25H1归母净利润同比增长163.61%，制冷剂产品盈利能力提升

25H1归母净利润同比增长163.61%，制冷剂产品盈利能力提升25H1Profit +163.61%YoY &Profitability of refrigerant products improved 最新动态 ➢2025H1归母净利润同比增长163.61%。公司2025H1营业收入为28.28亿元，同比增长38.58%；归母净利润为9.95亿元，同比增长159.22%；扣非归母净利润为9.86亿元，同比增长163.61%。2025H1，公司氟制冷剂产品均价同比大幅上涨，盈利能力稳步提升。 ➢公司重视研发投入，为产业链延伸提供坚实的技术储备。截至2025年6月，公司及子公司拥有授权专利125项，包括发明专利59项、实用新型专利66项；在审发明专利申请33项。报告期内新增专利申请30余项，涵盖新型环保发泡剂、含氟聚合物、含氟精细化学品等领域，进一步夯实产业化基础。此外，公司深化与外部高校合作，共同推进“合成新型HFO系列发泡剂、含氟制冷剂的小试、模式放大及中试产业化技术的研究”等项目，赋能公司技术发展。 ➢项目建设为公司发展奠定基础。2025H1，公司设，福建东莹已建成的1500吨/年六氟磷酸锂产能处于试生产及技改阶段。浙江三美5000吨/年聚全氟乙丙烯及5000吨/年聚偏氟乙烯项目、年智能分装3500万瓶罐制冷剂生产线及配套设施项目已完成主体工程，处于设备安装阶段。同时，公司稳步推进浙江三美的科创中心（办公大楼）、AHF技改项目、催化剂项目、中试基地项目、环氧氯丙烷项目，重庆嘉利合氟化工一体化（一期）项目、甲烷氯化物及四氯乙烯技改项目等。 动向解读 ➢公司氟制冷剂产品均价同比大幅上涨。2025年，第二代氟制冷剂（HCFCs）生产配额进一步削减，第三代氟制冷剂（HFCs）继续实行生产配额管理，竞争格局持续优化，下游需求增长，市场价格稳步上行。2025H1，公司氟制冷剂产品均价同比大幅上涨，盈利能力稳步提升。 ➢丰富的产品组合及营销优势。公司是氟制冷剂的专业制造商，氟制冷剂产品品类齐全，涵盖HCFCs类制冷剂（HCFC-22、HCFC-142b）、HFCs类制冷剂（HFC-134a、HFC-125、HFC-143a、HFC-32，以及混配制冷剂R410A、R404A、R407C、R507等），丰富的产品组合能够满足客户对氟制冷剂的多样化需求。2025年度，公司HCFC-141b发泡剂生产配额占全国比例达到100%，具有明显的市场优势。 策略建议 ➢盈利预测。我们预计公司2025-2027年归母净利润分别为20.17亿元、24.59亿元和29.56亿元。考虑到同行业可比公司估值，我们给予公司2025年22倍PE，对应目标价为72.60元，首次覆盖给予“买入”评级。 风险提示 新产品替代风险、生产配额紧缩风险。 What’s New ➢The net profit in 2025H1 increased by 163.61%YoY.The company's operating revenue for 2025H1 was 2.828billion yuan (YoY +38.58%); The net profit attributable to the parent company was 995 million yuan (YoY+159.22%); The net profit attributable to shareholders was 986 million yuan (YoY +163.61%).In2025H1, theaverage price of the company's fluorine refrigerant products has significantly increasedYoY, and its profitabilityhas steadily improved. ➢The company places great importance on investment in research and development, providing solidtechnical reserves for the extension of the industrial chain.As of June 2025, the company and itssubsidiaries held 125 authorised patents, including 59 invention patents and 66 utility model patents, with afurther 33 invention patent applications under review.In 2025H1, over 30 new patent applications were filed,covering areas such as environmentally friendly foaming agents, fluorinated polymers and fluorinated finechemicals. This has further consolidated the foundation of industrialisation. Furthermore, the company isstrengthening its collaboration with external universities to jointly promote projects such as 'small-scale modeamplification and pilot industrial technology research for synthesising new HFO series foaming agents andfluorine-containing refrigerants',thereby empowering the company's technological development. ➢The construction of the project lays the foundation for the company's development.In2025H1, thecompany established a production capacity of 1,500 tonnes per year of lithium hexafluorophosphate in Dongying,Fujian. This is currently in the trial production and technological transformation stage. Zhejiang Sanmei's mainprojects, including the 5,000-tonne/year perfluoroethylene propylene and 5,000-tonne/year polyvinylidenefluoride projects, as well as the annual production line for 35 million bottles and cans of refrigerant and itssupporting facilities, have been completed and are in the equipment installation stage. Meanwhile, the companyis steadily advancing the Zhejiang Sanmei Science and Technology Innovation Centre office building project,the AHF technological transformation project, the catalyst project, the pilot base project, the epichlorohydrinproject, the Chongqing Jiali Hefu Chemical Integration (Phase I) project and the methane chloride andtetrachloroethylene technological transformation project. What’s Different ➢The average price of the company's fluorine refrigerant products has increased significantly year onyear.In 2025, the production quota for second-generation fluorinated refrigerants (HCFCs) will be reducedfurther,while quota management for third-generation fluorinated refrigerants(HFCs)will continue. Thecompetitive landscape will continue to evolve, downstream demand will increase and market prices will risesteadily. In the first half of 2025, the average price of the company's fluorine refrigerant products has increasedsignificantly year-on-year, and its profitability has steadily improved. ➢Rich product portfolio and marketing advantages.As a professional manufacturer of fluorine refrigerants,the company offers a comprehensive range of products, including HCFC refrigerants (e.g. HCFC-22 and HCFC-142b), HFC refrigerants (e.g. HFC-134a, HFC-125, HFC-143a and HFC-32), and mixed refrigerantssuch asR410A, R404A, R407C and R507. This extensive range of products can meet the diverse needs of customersfor fluorine refrigerants. By 2025, the company's production quota for the HCFC-141 foaming agent will accountfor 100% of the national total, demonstrating its significant market advantage. Action ➢Profit forecast.Weexpectthat the company's net profitin 2025-2027will be2.017 billion yuan, 2.459 billionyuan, and 2.956 billion yuan. Considering the valuation of compara