25H1归母净利润同比增长153%，受益于制冷剂价格上涨

东岳集团Dongyue Group(0189.HK) 25H1归母净利润同比增长153%，受益于制冷剂价格上涨25H1Net profit+153%YoY&Benefiting from the increase in refrigerant prices 最新动态 ➢25H1归母净利润同比增加153.28%。2025H1，公司实现收入74.63亿元，同比增加2.8%；公司实现归母净利润为7.79亿元，同比增加153.28%。 ➢受益于制冷剂价格上涨。25H1，制冷剂分部对外销售为22.92亿元，同比增长47.69%；而该分部业绩为盈利10.30亿元，同比增长209.77%。25H1，制冷剂分部R32、R410a等主要的产品价格有明显上涨，为该分部业绩增长的主要原因。该两种产品价格于25H1上涨主要与配额的限制有关。根据卓创资讯，截至2025年9月29日，R22华东市场价格为3.25万元/吨，同比增长25.72%；R32华东市场价格为6.23万元/吨，同比增长52.78%。 ➢二氯甲烷及烧碱业务价格回暖。该分部对外销售收入为6.36亿元，同比增加23.44%；该分部录得业绩盈利2.14亿元，同比增长60.97%。该分部产品属大宗化工产品，其价格随市场情况波动。25H1，该分部产品价格略有回暖，使得该分部业绩有一定增长。 ➢含氟高分子材料及有机硅业务承压下行。1）25H1，含氟高分子材料分部对外销售约为19.40亿元，同比减少4.58%；该分部业绩为盈利2.59亿元，同比减少14.57%。该分部市场需求较弱，而供给竞争较为激烈，导致产品价格较低。虽然该分部产品市场状况进一步下滑，但集团该分部产品凭借优秀的质量、良好的客户认可度、较低的成本，在市场上有较好的竞争优势，仍保持了一定的利润水平。2）25H1，有机硅分部对外销售收入为23.19亿元，同比减少15.95%；该分部业绩为盈利875万元，同比减少83.70%。25H1，受新增产能集中释放、下游终端需求乏力、国际贸易环境等多重因素影响，市场供需严重失衡，产品价格有所下滑，导致该分部对外销售收入及分部业绩皆有所减少。 动向解读 ➢降本控费、节约挖潜效果显著。25H1，因外部经济环境因素影响，集团部分产品市场需求较弱，供给竞争激烈。集团继续延续强内控政策，降本控费、节约挖潜，为集团业绩的增长贡献了显著的效果。25H1，集团分销及销售开支同比下降7.61%，行政开支同比下降5.17%。优秀的成本及费用控制，帮助集团在当前的竞争格局下，提高了市场竞争力，推动了业绩的增长。 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18.00亿元、21.09亿元和25.31亿元。结合可比公司估值及AH股估值差异，给予公司2026年10倍PE，按照港元兑人民币0.92汇率计算，对应目标价为13.26港币，给予“收集”评级。 风险提示 市场价格波动；原材料价格波动；配额波动；监管政策变化。 What’s New ➢The net profit in 25H1 increased by 153.28% YoY.In 2025H1,the companyachieved revenue of 7.463bnyuan(+2.8%YoY); The net profit was 779mnyuan(YoY +153.28%). ➢Benefiting from the increase in refrigerant prices.In 25H1, the refrigerant division's external sales amountedto RMB 2.292bn(YoY +47.69%); And the performance of this division was a profit of 1.03bnyuan (YoY+209.77%).In 25H1, thesignificant increase in prices of major products such as R32 and R410a in therefrigerant division is the main reason for its performance growth. The price increase of these two products in25H1 is mainly related to quota restrictions.According toEnc Technology, as of September 29, 2025, the marketprice of R22 in East China was 32500 yuan/ton(YoY +25.72%); The price of R32 in the East China market is62300 yuan/ton(YoY +52.78%). ➢The prices of dichloromethane and caustic soda business have rebounded.The external sales of thisdivision increased by 23.44% YoY to 636mnyuan. This division recorded a performance profit of 214mnyuan(YoY +60.97%). The products of this division belong to bulk chemical products, and their prices fluctuate withmarket conditions.In 25H1, theslight rebound in product prices in this division has led to a certain increase inits performance. ➢Fluorinated polymer materials and organic silicon business are under pressure and declining.1)In 25H1,theexternal sales of the fluorinated polymer materials division amounted to approximately 1.94bnyuan (YoY-4.58%). The performance of this division was profit of 259mnyuan (YoY-14.57%). The market demand in thisdivision is weak, while the supply competition is fierce, resulting in lower product prices. Although the marketsituation of this division's products has further declined, the group's products in this division have a goodcompetitive advantage in the market with excellent quality, good customer recognition, and low costs, and stillmaintain a certain level of profit.2)The external sales of the organic silicon division decreased by 15.95%YoYto 2.319bnyuan. The performance ofthis division was a profit of 8.75mnyuan (YoY-83.70%).In25H1,affectedby multiple factors such as the concentrated release of new production capacity, weak downstream terminaldemand, and the international trade environment, the market supply and demand are severely imbalanced, andproduct prices have declined, resulting in a decrease in the external sales revenue and performance of thedivision. What’s Different ➢The effect of reducing cost control and saving potential is significant.In 25H1,due to external economicenvironmental factors, the market demand for some products of the group is weak, and the supply competitionis fierce. The group continues to implement strong internal control policies, reduce cost control expenses, andsave potential, contributing significantly to the growth of the group's performance.In 25H1,the group'sdistribution and sales expenses decreased by 7.61%YoY, while administrativeexpenses decreased by 5.17%YoY. Excellent cost and expense control has helped the group improve its market competitiveness and driveperformance growth in the current competitive landscape. Action ➢Profit forecast.Wemaintainthe net profit for 2025-2027 to 1.800bnyuan,2.109bnyuan, and2.531bnyuan,respectively. Based on the valuation differences between comparable companies and AH shares, the companywill be given10xPE for 2026, calculated atHKDto RMB exchange rate of 0.92, corresponding toTPof HKD13.26.Wegivethecompany"Accumulate" rating. Risks Market price fluctuations; Fluctuations in raw material prices; Quota fluctuations; Changes in regulatory policies. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名