Investment Rating - The investment rating for Sanmei Co., Ltd. is "Buy" (maintained) [1][11]. Core Views - The company is expected to achieve a significant year-on-year profit increase in 2024, with a projected net profit of 7.02 to 8.14 billion yuan, representing a growth of 150.87% to 191.01% [5]. - The refrigerant market is anticipated to continue its upward trend, leading to a potential "double-up" main rising market for the company in 2025 [6]. - The company has adjusted its profit forecasts for 2024 to 2026, with expected net profits of 7.72 billion, 18.07 billion, and 23.00 billion yuan respectively [5]. Financial Summary - The company’s revenue is projected to increase from 4.117 billion yuan in 2024 to 5.594 billion yuan in 2025, reflecting a year-on-year growth of 35.9% [8]. - The gross profit margin is expected to rise significantly from 30.7% in 2024 to 47.7% in 2025, indicating improved profitability [8]. - The earnings per share (EPS) is forecasted to increase from 1.26 yuan in 2024 to 2.96 yuan in 2025 [8]. Market Dynamics - Recent price increases in key refrigerants such as R32 and R134a are expected to benefit the company, with prices rising by 33% and 34% respectively compared to their 2024 average [6]. - The company’s total quota for major refrigerants in 2025 is approximately 12.90 million tons, positioning it well to capitalize on the rising market [6]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 34.0 for 2024, decreasing to 14.5 for 2025, indicating a more attractive valuation as earnings grow [8]. - The price-to-book (P/B) ratio is projected to decline from 4.0 in 2024 to 3.2 in 2025, suggesting improved valuation metrics as the company’s financial performance strengthens [8].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 700 million to 810 million yuan in 2024, representing a year-on-year growth of 151% to 191% [2][4] - The company is entering the quota year for the third-generation refrigerants, with supply constraints leading to price increases and improved profitability for its products [2][4] - The long-term outlook for the refrigerant industry remains positive due to structural reforms and increasing demand, particularly in the air conditioning sector [3][4] Summary by Relevant Sections Financial Performance - The projected net profit for 2024 is between 700 million and 810 million yuan, with a growth rate of 150.9% to 191.0% year-on-year. The non-recurring net profit is expected to be between 670 million and 780 million yuan, with a growth of 221.3% to 274.9% [2][4] - For the fourth quarter of 2024, the estimated net profit is between 139 million and 249 million yuan [2][4] Market Dynamics - The third-generation refrigerants are entering a quota year, which is expected to tighten supply and increase prices. The prices of mainstream refrigerants have been rising significantly, with R22, R32, R134a, and R143a showing substantial year-on-year increases [3][9] - As of January 20, 2025, the prices for R22, R32, R134a, and R143a have increased by 74%, 121%, 52%, and -8% respectively compared to the same period in 2024 [9][14] Future Outlook - The company is expected to benefit from the ongoing price increases in refrigerants and plans to expand into new materials and renewable energy sectors [3][15] - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 44.08 billion, 55.02 billion, and 57.96 billion yuan respectively, with net profits of 7.88 billion, 11.38 billion, and 13.35 billion yuan [3][15]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 7.02 to 8.14 billion yuan in 2024, representing a year-on-year growth of 151% to 191% [7] - The refrigerant prices are expected to continue rising, supported by both domestic and international trade, indicating a favorable industry outlook [7] - The company is investing in new projects to enhance its integrated industrial chain in the fluorochemical sector, which is expected to improve its market position [7] Financial Data and Earnings Forecast - Total revenue is projected to increase from 3,334 million yuan in 2023 to 5,087 million yuan in 2025, with a compound annual growth rate of approximately 30% [6] - The net profit attributable to shareholders is forecasted to rise from 280 million yuan in 2023 to 1,315 million yuan in 2025, reflecting a significant growth trajectory [6] - The company's earnings per share (EPS) is expected to grow from 0.46 yuan in 2023 to 2.15 yuan in 2025 [6]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 701.56 million and 813.81 million CNY, representing an increase of 421.91 million to 534.16 million CNY compared to the previous year, with a year-on-year growth of 150.87% to 191.01%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is projected to be between 672.20 million and 784.45 million CNY, an increase of 462.97 million to 575.21 million CNY compared to the previous year, with a year-on-year growth of 221.27% to 274.92%[3] - In 2023, the company achieved a net profit attributable to shareholders of 279.64 million CNY and a net profit of 209.23 million CNY after deducting non-recurring gains and losses[5] Profit Drivers - The increase in profit is primarily attributed to the rise in prices of hydrofluorocarbon (HFCs) refrigerants due to quota management implemented in 2024, enhancing product profitability[6] Non-Recurring Gains and Losses - The company anticipates non-recurring gains and losses for 2024 to amount to 29.36 million CNY, which is a decrease of 41.05 million CNY compared to the previous year[6] Forecast Reliability - The earnings forecast is based on preliminary estimates and has not been audited by an accounting firm, with no significant uncertainties affecting the accuracy of the forecast[7]

