国信证券指出，供给端2025年制冷剂配额方案发放，二代制冷剂履约加速削减，三代制冷剂R32同比增发4.5万吨，R22、R32等品种行业集中度高；需求端今年受以旧换新政策刺激、局部区域高温、欧美补库、东南亚等新兴区域需求增长等因素影响，海内外空调生产、排产大幅提升。二代制冷剂R22等品种在供给快速收缩、空调维修市场的支撑下，供需偏紧；三代制冷剂R32供给同比小幅提升，但需求端也呈现快速增长，预计将保持供需紧平衡。Dongyue Group (00189) is now up more than 5%, as of the time of publication, up 4.89%, at 6.65 Hong Kong dollars, with a turnover of 21.9856 million Hong Kong dollars.
According to the Wise Financial APP, Dongyue Group (00189) is now up more than 5%, as of the time of publication, up 4.89%, at 6.65 Hong Kong dollars, with a turnover of 21.9856 million Hong Kong dollars.
On the news front, Dongyue Group announced that Dongyue Organosilicon's revenue in the first three quarters was 4.022 billion yuan, an 11.47% year-on-year increase; the net income attributable to shareholders of the listed company was 88.5902 million yuan, a 131.06% year-on-year increase. Looking at the third quarter alone, the company's main revenue for the quarter was 1.285 billion yuan, a 14.27% year-on-year increase; net profit attributable to the mother for the quarter was 23.373 million yuan, a 124.96% year-on-year increase.
Guosen Securities pointed out that the supply side will issue the refrigerant quota plan for 2025, the second-generation refrigerants are accelerating the reduction of performance, and the third-generation refrigerant R32 is expected to increase by 0.045 million tons year-on-year, with high concentration in varieties such as R22 and R32. On the demand side, factors such as the stimulus of the replacement policy, high temperatures in certain regions, inventory replenishment in Europe and the United States, and demand growth in emerging regions such as Southeast Asia are impacting the significant increase in domestic and overseas air conditioner production and scheduling. Second-generation refrigerants like R22 are in tight supply and demand due to rapid contraction in supply and support from the air conditioner maintenance market; while third-generation refrigerant R32 supply is expected to increase slightly year-on-year, demand is also growing rapidly, and a tight balance between supply and demand is expected to be maintained.
