ZJJH(600160) 开源证券·2025-04-29 03:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the refrigerant market is experiencing a sustained upward trend, with a gradual emergence of a main bullish market [5] - The company achieved a revenue of 5.8 billion yuan in Q1 2025, representing a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 809 million yuan, up 160.64% year-on-year [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 5.128 billion, 7.285 billion, and 8.535 billion yuan respectively, with corresponding EPS of 1.90, 2.70, and 3.16 yuan [5] Financial Performance - In Q1 2025, the company's revenue from various segments included 3.26 billion yuan from fluorochemical raw materials, 26.18 billion yuan from refrigerants, and 4.20 billion yuan from fluoropolymer materials, with refrigerant sales volume at 69,800 tons, up 4.14% year-on-year [6] - The average price of refrigerants in Q1 2025 was 37,504 yuan/ton, reflecting a year-on-year increase of 58.08% [6] - The company’s financial summary shows projected revenues increasing from 20.655 billion yuan in 2023 to 33.297 billion yuan in 2027, with net profits expected to rise from 944 million yuan to 8.535 billion yuan over the same period [8] Market Trends - The report highlights a significant increase in domestic air conditioning production, with expected growth rates of 9.9%, 14.1%, and 14.3% from May to July 2025 [7] - International demand for air conditioning is also strong, with notable sales increases reported by major manufacturers [7]