证券代码：603379 证券简称：三美股份 公告编号：2024-065 浙江三美化工股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 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。 2024 年 5 月 31 日，公司使用闲置募集资金 5,000 万元认购了中国工商银行 股份有限公司武义支行（以下简称"工商银行武义支行"）的单位定期存款。公 司于 2024 年 11 月 30 日赎回该笔现金管理产品，收回本金 5,000 万元，并获得 利息收益 42.50 万元，该产品本金和利息收益均已归还至募集资金账户，具体情 况如下： 单位：万元 | 受托方 | 产品名 | 认购金额 | 预期年化 | 起息日 | 到期日 | 赎回本金 | 收益金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 称 | | 收益率 | | | | | | 工商银行 | 单位定 | 5,000.00 | 1.70% | 2024/5/31 | 2024/11/30 | 500 ...

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 | --- | --- | |----------------------------|---------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high profit in the first three quarters of 2024, with a year-on-year increase of 135.63% [1] - The refrigerant market is expected to continue its upward trend, benefiting the company's performance [2] - The company plans to invest in new projects to enhance its fluorochemical industry layout, with a total investment of approximately 1.57 billion RMB [3] Financial Performance Summary - In the first three quarters of 2024, the company reported revenue of 999 million RMB, a year-on-year increase of 14.48% [1] - The net profit attributable to the parent company for the same period was 177 million RMB, reflecting a year-on-year increase of 63.55% [1] - The company's revenue and net profit forecasts for 2024-2026 are 827 million RMB, 1.36 billion RMB, and 1.74 billion RMB respectively, indicating significant growth [1][4] Market and Product Insights - The average price of fluorinated refrigerants in the first three quarters of 2024 increased by 23.0% year-on-year, with Q3 prices reaching 26,532 RMB/ton, a 37.1% increase year-on-year [2] - The company’s product structure primarily includes R125 and R134a, with lower proportions of R32 and R22, which influenced the sales dynamics in Q3 [2] - The company anticipates a strong recovery in the refrigerant market as the traditional off-season ends, with continued price increases expected [2] Strategic Initiatives - The company is planning to construct projects for 90,000 tons/year of epoxy chloropropane, 10,000 tons/year of HFO-1234yf, and 20,000 tons/year of polyvinylidene fluoride, with the project expected to be completed in three phases [3] - The total investment for these projects is estimated at 1.57 billion RMB, aimed at enhancing the company's product offerings and market position [3]

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].

三美股份（ [Table_StockNameRptType] 603379） 公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][2][17]. Core Views - The company has experienced significant growth in net profit, with a year-on-year increase of 136% in the first three quarters of 2024, and a 64% increase in the third quarter, despite a quarter-on-quarter decline of 23% [1][4]. - The revenue for the first three quarters of 2024 reached 3.039 billion yuan, representing a 16.5% year-on-year increase [1][4]. - The company is actively investing in the development of fourth-generation refrigerants, with a planned investment of 1.57 billion yuan to build new production facilities [1][17]. Financial Performance - The company achieved a gross profit margin of 28.28% and a net profit margin of 18.40% in the first three quarters of 2024, both showing improvements compared to the previous year [1][4]. - The third quarter saw a gross profit margin of 31.08% and a net profit margin of 17.56%, indicating a year-on-year increase of 18.20 percentage points and 5.15 percentage points, respectively [1][4]. - The company’s revenue and profit growth is attributed to the rising prices of refrigerants, with significant price increases for R22 and R32 due to demand from household air conditioning [1][7]. Market Trends - The report highlights a structural reform in the supply side of refrigerants, leading to a more concentrated competitive landscape in the industry, which is expected to benefit leading companies like this one [2][17]. - The prices of refrigerants have been on the rise, with R22 and R32 prices increasing by 56% and 106% respectively since the beginning of the year [1][7]. Future Outlook - The company is expected to continue benefiting from the long-term favorable cycle of the refrigerant market, with projected revenues for 2024, 2025, and 2026 at 4.096 billion yuan, 4.426 billion yuan, and 4.609 billion yuan respectively [2][17]. - The net profit forecasts for the same years are 731 million yuan, 832 million yuan, and 933 million yuan, reflecting a year-on-year growth rate of 161.2% in 2024 [2][17].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][9] Core Views - The company continues to experience high growth in performance due to the sustained increase in refrigerant prices, with Q3 2024 revenue reaching 999 million yuan, a year-on-year increase of 14.48%, and net profit attributable to shareholders reaching 177 million yuan, a year-on-year increase of 63.55% [5][6] - The company is positioned as a leading supplier of refrigerants in China, with a significant share in the HFCs quota, and is expected to benefit from the tightening supply and increasing demand in the domestic and international markets [9][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 999 million yuan, a year-on-year increase of 14.48%, and a net profit of 177 million yuan, a year-on-year increase of 63.55% [5] - For the first three quarters of 2024, the company reported revenue of 3.039 billion yuan, a year-on-year increase of 16.50%, and a net profit of 561 million yuan, a year-on-year increase of 135.63% [5][6] - The gross profit margin for Q3 2024 was 28.28%, an increase of 15.86 percentage points compared to the same period in 2023 [5] Market Dynamics - The price of fluorinated refrigerants has continued to rise, with a year-on-year increase of 23.0% in average selling price, contributing to a revenue increase of 22.7% in the refrigerant segment [6] - The company plans to invest 1.57 billion yuan in new projects, including the production of ECH, HFO-1234yf, and PVDF, which are expected to enhance its product offerings and market position [7] Future Outlook - The company is projected to achieve net profits of 715 million yuan, 791 million yuan, and 808 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27.6, 25.0, and 24.5 [9][8] - The overall supply-demand dynamics in the refrigerant market are expected to improve, with a reduction in the quota for second-generation refrigerants and increasing demand from domestic and international markets [9][6]