Sanmei(603379) 申万宏源·2025-01-24 03:08Investment 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]