Investment Rating - The report maintains an "Outperform" rating for Dongyue Group [2][10]. Core Views - In 2024, the profit attributable to owners increased by 14.55%, while revenue decreased by 2.15% to RMB 14.181 billion. The gross profit margin improved by 4.81 percentage points to 21.62% [6][10]. - The company has completed the disposal of its real estate business assets, marking the end of its involvement in this sector since 2011 [9]. - The fluorine-silicon chemical industry faced significant external market impacts, leading to price adjustments for key products like refrigerants R22 and R32, which contributed to the company's performance improvement [6][10]. Business Segment Summary - Fluorine-containing Polymer Materials: External sales were approximately RMB 3.825 billion, a year-on-year decrease of 15.98%, accounting for 26.97% of total sales, with segment profit increasing by 50.87% to RMB 508 million [7]. - Refrigerants: External sales reached about RMB 3.248 billion, up 13.10% year-on-year, representing 22.90% of total sales, with segment profit soaring by 159.63% to RMB 806 million [7]. - Silicones: External sales were approximately RMB 5.213 billion, a year-on-year increase of 7.20%, accounting for 36.76% of total sales, with a segment profit turnaround to RMB 102 million [7]. - Methylene Chloride and Caustic Soda: External sales were about RMB 1.104 billion, down 6.16% year-on-year, accounting for 7.79% of total sales, with segment profit increasing by 49.85% to RMB 372 million [7]. Quota and Market Position - Dongyue Group holds the largest second-generation refrigerant quota in the country, with a total production quota of 44,600 tonnes for 2025, representing 27.26% of the industry [8]. - The company also has a production quota of 86,100 tonnes for third-generation refrigerants in 2025, reflecting a 5.70% increase from the previous year [8]. Profit Forecast - The forecast for net profit from 2025 to 2027 is RMB 1.800 billion, RMB 2.109 billion, and RMB 2.531 billion respectively, with a target price set at HKD 12.00 based on a PE ratio of 10.62 for 2025 [10].
东岳集团（00189）：公司拥有人应占年内溢利润同比增长14.55%，房地产业务资产处置完毕