Investment Rating - The report maintains an "OUTPERFORM" rating for Dongyue Group [3][5]. Core Views - In 2023, the company's net profit decreased by 82% year-on-year, with revenue of approximately RMB 14.493 billion, down 27.63% from the previous year. The gross margin fell to 16.81%, a decrease of 15.72 percentage points year-on-year [9]. - The fluorine silicon chemical industry is experiencing low prosperity, with increased supply capacity and unmet downstream demand leading to significant price declines for several major products [9]. - The company benefits from rising refrigerant prices, with notable increases in market prices for R22, R32, R125, and R134a as of May 7, 2024 [4][9]. Financial Summary - Revenue and profit forecasts for 2024 to 2026 are as follows: - 2024E: Revenue of RMB 19.958 billion, net profit of RMB 1.636 billion - 2025E: Revenue of RMB 25.314 billion, net profit of RMB 2.133 billion - 2026E: Revenue of RMB 32.169 billion, net profit of RMB 2.562 billion [5][7]. - The company’s R&D expenditure in 2023 was approximately RMB 935 million, accounting for 6.45% of revenue, with significant achievements in technological innovation, including 101 new product registrations and 81 new patents [4][9]. Business Segment Performance - The fluorinated polymer materials division reported a profit of RMB 337 million, down 83.07% year-on-year due to significant price declines [4][9]. - The refrigerant division achieved a profit of RMB 311 million, down 69.59% year-on-year, primarily due to falling prices of R142b products [4][9]. - The organic silicon division incurred a loss of RMB 331 million, down 171.31% year-on-year, affected by weak demand and increased competition [4][9]. - The dichloromethane, PVC, and caustic soda divisions recorded a profit of RMB 248 million, down 46.04% year-on-year, due to weak market demand and declining product prices [4][9].
23年公司拥有人应占综合溢利同比下降82%，受益于制冷剂价格上涨