ZJJH(600160) 华泰证券·2025-04-29 07:10Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, driven by the high demand for refrigerants, with a year-on-year growth of 161% [1] - The refrigerant market is expected to remain strong, supported by demand from downstream sectors such as air conditioning and automotive [4] - The company is projected to achieve net profits of 41 billion, 53 billion, and 61 billion RMB for the years 2025 to 2027, respectively, indicating a robust growth trajectory [5] Revenue and Profitability - In Q1 2025, the company achieved total revenue of 5.8 billion RMB, a year-on-year increase of 6% [1] - The company's gross profit margin improved to 28.4%, reflecting a year-on-year increase of 13.7 percentage points [3] - The earnings per share (EPS) for 2025 is estimated at 1.52 RMB, with a projected growth in EPS for the following years [5] Market Performance - The average price of refrigerants has increased, with R22, R32, R125, and R134a prices rising by 9%, 13%, 7%, and 11% respectively since the beginning of the year [4] - The company's market capitalization is approximately 68.47 billion RMB, with a target price set at 31.92 RMB [9] Segment Performance - The refrigerant segment saw a year-on-year sales increase of 4%, despite a seasonal decline in Q1 [2] - The fluoropolymer segment faced temporary pressure, with a year-on-year sales decline of 7% [2] - The basic chemical products segment benefited from improved caustic soda prices, leading to a revenue increase of 7% year-on-year [3]