Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,800,379,445.02, representing a 6.05% increase compared to CNY 5,469,669,751.07 in the same period last year[4] - Net profit attributable to shareholders reached CNY 808,787,245.43, a significant increase of 160.64% from CNY 310,313,858.05 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 788,870,535.43, up 173.94% from CNY 287,967,192.37 in the previous year[4] - Basic earnings per share increased to CNY 0.300, reflecting a growth of 160.87% compared to CNY 0.115 in the same quarter last year[5] - The weighted average return on equity rose to 4.44%, an increase of 2.63 percentage points from 1.81%[5] - The net profit for Q1 2025 was CNY 898.29 million, a significant increase from CNY 330.16 million in Q1 2024, representing a growth of approximately 172%[18] - The net profit attributable to shareholders of the parent company was CNY 808.79 million, up from CNY 310.31 million in the same period last year, marking a growth of about 161%[18] - The basic and diluted earnings per share for Q1 2025 were CNY 0.300, compared to CNY 0.115 in Q1 2024, reflecting an increase of 160%[18] - The company reported a total comprehensive income of CNY 898.46 million for Q1 2025, compared to CNY 333.82 million in Q1 2024, reflecting a growth of approximately 169%[18] Cash Flow and Assets - The net cash flow from operating activities was CNY 488,129,275.64, showing a 5.02% increase from CNY 464,813,800.01 in the same period last year[4] - The company's cash and cash equivalents increased to ¥3,357,092,195.38 from ¥2,625,008,090.90, reflecting a growth of 27.87%[12] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 2.94 billion, up from CNY 1.30 billion at the end of Q1 2024, representing an increase of about 127%[21] - The net cash flow from investing activities for Q1 2025 was negative at CNY -397.77 million, an improvement from CNY -1.33 billion in Q1 2024[21] - The cash inflow from financing activities in Q1 2025 was CNY 948 million, down from CNY 1.70 billion in Q1 2024, indicating a decrease of about 44%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 53,049, with the largest shareholder, Juhua Group Co., Ltd., holding 52.70% of the shares[9] Costs and Expenses - Total operating costs decreased to ¥4,755,587,347.26, down 7.19% from ¥5,124,834,107.79 in the same period last year[17] - Operating profit for Q1 2025 was ¥1,038,425,616.23, significantly higher than ¥360,621,123.85 in Q1 2024, marking a growth of 187.57%[17] - The company reported a significant increase in R&D expenses to ¥280,479,311.22, up 30.39% from ¥215,210,004.16 in Q1 2024[17] Balance Sheet Highlights - Total assets at the end of the reporting period were CNY 29,940,116,719.48, a 7.26% increase from CNY 27,913,610,331.15 at the end of the previous year[5] - The total assets of the company reached ¥29,940,116,719.48, an increase of 7.27% from ¥27,913,610,331.15[14] - Accounts receivable rose to ¥1,657,370,818.35, up 103.57% from ¥815,729,855.12 year-over-year[12] - Inventory levels increased to ¥2,771,945,374.30, a rise of 21.43% compared to ¥2,283,118,773.97 at the end of 2024[12] - Long-term borrowings increased to ¥3,406,067,380.49, up 25.73% from ¥2,707,555,052.76[14] Strategic Outlook - The company has not disclosed any significant new strategies or future outlook in this report[11]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue of 24.46 billion yuan (YoY +18%) and net profit attributable to shareholders of 1.96 billion yuan (YoY +108%) [8] - The significant growth in the refrigerant business, driven by rising prices, has positively impacted profitability, outweighing the negative effects from non-refrigerant segments [8] - The company is expected to benefit from an improved industry landscape in 2025, with a forecasted net profit of 4.16 billion yuan, corresponding to an EPS of 1.54 yuan [8] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2023: 20.66 billion yuan - 2024: 24.46 billion yuan - 2025E: 27.86 billion yuan - 2026E: 30.82 billion yuan - 2027E: 33.82 billion yuan - Net profit attributable to shareholders is projected to grow significantly: - 2023: 944 million yuan - 2024: 1.96 billion yuan - 2025E: 4.16 billion yuan - 2026E: 5.44 billion yuan - 2027E: 7.12 billion yuan - The gross profit margin is expected to improve from 13.2% in 2023 to 32.9% by 2027 [2][10] Market Data - As of April 25, 2025, the closing price of the stock was 25.15 yuan, with a market capitalization of 67.90 billion yuan [3] - The stock has a price-to-earnings ratio of 72 for 2023, decreasing to 10 by 2027, indicating a favorable valuation trend [2][10] Business Performance Highlights - In 2024, the company achieved a refrigerant sales volume of 353,000 tons (YoY +23%) and an average selling price of 26,765 yuan/ton (YoY +33%) [8] - The company plans to distribute a cash dividend of 2.3 yuan per share, totaling 621 million yuan, which is 31.69% of the net profit for the period [8] - The company is positioned to benefit from the rising prices of second and third-generation refrigerants due to a favorable supply-demand dynamic [8]

