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Huajin Securities: The quota for refrigerants will take effect in 2025, leading to a continued high prosperity driven by supply and demand resonance.
The third generation quotas have increased, but the overall extent is smaller than the previous guidance.
Open-source Securities: Refrigerants may welcome a double hit in the main upward market in 2025.
There is a strong bullish outlook for the refrigerant market to continue, and it is determined that by 2025, under the multiple catalysts of ongoing profit release, accelerated right-side trends, potential seasonal restocking due to low inventory, and rational expectations of policies, the refrigerant Industry may迎来 a major wave of profit and valuation increases.
Zhejiang Juhua (600160.SH): It is expected that the actual average price of the company's fluorinated refrigerant products will continue to rise in 2025.
On December 16, Gelonghui reported that Zhejiang Juhua (600160.SH) stated during the investor reception day activities that (1) this year marks the first year of the quota system for the third-generation refrigerants, and product prices are on a recovery upward trend. Additionally, compared to the high inventory in Q4 last year and factory accumulation, the current historical social inventory (including factory stock) is being well reduced. The downstream demand is good, and some varieties still have a considerable gap from historical highs. The production quotas for second-generation refrigerants are further reduced, and the industry's ecology and competitive order continue to improve. It is expected that the actual average price of the company's fluorinated refrigerant products will continue to rise in 2025, and the profit level and profit share will further increase.
Guosen: At the end of the year, the production of air conditioners shows double-digit growth, and the prices of R125 and R134a have further increased.
The tightening of refrigerant quota restrictions is a long-term trend. Against this backdrop, bullish sentiment for second and third generation refrigerants such as R22, R32, R125, and R134a is expected to continue, with significant potential for product prices to rise in the long term.
Zhejiang Juhua (SHSE:600160) Seems To Use Debt Quite Sensibly
Huajin Securities: Isopropyl alcohol supply is tight, prices may continue to rise.
Starting from late June 2024, the price of n-propanol has continuously risen from a low of 7,400 yuan per ton, currently reaching 10,800 yuan per ton.
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102884128 : getting disappointed with this counter. every day drop.