股票简称：巨化股份 股票代码：600160 公告编号：临 2024－19 浙江巨化股份有限公司 2024 年上半年主要经营数据公告 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个别及连带责任。 浙江巨化股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露（第十三号化工）》有关规定，将公司 2024 年上半年主要经营数据披露如下： | 主要产品 | 产量 | 同比 | 外销量 | 同比 | 营业收入 | 同比 | | --- | --- | --- | --- | --- | --- | --- | | | 吨 | % | 吨 | % | 万元 | % | | 氟化工原料 | 540353.26 | 1.47 | 167858.09 | -2.51 | 55260.96 | 4.00 | | 致冷剂 | 300435.71 | 21.87 | 161355.69 | 11.91 | 392460.65 | 36.59 | | 含氟聚合物材料 | 63691.75 | 2.54 | 2129 ...

Profit Growth and Financial Performance - Net profit attributable to shareholders is expected to be between 740 million to 880 million yuan, an increase of 250 million to 390 million yuan, representing a year-on-year growth of 51% to 80%[2] - Adjusted net profit (excluding non-recurring gains and losses) is expected to be between 700 million to 840 million yuan, an increase of 244 million to 384 million yuan, representing a year-on-year growth of 53% to 84%[2] - The preliminary financial data is subject to change, and the final accurate financial data will be disclosed in the company's 2024 semi-annual report[5] Market Dynamics and Product Performance - The increase in profit is primarily driven by stable growth in production, sales, and revenue of main products, with fluorinated refrigerant prices rising year-on-year, offsetting the decline in prices of fluoropolymer materials, food packaging materials, and basic chemical products[4] - Fluoropolymer materials, food packaging materials, and basic chemical products experienced significant price declines due to oversupply and weak demand[4] Fluorinated Refrigerant Market Trends - The implementation of production quotas for third-generation fluorinated refrigerants (HFCs) starting January 1, 2024, has alleviated the oversupply issue, leading to a recovery in HFC prices[4] - Second-generation fluorinated refrigerants (HCFCs) are expected to see further production quota cuts in 2025, driving price increases due to reduced supply and relatively rigid demand[4] Operational Efficiency and Competitive Advantage - The company maintains flexibility and efficiency in production and operations, leveraging its competitive advantages in the fluorinated refrigerant market and integrated industrial chain[4]

Investment Rating - The report gives a "Buy" rating for the company, with an expected net profit of 27.1, 41.4, and 55.3 billion yuan for 2024-2026 [2][7] Core Views - The company is a leader in the fluorochemical industry, with the third-generation refrigerant quota officially frozen in 2024, signaling a long-term upward cycle for the industry [2][5] - The company is expanding into fluoropolymers and fine fluorochemicals, which are expected to drive future growth [2][7] - The company holds a dominant position in the refrigerant market, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] Company Overview - The company is a leading fluorochemical and chlor-alkali chemical enterprise in China, with a complete industrial chain covering basic raw materials, refrigerants, organic fluorine monomers, fluoropolymers, and fine fluorochemicals [4] - The company has a strong market position in refrigerants, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] - The company is also a leader in fluoropolymer materials and specialty chlor-alkali materials, with a global leading position in VDC and PVDC industrial chains [4] Refrigerant Market Analysis - The second-generation refrigerants are being phased out, with a 49.9% reduction in quotas by 2024, and a further reduction to 97.5% by 2030, leaving only 2.5% for maintenance [5] - The third-generation refrigerants have entered a right-side upward trend, with quotas officially frozen in 2024, leading to a long-term upward cycle [5][7] - The company has a significant advantage in the refrigerant market, with a 26.3% market share in R22 and a 37.4% market share in third-generation refrigerants [4][5] Fluoropolymer and Fine Fluorochemicals - The company is expanding into fluoropolymers and fine fluorochemicals, which are high-value-added products and are gradually replacing imports [6] - Fluoropolymers, such as PTFE, PVDF, FKM, FEP, and PFA, are widely used in industries like automotive, chemical, and aerospace, with significant potential for high-end applications [6] - The company is also developing fluorinated fluids, which are used in semiconductors, data centers, and other high-tech industries, with opportunities for domestic substitution due to 3M's exit from the market [6] Financial Performance - The company's revenue has grown steadily, with a compound annual growth rate of 13.0% from 2000 to 2023 [20] - The company's profitability has been cyclical, with three major cycles of growth driven by factors such as home appliance demand, environmental regulations, and energy controls [20] - In 2023, the company's revenue decreased by 3.9% to 20.66 billion yuan, while net profit decreased by 60.4% to 940 million yuan, mainly due to price adjustments in PVDF and basic chemical products [20] Strategic Advantages - The company has a complete upstream industrial chain, with self-sufficient production of key raw materials like hydrogen fluoride and chlorinated products, giving it a strong cost advantage [48][49] - The company has increased its market share through quota transactions and acquisitions, such as the acquisition of Feiyuan Chemical, which further consolidated its leading position in the third-generation refrigerant market [50][51] - The company is also a leader in fourth-generation refrigerants, with an annual production capacity of 8,000 tons, positioning it well for future growth [57]

氟化工一体化龙头,受益行业景气度提升 —巨化股份(600160.SH)公司动态研究报告 买入(首次) 投资要点 | 分析师:张伟保 | S1050523110001 | |---------------------|------------------| | zhangwb@cfsc.com.cn | | | 联系人:刘韩 | S1050122080022 | | liuhan@cfsc.com.cn | | | 基本数据 | 2 0 2 4-0 6-2 7 | | 当前股价(元) | 23.41 | | 总市值(亿元) | 632 | | 总股本(百万股) | 2700 | | 流通股本(百万股) | 2700 | | 52 周价格范围(元) | 13.1-25.83 | | 日均成交额(百万元) | 462.41 | | 市场表现 | | | (%) 巨化股份 | 沪深 300 | | 120 | | | 100 | | | 80 | | | 60 | | | 40 | | | 20 | | | 0 | | | -20 | | | -40 | | 资料来源:Wind,华鑫证券研究 相关研究 ▌2024Q1 ...

