【中航证券】巨化股份（600160）-制冷剂价格持续上涨，长期逻辑向好-250123（6页）.pdf

1、 1 指标指标2022A2022A2023A2023A2024E2024E2025E2025E2026E2026E营业收入（百万元）21,48920,65525,29829,45634,191增速（%）19.48%-3.88%22.48%16.43%16.08%归母净利润（百万元）2,3819441,9793,9206,232增速（%）114.66%-60.37%109.70%98.14%58.97%每股收益（元）0.880.350.731.452.31市盈率（倍）28.7772.5934.6217.4710.99iFinD iFinD -400%-200%0%200%400%600%800%

2、1000%1200%050100150200250营业收入（亿元）归母净利润（亿元）营收同比增速（右轴）净利同比增速（右轴）0%5%10%15%20%25%30%毛利率净利率0500010000150002000025000300003500040000010000200003000040000500006000070000Dec-23Mar-24Jun-24Sep-24Dec-24价差（国内-出口）-右轴国内R143a价格出口R143a价格-2000-10000100020003000400050006000050001000015000200002500030000350004000045

3、000Dec-23Mar-24Jun-24Sep-24Dec-24价差（国内-出口）-右轴国内R134a价格出口R134a价格-4000-200002000400060008000100001200014000050001000015000200002500030000350004000045000Dec-23Mar-24Jun-24Sep-24Dec-24价差（国内-出口）-右轴国内R32价格出口R32价格050001000015000200002500005000100001500020000250003000035000400004500050000Dec-23Mar-24Jun-24S

4、ep-24Dec-24价差（国内-出口）-右轴国内R125价格出口R125价格 iFinD CR3集中度CR3集中度CR5集中度CR5集中度CR3集中度CR3集中度CR5集中度CR5集中度R3288.0%96.1%0.6%-0.1%R134a86.7%94.9%-0.3%-0.3%R12574.2%94.5%-0.3%0.8%R143a89.6%100.0%-1.2%0.0%2025年2025年较2024年的变化较2024年的变化产品分类产品分类分项分项2021202120222022202320232024E2024E2025E2025E2026E2026E收入（百万元）5226681559

5、8397271358718017收入同比增速43.55%30.41%-12.21%62.57%39.69%32.60%毛利率12.9%8.6%13.1%30.6%40.2%47.1%毛利（百万元）674587786297354598482收入（百万元）168816902508365537993949收入同比增速35.36%0.14%48.35%45.74%3.95%3.95%毛利率7.2%2.5%5.2%10.0%10.4%10.9%毛利（百万元）12143130364396429收入（百万元）329148714125396138823805收入同比增速28.81%48.01%-15.33%-

6、3.96%-2.00%-2.00%毛利率22.0%30.2%20.4%16.5%16.9%16.5%毛利（百万元）7241470843653656627收入（百万元）199524952207196619861966收入同比增速44.52%25.08%-11.54%-10.91%1.00%-1.00%毛利率23.4%31.0%12.7%5.7%6.6%5.7%毛利（百万元）467774281112132112收入（百万元）866859680799719648收入同比增速10.79%-0.79%-20.83%17.54%-10.00%-10.00%毛利率23.6%55.5%24.3%1.7%2.8