永和股份（605020）：制冷剂延续改善，含氟材料静待复苏

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company achieved a revenue of 4.61 billion RMB in 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million RMB, up 37% year-on-year [1] - The refrigerant sector is experiencing favorable conditions, leading to an upward adjustment in profit forecasts for the company [4] - The company is expected to benefit from the successful launch of new projects and improved competitiveness in the fluorochemical industry [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.23 billion RMB, a year-on-year increase of 8% and a net profit of 105 million RMB, up 385% year-on-year [1] - For Q1 2025, the company achieved a revenue of 1.14 billion RMB, a year-on-year increase of 12%, with a net profit of 97 million RMB, up 162% year-on-year [1] Market Conditions - The sales volume of fluorocarbon chemicals in 2024 decreased by 9.2% to 103,000 tons, but revenue increased by 3.8% to 2.45 billion RMB, with a gross margin increase of 13 percentage points to 20.4% [2] - The company’s fluoropolymer sales increased by 41% year-on-year to 39,000 tons, with revenue rising by 17% to 1.58 billion RMB, although gross margin decreased by 8 percentage points to 15.8% due to price declines [2] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 450 million RMB, 560 million RMB, and 640 million RMB respectively, with corresponding EPS of 0.96, 1.18, and 1.37 RMB [4] - The target price for the company is set at 23.04 RMB, reflecting a 24x PE ratio for 2025, up from a previous target of 19.08 RMB [4]