Zhejiang Yonghe Refrigerant (605020) 证券时报网·2025-04-28 03:39Core Viewpoint - Yonghe Co., Ltd. has demonstrated significant growth in both revenue and profit in its 2024 annual report, indicating strong performance in the fluorochemical industry and effective utilization of market opportunities [1][2]. Financial Performance - In 2024, Yonghe Co., Ltd. reported a revenue of 4.606 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 251 million yuan, up 36.83% [1]. - The company's net profit excluding non-recurring items reached 246 million yuan, reflecting a substantial growth of 117.8% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.138 billion yuan, representing a 12.36% increase compared to the same period last year, with a net profit of 97.39 million yuan, up 161.66% [1]. Industry Position and Strategy - Yonghe Co., Ltd. has established itself as a comprehensive fluorochemical enterprise, covering the entire industry chain from raw material mining to production and sales, making it one of the most complete fluorochemical industry chains in China [1]. - The company has benefited from policy and market opportunities, achieving synergistic development in fluorocarbon chemicals, fluoropolymer materials, and fine fluorochemical products, with a nationwide sales network and international channels covering over 100 countries [1]. Market Dynamics - The implementation of production quotas for HFCs refrigerants in 2024 has altered the competitive landscape, leading to increased industry concentration and tighter supply-demand balance, which has driven significant price increases for refrigerants [2]. - In 2024, the fluorocarbon chemicals business generated a revenue of 2.4467353 billion yuan, a year-on-year increase of 3.78%, with an average gross margin of 20.37%, up 12.62% from the previous year [2]. - The company received a total quota of 61,400 tons for HCFCs and HECs refrigerants in 2025, with HFCs product quota at 58,200 tons, positioning it among the industry leaders [2]. Product Performance - Despite general pressure on fluoropolymer materials leading to a "volume increase, price decrease" scenario, certain products like HFP have shown price stabilization since Q4 2024, improving profitability [2]. - The sales volume of fluoropolymer materials reached 38,635.68 tons, a year-on-year increase of 40.59%, with revenue for this segment at 1.5811074 billion yuan, up 17.38% [2]. Future Outlook - Yonghe Co., Ltd. plans to continue its global business expansion and leverage its full industry chain advantages, focusing on high-end fluoropolymer materials, new environmentally friendly refrigerants, and fine fluorochemical development [3]. - The company aims to enhance its product variety and quality, striving to become a leading professional fluorochemical enterprise in China, characterized by comprehensive offerings, environmental sustainability, and high quality [3].