Sanmei(603379) 开源证券·2025-01-24 05:39Investment 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].