ZJJH(600160) 东莞证券·2025-04-29 09:31Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [5]. Core Insights - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 160.64%, driven by rising refrigerant prices [3]. - The average price of refrigerant products increased by 58.08% compared to the same period last year, contributing to the company's profitability [3]. - The report anticipates continued price increases for refrigerants in Q2 2025, with long-term contracts for R32 and R410a rising by 14.77% and 14.42% respectively [3]. Financial Performance Summary - For Q1 2025, the company achieved a revenue of 58.00 billion yuan, representing a year-on-year increase of 6.05% [3]. - The net profit attributable to the parent company was 8.09 billion yuan, with a net profit margin of 15.49%, reflecting a year-on-year increase of 9.45 percentage points [3]. - The company's gross profit margin for Q1 2025 was 28.42%, up by 13.67 percentage points year-on-year [3]. Earnings Forecast - The company is projected to have a basic earnings per share (EPS) of 1.41 yuan for 2025, with a corresponding price-to-earnings (PE) ratio of 18 times at the current stock price [4]. - Revenue forecasts for the upcoming years are as follows: 2024A at 24.46 billion yuan, 2025E at 25.47 billion yuan, 2026E at 27.81 billion yuan, and 2027E at 30.61 billion yuan [4].