事件：公司发 布 2025 年中报，报告期内，公司实现营业收入 28.28 亿元，同比+38.58%，实现归母净 利润9.95 亿元，同比+159.22%。其中第二季度实现营业收入16.16 亿元，同比+49.36%，环比+33.32%， 创单季度历史新高，实现归母净利润5.94 亿元，同比+158.98%，环比+48.33%，同样创单季度历史新 高。 2025H1 氟制冷剂价格大幅上涨带动业绩大幅上涨。自2024 年初开始，国家对三代制冷剂实施配额管 理，行业竞争格局持续改善。在对配额政策的理性预期下，受供给端刚性约束以及需求端双重驱动， 2025 年上半年制冷剂价格整体保持上涨，成本端窄幅波动，行业盈利能力持续提升。 具体来看，2025 年上半年，公司氟制冷剂产量8.83 万吨，同比+0.51%，外销量6.20 万吨，同 比-6.27%，外售均价39038 元/吨，同比大幅上涨56.53%，实现营业收入24.19 亿元，同比+46.59%。同 时氟制冷剂营业成本下降5.30%，两者共同作用使得其毛利率大幅提升24.88pct 至54.59%，盈利能力大 幅提升，带动公司整体业绩大幅上涨。 2024 年作为 ...

证券研究报告 | 2025年09月01日 氟化工行业：2025 年 8 月月度观察 优于大市 主流制冷剂价格持续上涨，液冷板块开启增长空间 8 月氟化工行情回顾：截至 8 月末（8 月 29 日），上证综指报 3857.93 点， 较 7 月末（7 月 31 日）上涨 7.97%；沪深 300 指数报 4496.76 点，较 7 月末 上涨 10.33%；申万化工指数报 4064.30，较 7 月末上涨 8.98%；氟化工指数 报 1681.54 点，较 7 月末上涨 16.75%。8 月氟化工行业指数跑赢申万化工指 数 7.77pct,跑赢沪深 300 指数 6.42pct，跑赢上证综指 8.78pct。 主流制冷剂产品未来价格稳定增长。R32 方面，随着年度配额的持续消化， 各家年度内可售货源有限，存明显的挺价惜售心态，供应端对价格利好支撑 较强，新单价格或仍有进一步上涨的可能。预计 9-11 月均价分别在 6.2 万 元/吨、6.3 万元/吨、6.4 万元/吨。R134a 方面，随着年度配额的持续消化， 卖方挺价心态或持续增强，四季度出口需求的逐步增量同时气雾罐等长协订 单陆续进入商谈阶段，基本面利好支 ...

公司代码：603379 公司简称：三美股份 浙江三美化工股份有限公司 Zhejiang Sanmei Chemical Industry Co., Ltd. （浙江省武义县青年路 218 号） 二〇二五年九月八日 浙江三美化工股份有限公司 一、会议召集人：浙江三美化工股份有限公司董事会 二、会议召开的日期、时间： 现场会议时间：2025 年 9 月 8 日 14 点 30 分 网络投票起止时间：自 2025 年 9 月 8 日至 2025 年 9 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 三、现场会议地点：浙江省武义县青年路 218 号公司办公楼会议室 四、会议的表决方式：现场投票与网络投票相结合 浙江三美化工股份有限公司 五、股权登记日：2025 年 9 月 1 日 六、会议出席对象： 册的公司股东均有权出席股东会，并可以以书面形式委托代理人出席会议和参加 表决。该代理人不必是公司股东。 七、现场会议议 ...

公司代码：603379 公司简称：三美股份 浙江三美化工股份有限公司 Zhejiang Sanmei Chemical Industry Co., Ltd. 二〇二五年九月八日 | 年第一次临时股东会会议须知 2025 3 | | --- | | 议案一：关于为参股公司提供担保暨关联交易的议案 5 | 浙江三美化工股份有限公司 2025 年第一次临时股东会会议议程 一、会议召集人：浙江三美化工股份有限公司董事会 二、会议召开的日期、时间： （浙江省武义县青年路 218 号） 2025 年第一次临时股东会会议资料 现场会议时间：2025 年 9 月 8 日 14 点 30 分 网络投票起止时间：自 2025 年 9 月 8 日至 2025 年 9 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 三、现场会议地点：浙江省武义县青年路 218 号公司办公楼会议室 四、会议的表决方式：现场投票与网络投票相结合 五、股权 ...