证券研究报告 | 2025年04月25日 巨化股份（600160.SH） 优于大市 2024 年业绩快速增长，制冷剂价格持续提升 核心观点 公司研究·财报点评 基础化工·化学制品 | 证券分析师：杨林 | 证券分析师：张歆钰 | | --- | --- | | 010-88005379 | 021-60375408 | | yanglin6@guosen.com.cn | zhangxinyu4@guosen.com.cn | | S0980520120002 | S0980524080004 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价 | 24.74 元 | | 总市值/流通市值 | 66792/66792 百万元 | | 52 周最高价/最低价 | 26.72/14.25 元 | | 近 3 个月日均成交额 | 558.94 百万元 | 市场走势 相关研究报告 《巨化股份（600160.SH）-制冷剂价格持续提升，一季度业绩大 幅增长》 ——2025-04-08 《巨化股份（600160.SH）-增资控股甘肃巨化新材料，夯实国内 氟化工龙头地位》 — ...

公 司 报 告 有色与新材料 2025 年 4 月 25 日 巨化股份(600160.SH) 制冷剂上行周期，公司利润显著增厚 推荐（维持） 主要数据 | 行业 | 基础化工 | | --- | --- | | 公司网址 | www.jhgf .com.cn | | 大股东/持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本(百万股) | 2700 | | 流通 A 股(百万股) | 2700 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 668 | | 流通 A 股市值(亿元) | 668 | | 每股净资产(元) | 6.59 | | 资产负债率(%) | 31.25 | 行情走势图 -20% 0% 20% 40% 60% 80% 24-01 24-05 24-09 25-01 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制冷剂量价齐增》2024 ...

事件：4 月24 日晚，巨化股份发布2024 年年度报告，公司2024 年实现营业总收入244.62 亿元，同比 +18.43%；实现归母净利润19.60 亿元，同比+107.69%；实现扣非归母净利润19.03 亿元，同比 +131.40%。4Q24 公司实现营业总收入65.56 亿元，同比+41.21%，环比+12.52%；实现归母净利润7.02 亿元，同比+256.83%，环比+65.81%；实现扣非归母净利润7.19 亿元，同比+438.41%，环比+84.16%。 制冷剂产品量价齐升，公司全年业绩同比+107.69%。公司业绩大幅增长，主要为公司第二、三代氟制 冷剂在生产配额制下，供需格局、竞争格局、竞争秩序优化，下游需求改善等，公司制冷剂产品量价齐 升。据公司公告，2024年公司制冷剂平均售价和外销量分别为2.68 万元/吨和35.3 万吨，同比分别为 +32.69%和+22.61%。非制冷剂化工产品总体"供强需弱"，竞争激烈，价格下行。其中：氟聚合物材 料、食品包装材料、基础化工产品销售均价同比分别下跌16.71%、14.14%、14.27%，对公司盈利带来 不利影响。但由于制冷剂业务盈利大幅增 ...

