Refrigerant Gas Market Half Year Revision and Outlook (Year 2022)

In the first half of the year 2022, the performance of most listed companies in the refrigerant industry increased significantly.

"In the first half of this year, the supply and demand pattern of the refrigerant industry has improved significantly, and the main

refrigerant products have achieved an increase in volume and price. In addition, the performance of the industry in the same period last year was generally low, and the performance of refrigerant companies in the first half of the year showed a blowout trend." A domestic fluorine chemical industry Business executives said in an interview with reporters.

The reporter noticed that the net profit of the major listed refrigerant companies that have disclosed their performance forecasts in the first half of this year has more than doubled year-on-year, and some companies have predicted an increase of more than 7 times.

Regarding the continuation of the high growth trend in the second half of the year, the aforementioned corporate executives said that although the supply and demand pattern of the refrigerant industry will continue to improve, the second half of the year is a relatively low season for the refrigerant industry, and the industry profits were extremely high in the same period last year. somewhat restrained.

Refrigerants (fluorine refrigerants) are one of the most important products in the fluorine chemical industry, and are indispensable in air conditioners (including automobiles) and industrial/commercial refrigeration.

"Since the beginning of this year, although the price of refrigerant products has dropped compared with the fourth quarter of last year, with the support of energy and raw material prices, the market price of refrigerant products still has a considerable increase compared with the same period last year." A person in the refrigerant industry in Shandong Introduce to reporters.

Taking the third-generation refrigerant R32 as an example, choice statistics show that the price of R32 in the first half of this year is roughly 13,000-16,000 yuan / ton, and the price per ton is about 2,000 yuan higher than the same period last year. Others such as R125, R410a, etc. The price gap of model products is even larger.

While product prices are rising, the supply and demand pattern of the refrigerant market has quietly changed.

The above-mentioned industry sources said that this year, the competition among enterprises for the quota of the third-generation refrigerants has entered the final stage, and many manufacturers have begun to reduce the load of equipment. The basis for improving the profitability of the refrigerant industry.

Relevant data shows that as of mid-July, the theoretical profit of R32 refrigerant products is about -650 yuan / ton, which is a significant improvement from the lowest point of the year - 4,000 yuan / ton; the theoretical profit of the second-generation refrigerant R125 reaches 10,386 yuan / ton , nearly 30% higher than the same period last year.

The performance of various listed companies is gratifying. Juhua is expected to achieve a net profit of 858 million to 1.049 billion yuan in the first half of the year, a year-on-year increase of 725% to 908%; Sanmei Co., Ltd., which is also a leader in refrigerants, is expected to have a net profit attributable to its parent in the first half of the year. It was 298 million yuan to 372 million yuan, a year-on-year increase of 110.54% to 163.17%.

The performance of the refrigerant industry, which has been struggling at the bottom for several years, is indeed gratifying, but the industry believes that it is worth scrutinizing whether the industry can completely get rid of the predicament and achieve a high growth in annual performance.

An executive of a domestic fluorine chemical company told reporters that on the one hand, the supply and demand pattern of the refrigerant industry continued to improve, which played a decisive role in profitability, but the substantial increase in performance was also related to the low base in the same period last year.

Taking Sanmei as an example, before the performance of the first half of this year broke out, the company has experienced two consecutive years of decline in its interim report performance. The company achieved a net profit of 141 million yuan in the first half of 2021, only 23% of the same period in 2018. ; Juhua shares also have similar problems.

At the same time, the inherent properties of the industry lead to the fact that refrigerant companies are usually more profitable in the first half of the year.

"Because downstream companies usually stock up before summer, the demand for refrigerants in the second half of the year will be relatively flat, and product prices and sales will drop significantly compared to the first half of the year, resulting in a narrower corporate profitability." The aforementioned executives introduced.

"In addition, the dual-control policy on energy consumption in the second half of last year hindered the supply of refrigerant raw materials, and the price of refrigerant products jumped sharply in a short period of time. Most refrigerant companies performed extremely high in the second half of last year. It will be more difficult to achieve high annual performance growth," the executive said.