The performance of leading fluorine chemical enterprises in the first three quarters is eye-catching

Benefiting from the high prosperity of refrigerants and fluorine-containing new energy materials, the performance of fluorine chemical listed companies in the first three quarters of this year is generally good
.

In the fluorine chemical sector of Oriental Wealth, 10 listed companies have disclosed their results (including financial reports and performance forecasts) for the first three quarters of this year, and the net profits of these 10 companies in the first three quarters have all increased
year-on-year.
Among them, the net profits of Juhua and China Mining Resources in the first three quarters increased by more than 500% year-on-year, and the net profit of Lianchuang shares increased by more than 450%
year-on-year.

01 The profitability of fluorine chemical enterprises has increased significantly

On the evening of October 23, Lianchuang released its 2022 third quarter report
.
In the first three quarters, the company achieved operating income of 1.
771 billion yuan, a year-on-year increase of 43.
23%; The net profit attributable to the shareholders of the listed company was 903 million yuan, a year-on-year increase of 454.
52%.

Among them, the net profit in the third quarter was 230 million yuan, a year-on-year increase of nearly 1 times
.
The company said that the company's performance during the reporting period grew faster than the same period last year, mainly benefiting from the good
market situation of new energy lithium battery material products.

Among the fluorine chemical companies that have disclosed performance forecasts, Juhua and China Mineral Resources have the largest year-on-year increase in net profit in the
first three quarters of this year.
Among them, Juhua is expected to have a net profit attributable to shareholders of listed companies in the first three quarters of 1.
6 billion yuan to 1.
75 billion yuan, a year-on-year increase of 519% to 577%; Non-net profit is expected to be RMB1,538 million to RMB1,688 million, a year-on-year increase of 640% to 712%.

The company said that during the reporting period, the company gave full play to the advantages of industrial chain integration and product channel improvement, the production and sales of major products increased steadily year-on-year, and the operating income increased significantly compared with the same period of the previous year
.

Tianci Materials disclosed that the net profit attributable to shareholders of listed companies in the first three quarters of this year is expected to be 4.
26 billion yuan to 4.
46 billion yuan, a year-on-year increase of 174.
19% to 187.
06%.

The company said that affected by the growth of demand in the new energy vehicle industry, the sales and prices of lithium-ion battery material electrolytes and cathode materials have increased significantly year-on-year, while the company's new production capacity continues to be launched, and the overall profitability has increased
significantly as the self-production rate of raw materials for products continues to increase.

In addition, many other fluorine chemical companies also increased their performance in the first three quarters of this year to varying degrees
.
New Zhoubang expects the net profit attributable to shareholders of listed companies in the first three quarters to be 1.
389 billion yuan to 1.
476 billion yuan, a year-on-year increase of 60% to 70%.

Yonghe is expected to achieve a net profit attributable to the owners of the parent company in the first three quarters of 215 million yuan to 240 million yuan, a year-on-year increase of 22.
68% to 36.
94%.

Haohua Technology is expected to achieve operating income of about 6.
4 billion yuan in the first three quarters, a year-on-year increase of about 23%; The net profit attributable to shareholders of listed companies was about 760 million yuan, a year-on-year increase of about
18%.

02 The prosperity of refrigerants is gradually recovering

The good performance of a number of fluorine chemical listed companies is mainly due to the recovery
of refrigerant prosperity.
It is understood that with the continuous reduction of the supply side caused by the control of refrigerant quotas and the accelerated elimination of second-generation refrigerants since the beginning of this year, the gap between refrigerant supply and demand has continued to widen, and the quota has been concentrated in the industry, driving the refrigerant price of related companies to rise
.

According to Baichuan Yingfu monitoring, since July, a variety of refrigerant prices have risen
.
Among them, the price per ton of the three generations of mainstream refrigerants R22 and R134a has increased by more than 20%.

According to the operating data disclosed by the refrigerant leader Juhua shares, in the first three quarters of this year, the average price of the company's refrigerant was 21361 yuan / ton, a year-on-year increase of 20.
5%; Sales volume was 240,000 tons, 19.
9%
year-on-year.
It is understood that the company's third-generation refrigerant production capacity is 397,400 tons, which is in the leading position
in the world.
Another refrigerant leader, Yonghe, currently has 30,000 tons/year R134a, 55,000 tons/year R22, 24,000 tons/year R142b, 40,000 tons/year R152a and other refrigerant production capacity of more than 60,000 tons, while the company is building more than 100,000 tons/year refrigerant production capacity
.

"This year is the last year of the third-generation quota base year, fluorine chemical companies are actively expanding sales in order to 'grab' refrigerant quotas, so the competition between enterprises is fierce, and the price of refrigerants has dropped significantly
.
" After the end of the quota base year, the price of mainstream third-generation products has limited room for future decline, refrigerant prices are expected to rebound, and leading enterprises are expected to benefit
.
Recently, an industry insider told
reporters.

In the latest research report, a number of securities companies believe that domestic leading refrigerant enterprises have advantages in quota allocation in the future, and the third-generation refrigerant business of related enterprises is expected to contribute to performance
through "volume and price" in the future.

03 New energy materials into the direction of fluorine chemical industry chain extension

Driven by the rapid development of downstream new energy vehicles and energy storage industries, fluorine-containing new energy materials represented by lithium hexafluorophosphate and PVDF have become an important direction
for fluorine chemical enterprises to extend the industrial chain and transform and upgrade products.

Taking Tianci Materials as an example, according to CICC's estimates, the company's electrolyte shipments in the third quarter of this year were about 91,000 tons, the production schedule in October exceeded 35,000 tons, and the shipments in the fourth quarter are expected to reach 120,000 tons; the annual electrolyte shipments may reach 330,000 tons, a year-on-year increase of 129%, which will strongly drive performance growth
.

As the core material of electrolyte, lithium hexafluorophosphate is a popular product
in fluorine chemical industry.
It is reported that many companies such as polyfluoride, Tianci Materials, Tianji Co.
, Ltd.
, Yongtai Technology and other companies have production capacity
under construction or proposed.

It is understood that the company's current lithium hexafluorophosphate production capacity has reached 35,000 tons / year, according to the expansion progress, by the end of this year the company's production capacity will reach 55,000 tons / year, by 2025 is expected to reach 200,000 tons / year, the target market share is about
40%.

At present, there is still a huge supply gap
for lithium-grade PVDF in China.
The existing PVDF of Lianchuang Co.
, Ltd.
is mainly lithium-ion battery production capacity
.
The company binds downstream leading enterprises, and the order volume is sufficient, which strongly drives the company's performance growth
.
In addition, the company's second phase of 5,000 tons/year PVDF is now in the stage
of capacity release.