证券代码：603379 证券简称：三美股份 公告编号：2025-001 浙江三美化工股份有限公司 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。 2025 年 1 月 2 日 内容详见 2025 年 1 月 2 日公司在上海证券交易所网站 www.sse.com.cn 以及 2025 年 1 月 3 日在《上海证券报》披露的《浙江三美化工股份有限公司关于使 用闲置自有资金委托理财的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告 第六届董事会第十五次会议决议公告 浙江三美化工股份有限公司董事会 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 12 月 31 日以现 场结合通讯表决方式在公司会议室召开第六届董事会第十五次会议。会议通知已 于 2024 年 12 月 25 日以书面、电子邮件等方式向全体董事发出。本次会议应出 席董事 9 人，实际出席董事 9 人。本次会议由董事长胡淇翔主持，部分高管列席 会议。本次会议召开符合《公司法》和《公司章程》的有关规定。 经与会董事审议，本次会议以投票 ...

浙江三美化工股份有限公司 证券代码：603379 证券简称：三美股份 公告编号：2025-002 第六届监事会第十三次会议决议公告 本公司监事会及全体监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 12 月 31 日以现 场表决方式在公司会议室召开第六届监事会第十三次会议。会议通知已于 2024 年 12 月 25 日以书面、电子邮件等方式向全体监事发出。本次会议应出席监事 3 人，实际出席监事 3 人。监事会主席陈侃主持会议，董事会秘书列席会议。本次 会议召开符合《公司法》和《公司章程》的有关规定。 经与会监事审议，本次会议以投票表决的方式审议通过了以下议案： 一、审议通过《关于使用闲置自有资金委托理财的议案》。 内容详见 2025 年 1 月 2 日公司在上海证券交易所网站 www.sse.com.cn 以及 2025 年 1 月 3 日在《上海证券报》披露的《浙江三美化工股份有限公司关于使 用闲置自有资金委托理财的公告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 ...

证券代码：603379 证券简称：三美股份 公告编号：2024-068 浙江三美化工股份有限公司 关于变更签字注册会计师的公告 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。 近三年从业情况如下： | 时间 | | 上市公司名称 | 职务 | | --- | --- | --- | --- | | 2022 | 年 | 浙江三美化工股份有限公司 | 签字会计师 | | 2024 | 年 | 浙江美通筑路机械股份有限公司 | 签字会计师 | 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 4 月 27 日召开 第六届董事会第十一次会议、第六届监事会第十次会议，于 2024 年 5 月 21 日召 开 2023 年年度股东大会，审议通过《关于续聘 2024 年度审计机构的议案》，同 意继续选聘立信会计师事务所(特殊普通合伙)（以下简称"立信会计师事务所"） 为公司提供 2024 年度财务报告和内部控制审计等服务。内容详见 2024 年 4 月 29 日公司在上海证券交易所网站 www.sse.com.cn 披露的《浙 ...

证券代码：603379 证券简称：三美股份 公告编号：2024-067 单位：万元 | 受托方 | 产品名称 | 认购金额 | 预期年化 收益率 | 起息日 | 到期日 | 赎回本金 | 收益金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 建设银行 | 单位定期 | 3,400.00 | 1.40% | 2024/9/13 | 2024/12/13 | 3,400.00 | 11.87 | | 西溪支行 | 存款 | | | | | | | | 建设银行 | 单位定期 | 8,000.00 | 1.40% | 2024/9/13 | 2024/12/13 | 8,000.00 | 27.92 | | 西溪支行 | 存款 | | | | | | | | 合计 | | 11,400.00 | / | / | / | 11,400.00 | 39.79 | 特此公告 浙江三美化工股份有限公司董事会 2024 年 12 月 16 日 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 ...

证券代码：603379 证券简称：三美股份 公告编号：2024-066 浙江三美化工股份有限公司 关于证券事务代表辞职的公告 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。 浙江三美化工股份有限公司（以下简称"公司"）董事会于近日收到证券事 务代表方家祥先生提交的书面辞职报告。因个人原因，方家祥先生申请辞去公司 证券事务代表职务，辞职报告自送达董事会之日起生效。辞职后，其不再担任公 司及子公司的任何职务。 特此公告 浙江三美化工股份有限公司董事会 2024 年 12 月 2 日 方家祥先生在任职期间，勤勉尽责，公司及董事会对其在任职期间为公司做 出的贡献表示衷心感谢！ ...

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 ...