较上周变化0% R125收报45000元/吨，较上周变化0% R134a收报47500元/吨，较上周变化0% R152a收报27000元/吨，较上周变化0% R143a收报46000元/吨，较上周变化0% R410a收报48000元/吨，较上周变化0%< 【中金油气化工】制冷剂高频数据追踪20250511 【本周价格】 R22收报36000元/吨，较上周变化0% R32收报49000元/吨，较上周变化0% R125收报45000元/吨，较上周变化0% R134a收报47500元/吨，较上周变化0% R152a收报27000元/吨，较上周变化0% R143a收报46000元/吨，较上周变化0% R410a收报48000元/吨，较上周变化0% ...

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [8][9]. Core Insights - The fluorochemical industry is expected to benefit from the upcoming peak season for refrigerants driven by summer heat, with active trading in a low inventory context [2][8]. - The report highlights a significant increase in refrigerant prices, with R32 reaching 48,000 yuan/ton, reflecting a month-on-month increase of 1,000 yuan/ton [2][24]. - The implementation of the Montreal Protocol's national plan is expected to tighten supply and enhance the long-term outlook for refrigerant prices, particularly for R22 and R32 [4][56]. Summary by Sections 1. April Fluorochemical Industry Performance - As of April 28, 2025, the fluorochemical index stood at 1,232.89 points, down 2.60% from March, outperforming the Shenwan Chemical Index by 0.63 percentage points [1][16]. 2. April Refrigerant Market Review 2.1 Refrigerant Price and Spread Performance - Prices for refrigerants have shown an upward trend, with R32 and R410a experiencing significant month-on-month increases of 14% and 9% respectively in March [22][24]. - The report notes that R22 prices are stable at 36,000 yuan/ton, while R134a remains at 47,000 yuan/ton [24]. 2.2 Refrigerant Export Data Tracking - In Q1 2025, R32 exports increased by 5.3% year-on-year, while R22 exports decreased by 38.4% [31]. - March saw a significant rebound in export volumes, with R22 and R32 experiencing month-on-month growth of 165% and 150% respectively [31][32]. 2.3 Major Refrigerant Operating Rates and Production Data Tracking - The report indicates that production quotas for R22 have been reduced by 28% compared to 2024, reflecting tighter supply constraints [58]. 3. Implementation of the Montreal Protocol National Plan - The national plan aims to reduce HCFCs production and usage by 67.5% and 73.2% respectively by 2025, with a complete phase-out by 2030 [4][56]. - The report emphasizes the ongoing commitment to reducing HFCs, with a target of a 10% reduction by 2029 [4][56]. 4. Air Conditioning/Automobile/Refrigerator Production and Export Data Tracking 4.1 Air Conditioning - The report notes a continuous year-on-year increase in air conditioning production for Q2 2025, with domestic production expected to rise significantly [5][65]. 5. Key Company Profit Forecasts and Investment Ratings - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as having strong profit growth prospects, with Juhua Co. expected to achieve a net profit of 1.52 yuan per share in 2025 [9].