研報掘金丨華創證券:維持巨化股份“強推”評級,目標價31.5元
華創證券研報指出,配額制度決定了產業鏈定價權持續向製冷劑端轉移,這一趨勢決定了製冷劑價格上限高且升價趨勢不改。巨化股份(600160.SH)目前是三代製冷劑龍一、二代製冷劑龍二,具備較強的行業地位和定價影響力,後續有望持續受益升價邏輯。根據公司此前發佈的2024 年業績預吿,略微上調此前對2024年的業績預期。此外由於2025年增發了部分R32配額,因此也上調對2025-2026年的業績預期。根據可比公司估值,此外考慮公司的行業龍頭地位,給予公司2025年25x P/E,目標價格31.5元/股,維持“強推”評級。
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