证券代码：603379 证券简称：三美股份 公告编号：2024-064 浙江三美化工股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人：重庆市嘉利合新材料科技有限公司（以下简称"嘉利合"） 本次担保金额及已实际为其提供的担保余额：浙江三美化工股份有限公 司（以下简称"公司"）本次合计为控股子公司嘉利合提供 53,845.02 万元的连 带责任保证担保，截至本公告披露日，公司实际为嘉利合提供的担保余额为 53,845.02 万元。 一、担保情况概述 （一）担保基本情况 近日，公司与中国银行股份有限公司重庆市分行（以下简称"中国银行重庆 市分行"）签署了《保证合同》《最高额保证合同》，分别为嘉利合与中国银行重 庆市分行签署的《固定资产借款合同》《授信额度协议》提供连带责任保证担保， 本次合计为嘉利合提供的担保金额为 53,845.02 万元。本次担保事项不存在反担 保情况。 （二）履行的内部决策程序 公司于 2024 年 4 月 27 日召开第六届董事会第十一次会议和第六 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 17% to 3.039 billion yuan and a net profit increase of 136% to 561 million yuan [5][6]. - The report highlights a decline in refrigerant sales volume in Q3 2024, down 8% to 31,100 tons, but an increase in average price by approximately 531 yuan/ton to 26,532 yuan/ton [5]. - The company is investing in new projects to enhance its integrated fluorochemical industry chain, with significant investments planned for various production facilities [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.039 billion yuan, with a net profit of 561 million yuan, reflecting a year-on-year growth of 136% [5][6]. - The gross margin improved to 28.28%, up 15.86 percentage points year-on-year, while the net margin reached 18.40%, an increase of 9.28 percentage points [5]. Market Dynamics - The report notes that the refrigerant market remains robust, with expected price increases in Q4 2024 due to ongoing demand and supply dynamics [5]. - The average price of major refrigerants is projected to rise further, with internal trade prices expected to reach 34,112 yuan/ton and external trade prices at 29,646 yuan/ton by the end of Q4 2024 [5]. Future Outlook - The company has revised its profit forecasts for 2024-2026, now estimating net profits of 862 million yuan, 1.315 billion yuan, and 2.178 billion yuan respectively [6]. - The report emphasizes the potential for price increases in refrigerants due to a favorable industry structure and unexpected downstream demand [5].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Views - The company is expected to benefit from the long-term prosperity of refrigerants and has strategically positioned itself for the fourth generation of refrigerants. The company has invested in projects to enhance its fluorochemical industry layout and diversify its product offerings [1][3]. - Despite some delays in fundraising projects, the overall outlook for the refrigerant market remains optimistic as the traditional consumption off-season ends and a new cooling year begins [1][2]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.039 billion yuan, a year-on-year increase of 16.50%, and a net profit attributable to shareholders of 561 million yuan, up 135.63% year-on-year [2][3]. - In Q3 2024, the company reported a revenue of 999 million yuan, a year-on-year increase of 14.48%, but a quarter-on-quarter decrease of 7.64%. The net profit for Q3 was 177 million yuan, reflecting a year-on-year increase of 63.55% and a quarter-on-quarter decrease of 22.77% [3]. Project Updates - The company has postponed the completion of several projects, including the 6000 tons/year lithium hexafluorophosphate and 100 tons/year high-purity phosphorus pentafluoride projects in Fujian to October 2025, and the 5000 tons/year perfluoropropylene and 5000 tons/year polyvinylidene fluoride projects in Zhejiang to December 2025 [2][3]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23 yuan, 1.46 yuan, and 1.60 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are 26.6, 22.5, and 20.4 based on the closing price of 32.74 yuan on October 30, 2024 [3][4].

证券研究报告 非金融公司|公司点评|三美股份（603379） 业绩同比增长 136%，制冷剂景气延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 2024 年 10 月 28 日，三美股份发布《2024 年第三季度报告》： 2024 年前三季度，公司实现营 收约 30.39 亿元（同比+16.5%）；归母净利润约 5.61 亿元（同比+135.63%）；其中，2024Q3 单 季度公司实现营业收入 9.99 亿元（同比+14.48%）；归母净利润 1.77 亿元（同比+63.55%、环 比-22.77%）。 |分析师及联系人 张玮航 许隽逸 申起昊 SAC：S0590524090003 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月30日 三美股份(603379) 业绩同比增长 136%，制冷剂景气延续 | --- | --- | |----------------------------|---------- ...

