Huajin Securities: Refrigerant quota for 2025 is in place, supply and demand resonate, high prosperity continues.

021()2024HFCs95%37.86%2025On December 19, 2024, the average price of R22 was 32,500 yuan/ton, an increase of 66.67% compared to the beginning of the year; the average price of R32 was 40,500 yuan/ton, an increase of 138.24% compared to the beginning of the year; the average price of R134a was 40,000 yuan/ton, an increase of 45.45% compared to the beginning of the year; the average price of R125 was 38,000 yuan/ton, an increase of 38.18% compared to the beginning of the year; the average price of R410a was 39,000 yuan/ton, an increase of 73.33% compared to the beginning of the year.Investment advice: In 2025, the refrigerant quota will be implemented, and the supply and demand will resonate with high prosperity, the industry's profits will continue to improve. It is recommended to focus on Zhejiang Juhua (600160.SH), Zhejiang Sanmei Chemical Industry (603379.SH), Zhejiang Yonghe Refrigerant (605020.SH), Haohua Chemical Science & Technology Corp (600378.SH), DONGYUE GROUP (00189), Guangdong Hec Technology Holding (600673.SH), and upstream raw material target China Kings Resources Group (603505.SH). Risk warning: policy uncertainty; downstream air conditioning and automotive demand lower than expected; significant fluctuations in raw materials; fourth-generation refrigerant replacement progress exceeds expectations; safety and environmental risks.