巨化股份4 月24 日发布24 年年报，全年营业总收入245 亿元，yoy+18%，归母净利19.6 亿元（扣非后 19.0 亿元），yoy108%（扣非后yoy+131%），其中24Q4 归母净利7 亿元（扣非后7.2 亿元）， yoy+257%/qoq+66%（扣非后yoy+438%/qoq+84%），单季度归母净利基本符合我们前瞻7.2 亿元的预 期。公司拟每股分红0.23 元（含税），股利支付率31.69%。受益于制冷剂景气改善，公司迎来业绩上 升周期，维持"买入"评级。 制冷剂景气上行助力全年业绩增长，含氟聚合物有所承压24 年制冷剂外销量yoy+23%至35.3 万吨，主 要系飞源化工并表贡献增量，叠加配额制下内外贸价格逐步上行，板块均价yoy+33%至2.68 万元/吨， 营收yoy+63%至94.5 亿元，毛利率yoy+15.9pct 至29.1%。24 年含氟聚合物新产能持续放量，板块销量 yoy+8%至4.6 万吨，但行业扩产较多等因素致价格阶段性承压，均价yoy-15%至3.8 万元/吨、营收yoy- 8%至17.7 亿元。含氟精细化学品产销持续增长，销量yoy+255%至0.5 万吨， ...

推荐（维持） 现价：24.74 元 主要数据 公 司 报 告 有色与新材料 2025 年 4 月 25 日 巨化股份(600160.SH) 制冷剂上行周期，公司利润显著增厚 | 行业 | 基础化工 | | --- | --- | | 公司网址 | www.jhgf .com.cn | | 大股东/持股 | 巨化集团 / 52.70% | | 实际控制人 | 浙江省国资委 | | 总股本(百万股) | 2700 | | 流通 A 股(百万股) | 2700 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 668 | | 流通 A 股市值(亿元) | 668 | | 每股净资产(元) | 6.59 | | 资产负债率(%) | 31.25 | 行情走势图 -20% 0% 20% 40% 60% 80% 24-01 24-05 24-09 25-01 巨化股份 沪深300 相关研究报告 《巨化股份(600160.SH)公司首次覆盖报告：氟化 工一 体化龙头，HFCs配额全国第一》2024-05-23 《巨化股份(600160.SH)公司2024年半年报点 评 ：完 成淄博飞源吸收合并，氟制 ...

证券研究报告 | 2025年04月25日 巨化股份（600160.SH） 优于大市 2024 年业绩快速增长，制冷剂价格持续提升 核心观点 公司研究·财报点评 基础化工·化学制品 | 证券分析师：杨林 | 证券分析师：张歆钰 | | --- | --- | | 010-88005379 | 021-60375408 | | yanglin6@guosen.com.cn | zhangxinyu4@guosen.com.cn | | S0980520120002 | S0980524080004 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价 | 24.74 元 | | 总市值/流通市值 | 66792/66792 百万元 | | 52 周最高价/最低价 | 26.72/14.25 元 | | 近 3 个月日均成交额 | 558.94 百万元 | 市场走势 相关研究报告 《巨化股份（600160.SH）-制冷剂价格持续提升，一季度业绩大 幅增长》 ——2025-04-08 《巨化股份（600160.SH）-增资控股甘肃巨化新材料，夯实国内 氟化工龙头地位》 — ...

基础化工/化学制品 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《制冷剂景气延续上行趋势，公司利 润释放或将不断向好—公司信息更新 报告》-2024.10.25 ——公司信息更新报告 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 ...

基础化工/化学制品 巨化股份（600160.SH） 2024 业绩符合预期，趋势仍在延续，双击终会到来 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 24.74 | | 一年最高最低(元) | 26.72/14.25 | | 总市值(亿元) | 667.92 | | 流通市值(亿元) | 667.92 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 49.07 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q1 经营情况超预期，制冷剂主 升行情徐徐展开—公司信息更新报 告》-2025.4.9 《2024 业绩预计符合预期，蓄势双击， 期 待 主 升 — 公 司 信 息 更 新 报 告 》 -2025.1.23 《制冷剂景气延续上行趋势，公司利 润释放或将不断向好—公司信息更新 报告》-2024 ...