研報掘金丨申萬宏源研究:巨化股份上半年業績預告符預期,維持“增持”評級
申萬宏源研究指出,2025年上半年巨化股份預計實現歸母淨利潤19.7~21.3億元,同比增長136%~155%;其中25Q2單季度公司預計實現歸母淨利潤11.6~13.2 億元,同比增長122%~152%,環比增長44%~63%,業績符合預期。製冷劑均價環比繼續大幅提升,Q3靜待維修及出口市場發力。公司三代製冷劑配額國內領先,亦有3.9 萬噸R22 配額,後續有望充分受益二代三代製冷劑價格共振上行。在全球供給嚴格約束下,行業格局優化疊加下遊需求的增長將帶來製冷劑價格和價差的長週期向上,製冷劑作爲功能性製劑、“剛需消費品”屬性與“特需經營”商業模式的“基因”正在逐步形成,公司漲價彈性大,維持“增持”評級。
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