公 司 研 究 基础化工/化学制品 三美股份（603379.SH） 2024 年 10 月 30 日 前三季度业绩创历史新高，制冷剂行情持续向上 ——公司信息更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|-------------|-------------------------------------------------------|------------------------------------------------------------------------|------------------------------|------------------------------------------|------------------|----------------|----------| | | | | | | | | | | | | | | | | | | | | | 投资评级：买入（维持） | | 金益腾（分析师） | 毕挥（分析师） | | ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 32.40 yuan [4]. Core Views - The company achieved a revenue of 3.039 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.50%. The net profit attributable to shareholders reached 561 million yuan, up 135.63% year-on-year, and the net profit after deducting non-recurring items was 549 million yuan, reflecting a growth of 222.66% [2]. - In the third quarter alone, the company reported a revenue of 999 million yuan, a year-on-year increase of 14.48%, but a quarter-on-quarter decrease of 7.64%. The net profit attributable to shareholders was 177 million yuan, up 63.55% year-on-year, but down 22.77% quarter-on-quarter [2]. - The sales volume of fluorinated refrigerants decreased by 10.94% year-on-year to 31,100 tons in the third quarter, while the selling price increased by 37.08% year-on-year to 26,500 yuan per ton [2]. - The strong retail performance in the air conditioning market, with a total retail volume of 8.548 million units in August and September 2024, up 27.7% year-on-year, is expected to drive production increases in the air conditioning sector [2]. - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 778 million, 1.275 billion, and 1.421 billion yuan, respectively, with corresponding PE ratios of 25, 16, and 14 [2][5]. Financial Summary - The company’s total revenue is projected to grow from 3.334 billion yuan in 2023 to 5.519 billion yuan in 2026, with a compound annual growth rate of approximately 22.89% [5]. - The net profit is expected to increase from 280 million yuan in 2023 to 1.421 billion yuan in 2026, indicating a significant growth trajectory [5]. - The gross profit margin is anticipated to rise from 13.40% in 2023 to 41.71% in 2026, reflecting improved profitability [5].

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证券研究报告 | 2024年10月29日 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

有色与新材料 2024 年 10 月 28 日 公 司 季 报 点 评 三美股份(603379.SH) 制冷剂价格高位续涨，公司业绩维持高增势 推荐（维持） 事项： 现价：32.40 元 | --- | --- | |----------------------------|---------------------| | 主要数据 | | | 行业 | 基础化工 | | 公司网址 | www.sanmeichem.com | | 大股东 / 持股 | 胡荣达 / 37.83% | | 实际控制人 | 胡荣达 , 胡淇翔 | | 总股本 ( 百万股 ) | 610 | | 流通 A 股 ( 百万股 ) | 610 | | 流通 B/H 股 ( 百万股 ) | -- | | 总市值（亿元） | 198 | | 流通 A 股市值 ( 亿元 ) | 198 | | 每股净资产 ( 元 ) | 10.20 | | 资产负债率 (%) | 9.26 | | | | 行情走势图 -40% -20% 0% 20% 40% 24-01 24-03 24-05 24-07 24-09 三美股份 沪深300 相关研究报告 《三美 ...

证券代码：603379 证券简称：三美股份 公告编号：2024-063 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日召开 第六届董事会第十四次会议和第六届监事会第十二次会议，分别审议通过《关于 部分募集资金投资项目延期的议案》。根据项目的实际建设情况，同意将募集资 金投资项目"福建省清流县东莹化工有限公司（以下简称"福建东莹"）6,000 吨/年六氟磷酸锂及 100 吨/年高纯五氟化磷项目"以及"浙江三美化工股份有限 公司（以下简称"浙江三美"）5,000 吨/年聚全氟乙丙烯及 5,000 吨/年聚偏氟乙烯 项目"的完成期限分别延期至 2025 年 10 月、2025 年 12 月。具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准浙江三美化工股份有限公司首次公开 发行股票的批复》（证监许可[2019]327 号）核准，公司于 2019 年 3 月首次公开 发行人民币普通股（A 股）股票 59,733,761 股，发行价 ...