行 业 及 产 业 基础化工 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 李绍程 (8621)23297818× lisc@swsresearch.com 2025 年 09 月 02 日 25Q2 行业盈利环比修复，国内外 流动性趋松，需求有望长周期向上 看好 ——基础化工行业 2025 年半年报总结 本期投资提示： 请务必仔细阅读正文 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][18]. Core Views - The company's performance in the first half of 2025 shows significant growth, driven by rising refrigerant prices, with a year-on-year revenue increase of 38.58% and a net profit increase of 159.22% [1][2]. - The overall market for refrigerants is expected to remain tight, with prices likely to continue rising due to the gradual consumption of production quotas and seasonal demand increases [8][10]. Financial Performance Summary - Revenue projections for the company are as follows: 2025E at 6,294 million yuan, 2026E at 7,172 million yuan, and 2027E at 8,011 million yuan, reflecting growth rates of 55.8%, 14.0%, and 11.7% respectively [1][10]. - The net profit is projected to reach 2,108 million yuan in 2025E, with a growth rate of 170.8%, followed by 2,615 million yuan in 2026E and 3,068 million yuan in 2027E [1][10]. - The company's return on equity (ROE) is expected to improve significantly, reaching 25.1% in 2025E, 24.1% in 2026E, and 22.3% in 2027E [1][10]. Product Performance Summary - In the first half of 2025, the company reported revenues from refrigerants, foam agents, and hydrogen fluoride of 2,419 million yuan, 98 million yuan, and 276 million yuan respectively, with year-on-year growth rates of 46.59%, 15.33%, and 1.80% [2]. - The average selling prices for refrigerants, foam agents, and hydrogen fluoride were 39,000 yuan/ton, 22,700 yuan/ton, and 8,500 yuan/ton respectively, showing year-on-year increases of 56.53%, 36.87%, and 11.79% [2]. Industry Outlook Summary - The refrigerant market is currently in a tight balance, with prices expected to remain high due to ongoing supply constraints and seasonal demand spikes [8][10]. - The company is advancing multiple projects aimed at enhancing its integrated fluorochemical industry chain, which is expected to further strengthen its market position [9][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Insights - The fluorochemical industry has shown strong performance, with the fluorochemical index rising by 16.75% in August, outperforming major indices [1][15]. - Main refrigerant prices are expected to continue stable growth, driven by limited supply and strong demand, particularly for R32 and R134a [2][22]. - The development of liquid cooling technology is anticipated to significantly boost demand for fluorinated liquids and refrigerants, as traditional cooling methods become inadequate [4][62]. Summary by Sections 1. Industry Performance - As of August 29, 2025, the fluorochemical index reached 1681.54 points, up 16.75% from the end of July, outperforming the Shenwan Chemical Index by 7.77 percentage points [1][15]. 2. Refrigerant Market Review - R32 prices are projected to rise to 62,000 CNY/ton by November, while R134a is expected to reach 54,000 CNY/ton [2][22]. - Export prices for R32, R22, and R134a as of July 2025 were 46,576 CNY/ton, 26,480 CNY/ton, and 44,598 CNY/ton respectively [2][35]. 3. Liquid Cooling Demand - The shift towards liquid cooling in data centers is driven by increasing power densities, with a projected market size exceeding 100 billion CNY by 2027 [62][66]. - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players benefiting from this trend [4][70]. 4. Regulatory Environment - The report discusses China's compliance with the Montreal Protocol, with significant reductions in HCFCs and HFCs production and usage planned for 2025-2030 [71][74]. - The production quota for R22 is set to decrease by 28% compared to 2024, reflecting ongoing regulatory pressures [74][76]. 5. Key Company Forecasts - Juhua Co., Dongyue Group, and Sanmei Co. are recommended as investment targets due to their strong market positions and growth potential in the refrigerant sector [5][8].

Group 1 - The stock price of Sanmei Co., Ltd. increased by 2.26%, reaching 62.9 yuan per share, marking a new all-time high [1] - The total market capitalization of the company surpassed 38.399 billion yuan [1] - The trading volume amounted to 7.8687 million yuan [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the chemical industry is experiencing a recovery, particularly in the refrigerant and polyester filament sectors, with strong performance reported in the first half of 2025 [4][21][23]. Summary by Sections Industry Performance - The chemical industry index underperformed the CSI 300 index by 1.6% this week, with the chemical industry index reporting a slight increase of 1.11% [15]. - The China Chemical Product Price Index (CCPI) reported a decrease of 0.55%, indicating mixed price movements across the sector [15][20]. Key Company Reports - **Refrigerants**: - Juhua Co., Ltd. reported a revenue of 13.331 billion yuan in H1 2025, up 10.36% year-on-year, with a net profit of 2.051 billion yuan, up 146.97% [21]. - Sanmei Co., Ltd. achieved a revenue of 2.828 billion yuan in H1 2025, up 38.58% year-on-year, with a net profit of 999.5 million yuan, up 159.22% [21]. - **Polyester Filament**: - Xinfengming reported a revenue of 33.491 billion yuan in H1 2025, up 7.10% year-on-year, with a net profit of 709 million yuan, up 17.28% [23]. - Tongkun Co., Ltd. reported a revenue of 44.158 billion yuan in H1 2025, down 8.41% year-on-year, with a net profit of 1.097 billion yuan, up 2.93% [23]. Market Trends - The report indicates that the polyester filament industry is expected to see improved profitability due to a favorable supply-demand balance, especially with the upcoming peak demand season [23][26]. - The report also notes that the long filament industry is experiencing a gradual reduction in inventory levels, which is expected to support price stability [23][32]. Recommended Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [5]. - Beneficiary stocks include companies like Xinfengming and Tongkun Co., Ltd. in the polyester filament sector [26][29].

Group 1 - The PVDF concept sector rose by 1.74%, ranking 7th among concept sectors, with 9 stocks increasing, including Puxin Technology and Dongyang Sunshine hitting the daily limit [1][2] - Notable gainers in the PVDF sector included Juhua Co., which increased by 6.88%, Sanmei Co. by 3.83%, and Yonghe Co. by 3.69% [1][4] - The sector experienced a net inflow of 485 million yuan from main funds, with Puxin Technology leading the inflow at 205 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Puxin Technology at 11.52%, Huahua Technology at 9.25%, and Heimao Co. at 8.54% [3] - The trading volume for Puxin Technology was 20,509.85 million yuan, with a daily turnover rate of 3.84% [3] - The stocks with the largest declines included Zhongchuang Environmental Protection, which fell by 5.58%, and Jinming Precision Machinery, which decreased by 2.21% [1][4]