永和股份：含氟高分子材料弱势，制冷剂景气向上

Investment Rating - The report maintains a "Buy" rating for the company [12][16]. Core Views - The company achieved a revenue of 4.37 billion yuan in 2023, representing a year-on-year increase of 14.9%. However, the net profit attributable to shareholders decreased by 38.8% to 180 million yuan, and the net profit after deducting non-recurring gains and losses fell by 57.8% to 110 million yuan [10][11]. - In Q4 2023, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 5.2%, but a quarter-on-quarter decrease of 0.8%. The net profit attributable to shareholders for this quarter was 22 million yuan, down 70.1% year-on-year and 58.4% quarter-on-quarter [10]. - For Q1 2024, the company generated a revenue of 1.01 billion yuan, up 7.8% year-on-year, with a net profit of 37 million yuan, an increase of 27.4% year-on-year [10]. Summary by Sections Financial Performance - The company’s fluoropolymer materials segment generated a revenue of 1.35 billion yuan in 2023, up 58.7% year-on-year, but the gross margin decreased by 13.6 percentage points to 23.9% [11]. - The fluorinated chemical segment saw a revenue of 2.36 billion yuan, down 3.8% year-on-year, with a gross margin of 7.8%, a decrease of 1.6 percentage points [11]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [11]. Market Outlook - The report indicates that the third-generation refrigerants are expected to experience a long-term upward trend, with the company’s production capacity gradually increasing [11]. - The company has received a quota of 55,200 tons for third-generation refrigerants, positioning it among the industry leaders [11]. - The prices of refrigerants have significantly increased, with R22, R32, R134a, R125, and R143a prices rising from the beginning of the year [11]. Future Projections - The projected net profits for 2024, 2025, and 2026 are 490 million yuan, 790 million yuan, and 990 million yuan, respectively [11].