证 券 研 究 报 告 巨化股份(600160)深度研究报告 强推(首次) 氟化工龙头领航,制冷剂强景气启动 目标价:30.29 元 当前价:23.41 元 | | | | | | | |----|---------------------------------------|----------------------------|--------------------|-----------------------------|---------------------| | | | | | | | | | 比重约 66% | | | | | | | 国内制冷剂具备定价全球。国内于 | | 2024 | | | | | | | | | 2020- | | | 2022 | | | | | | | | | | | | | | | | | | | | | 公司作为三代制冷剂行业龙一,拥有 | | 25.21 | 万吨配额,市占率为 33% | ,有望充 | | | 分享受涨价弹性。 | | | | | | ❖ | | | | 2013 | 年开始对二代制 | | | 冷剂实施配额制生产,截至 | 2023 ...

好的,各位尊敬的投资者下午好,我向大家分享一下我们智华股份的首次覆盖报告。那么本篇报告的话主要还是集中在公司最核心的服化工业务,因为从年初以来的这波比较大的涨幅,主要也是因为整个服务制冷技的价格的高升,然后服务整个化工产业链的鼎气上行。 那么公司的话最主要的一个点就是稳居国内氟化工龙头同时在这个三代制冷机的最新发放的24年的配额当中也是获得了全国第一的这样一个位置那么第二大特点就是公司拥有基础化工加煤化工加氟化工作为核心的整个综合配套的产业体系因此原料自给率还是比较高的那么在毛利率上也是交通也有一定的优势 那么第三块的话,由于此前的这个行业的深度报告,主要还是围绕在供给这一端的确定性的收紧展开,那么本篇报告的一个亮点就在于从这个需求的增量层面去剖析一些新的亮点,比如说我们认为这个后续的就换新驱动的整个增量需求,整个这个家电以及汽车行业的增量需求或将带动整个制冷机供需缺口的进一步的拉大。 那么以上是本篇报告的一个概括性的描述那么接下来的话接下来将详细地剖析整篇报告的内容那么首先简单复盘一下公司的发展历程那么公司前身是衢州化工厂成立于1958年那么在90年代开始引进浮化工技术因此从整个历史来看公司发展浮化工产业的 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2024-18 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/4 | － | 2024/6/5 | 2024/6/5 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 17 日的 2023 年年度股东大会审议通过。 二、 分配方案 浙江巨化股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.11 元 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,699,746,081股为基数，每股派发现金红利0.11 元（含税），共计 ...

公 有色与新材料 司 2024年05月 23日 报 巨化股份(600160.SH)： 告 氟化工一体化龙头，HFCs配额全国第一 推荐（首次） 平安观点：  稳居氟化工龙头，第三代制冷剂 HFCs 配额全国第一。公司氟制冷剂规模 公 05 月 22 日：24.54 元 处国内龙头地位，总设计产能 73.72万吨。其中，第二代制冷剂 R22生产 司 配额位居国内第二位（总产能 17 万吨，2024 年用作制冷剂的生产配额 主要数据 4.75 万吨，占比 26.3%）；据生态环境部，公司第三代氟制冷剂总生产配 首 行业 基础化工 额22.42万吨，占2024年核发总配额量的30.7%，位居全国第一，主流品 次 公司网址 www.jhgf.com.cn 种 R32、R134a、R125 生产配额占全国总配额的 34.8%、28.1%和 大股东/持股 巨化集团 / 52.70% 覆 30.2%，均位于全国第一。24Q1 公司完成对淄博飞源整合并表（持股 实际控制人 浙江省国资委 51%），龙头地位加固，淄博飞源主流三代制冷剂配额量达 5.44 万吨，占 盖 总股本(百万股) 2700 流通A股(百万股) 2700 ...

国浩律师(杭州)事务所 巨化股份 2023 年年度股东大会法律意见书 国浩律师(杭州)事务所 关于 浙江巨化股份有限公司 2023 年年度股东大会之 法律意见书 致:浙江巨化股份有限公司 国浩律师〈杭州）事务所〈以下简称"本所"）接受浙江巨化股份有限公司 （以下简称"公司"）的委托,指派律师出席公司 2023 年年度股东大会（以下 简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证 券监督管理委员会(以下简称"中国证监会")发布的《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《上市公司治理准则》（以下简称"《治 理准则》"）和上海证券交易所发布的《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》（以下简称"《规范运作指引》"）等法律、行政法规、 规范性文件及现行有效的《浙江巨化股份有限公司章程》〈以下简称"《公司章 程》"）、《浙江巨化股份有限公司股东大会议事规则》（以下简称"《股东大 会议事规则》"）的规定，就本次股东大会的召集、召开程序、出席大会人员资 格、会议表决程序等事宜出具法律意见书 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2024-17 浙江巨化股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 118 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,673,542,628 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.9888 | 符合《公司法》和《公司章程》及相关法律、法规的规定，会议的召开及议案表 决合法有效。现场会议由公司董事长周黎旸先生主持。 (五) 公司董事、监事和董事会秘书的出席情况 2、 议案名称：公司监事会 2023 年度工作报告 二、 议案审议情况 审议结果：通过 审议结果：通过 | 表决情况： | | --- | | 股东类型 | | 同意 | 反对 | | 弃权 | | | --- | --- | --- | - ...