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  在配额政策推动和下游需求提振的双重利好下,去年以来制冷剂行业景气度持续上升,氟化工龙头公司盈利能力明显增强。近期,巨化股份、三美股份、永和股份、东阳光等陆续披露今年一季度业绩预告,净利润同比预增下限均超过100%。

  多家券商在最新研报中表示,在配额管控下,第三代制冷剂供需格局或持续优化,行业景气周期有望继续攀升。

  二季度制冷剂价格或继续上涨

  从价格走势来看,去年四季度以来,国内制冷剂价格就出现持续拉升的局面,今年以来制冷剂价格更是呈现全面上涨趋势。百川盈孚数据显示,截至今年4月15日,第三代制冷剂主流产品R32国内均价为4.8万元/吨,较年初上涨12%,同比上涨66%;R125国内均价为4.5万元/吨,较年初上涨7%,同比上涨2.3%;R134a国内均价为4.65万元/吨,较年初上涨9%,同比上涨45%。

  制冷剂价格为何持续上涨?“主要是在配额管控下,供需结构发生根本改变。”日前,有氟化工上市公司高管对记者表示,“我国自2024年起正式对第三代制冷剂生产实施配额管控制度,此举进一步明确了市场供给的上限,促使企业更加注重生产效率和技术提升,同时也为行业向高附加值领域发展提供长期稳定的政策支持。”

  根据此前生态环境部相关通知,今年我国第三代制冷剂生产配额总量为79.19万吨,较2024年增加4.63万吨。具体来看,第三代制冷剂配额主要集中在巨化股份、东岳集团、三美股份、昊华科技、永和股份、东阳光等几家龙头企业,行业集中度较高。其中,巨化股份拥有第三代制冷剂生产配额29.98万吨,占行业总配额量的37.86%。

  从下游应用端来看,家电“以旧换新”政策带动了空调更新需求,进一步推动制冷剂的需求增长。据了解,制冷剂广泛应用于家用空调、冰箱(柜)、汽车空调、商业制冷设备等产品。其中,空调对制冷剂的需求量占据制冷剂总需求的78%,冰箱和汽车则分别占16%和6%。据相关机构统计,今年4月至6月,我国家用空调排产预计将分别同比提升9.1%、13%和15.9%。

  二季度制冷剂价格走势如何?“现在已经进入制冷剂需求的旺季。”近日,有行业研究员对记者表示,“业内对制冷剂年内保持看涨情绪,今年二季度部分第三代制冷剂价格或将突破5万元/吨。”百川盈孚监测数据显示,今年二季度R32长协承兑价格为4.66万元/吨,R410a长协承兑价格为4.76万元/吨,均较一季度定价上调6000元/吨。

  多家龙头企业首季业绩预计倍增

  受益于制冷剂等主营产品的量价齐升,多家A股氟化工上市公司一季度业绩均表现出不俗的增长动力。巨化股份、三美股份、永和股份、东阳光等公司一季度净利润同比预增下限均超过100%。

  对于业绩增长的原因,各公司均表示,因第二代制冷剂今年生产配额进一步削减,第三代制冷剂实行生产配额制且下游需求旺盛,供需格局进一步优化,产品价格保持持续上涨趋势,产品毛利率大幅上升。

  巨化股份预计,今年一季度,公司实现归母净利润7.6亿元到8.4亿元,同比增长145%至171%。公司披露的经营数据显示,前3个月公司制冷剂板块实现营收26.18亿元,同比增长64.63%;制冷剂产品均价为3.75万元/吨,同比增长58%。

  三美股份预计一季度实现归母净利润3.69亿元至4.28亿元,同比增长139.41%至177.71%。永和股份在业绩预告中表示,在今年1月至2月公司下属金华生产基地、邵武生产基地因春节假期停车半个月的情况下,公司预计一季度实现归母净利润9100万元至1.03亿元,同比增长144.49%至176.74%。

  受益于制冷剂业务利润增长等因素,东阳光2024年净利润同比扭亏为盈。公司近日披露的2024年年报显示,报告期内公司实现营业收入121.99亿元,同比增长12.4%;归母净利润3.75亿元,同比扭亏为盈。公司预计今年一季度实现归母净利润2.53亿元至3.23亿元,同比增长156.17%至227.05%。

  美“对等关税”对制冷剂行业影响有限

  记者注意到,近期多家氟化工上市公司在投资者互动平台表示,美国加征“对等关税”对制冷剂行业影响有限。

  巨化股份表示,公司出口美国的制冷剂产品收入占公司总营收不足2%(均为HFOs),公司的盈利增长趋势预计不会改变。目前,公司制冷剂产品保持高产、旺销,价格保持上涨趋势。

  永和股份在投资者互动平台表示,公司目前已建立覆盖100多个国家和地区的全球化销售布局,对于海外单一市场的依赖程度低。2024年前三季度公司出口美国业务收入占整体营业收入的5.5%左右,占比较低,且公司可以通过价格调整机制适当向下游客户进行传导转嫁。

  东阳光表示,公司没有直接出口至美国的产品,美国“对等关税”对公司业务影响非常有限。

  “我国第三代制冷剂产能全球占比近80%,且具备上游萤石资源至氢氟酸的完备链条,氟化工全球话语权强。”有行业研究员告诉记者,“从整个氟化工产业发展来看,美国‘对等关税’或加快氟化工行业推进绿色化和高端化进程。”

  (文章来源:上海证券报)

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