Group 1 - The company, Sanmei Co., Ltd. (三美股份), produces anhydrous hydrofluoric acid, which is a fundamental raw material in the fluorochemical industry [1] - Anhydrous hydrofluoric acid is also one of the raw materials for lithium hexafluorophosphate [1]

格隆汇11月7日丨三美股份(603379.SH)在投资者互动平台表示，公司未从事R41生产，无相应生产配 额。 ...

Group 1 - The company, Sanmei Co., Ltd. (三美股份), produces anhydrous hydrofluoric acid, which is a fundamental raw material in the fluorochemical industry [1] - Anhydrous hydrofluoric acid is also one of the raw materials for lithium hexafluorophosphate [1]

Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is expected to benefit from the "anti-involution" policy, leading to a favorable supply-demand balance and potential dual improvement in performance and valuation [6] - The basic chemical sector has shown revenue and profit growth in the first three quarters of 2025, with significant profitability in sub-sectors like fluorochemicals and agricultural chemicals [4][6] Summary by Sections Industry Overview - In the first three quarters of 2025, the basic chemical industry index outperformed the CSI 300 index by 7.46%, while the petroleum and petrochemical industry index underperformed by 21.06% [14] - The basic chemical industry achieved a revenue of CNY 17,645.8 billion, a year-on-year increase of 3.0%, and a net profit of CNY 1,097.5 billion, up 6.3% [4][35] Basic Chemicals - The basic chemical sector's net profit growth rate exceeded revenue growth, with capital expenditures continuing to decline year-on-year [4][36] - In Q3 2025, the sector's revenue was CNY 6,051.5 billion, a year-on-year increase of 2.1%, while net profit reached CNY 366.4 billion, up 16.8% [4][35] Sub-sector Analysis - In the first three quarters of 2025, sub-sectors such as pesticides, adhesives, fluorochemicals, and potassium fertilizers saw significant year-on-year net profit growth [4][37] - The top ten sub-sectors by net profit growth included pesticides (174%) and fluorochemicals, with substantial increases in profitability observed [38]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector showed a weekly performance ranking of 4th with a gain of 2.50%, outperforming the Shanghai Composite Index by 2.38 percentage points [3][22] - The chemical industry is expected to maintain a differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 4th for the week of October 27 to October 31, 2025, with a gain of 2.50% [22] - The top three performing sub-sectors were fluorochemicals (8.40%), inorganic salts (7.68%), and phosphate fertilizers (5.84%) [23] Key Industry Dynamics - A new 510 billion yuan state-owned enterprise fund for emerging industries has been launched, focusing on strategic emerging industries such as new-generation information technology, artificial intelligence, and new materials [34] - The price of lithium hexafluorophosphate continued to rise, with a 15% increase to 103,500 yuan/ton, driven by high demand in the energy storage market [34] Recommendations for Specific Sectors - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biotech recommended for investment [4] - The third-generation refrigerants are expected to enter a high prosperity cycle due to quota policies, benefiting companies with high quota shares such as Juhua Co., Sanmei Co., and Haohua Technology [5] - The electronic specialty gases market presents significant domestic substitution opportunities, with companies like Jinhong Gas and Huate Gas positioned for growth [6][8] - Light hydrocarbon chemicals are identified as a global trend, with companies like Satellite Chemical recommended for investment [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel expected to benefit [9] - Potash fertilizer prices are anticipated to rebound as supply tightens, with companies like Yara International and Salt Lake Potash recommended [10] - The MDI market is expected to improve due to oligopolistic supply dynamics, with Wanhu Chemical highlighted as a key player [12]

Core Viewpoint - Sanmei Co., Ltd. experienced a 5.02% decline in stock price, closing at 53.12 CNY per share, with a trading volume of 2.32 billion CNY and a turnover rate of 0.70%, resulting in a total market capitalization of 32.429 billion CNY [1] Company Overview - Zhejiang Sanmei Chemical Co., Ltd. was established on May 11, 2001, and went public on April 2, 2019. The company specializes in the research, production, and sales of fluorochemical products, including fluorocarbon chemicals and inorganic fluorine products [1] - The main revenue composition of the company includes: fluorinated refrigerants (85.55%), hydrogen fluoride (9.77%), foaming agents (3.46%), material sales (0.70%), by-product sales (0.27%), and others (0.25%) [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Jianxin Fund holds a significant position in Sanmei Co., Ltd. The Jianxin CSI 500 Index Enhanced A (000478) held 875,300 shares in the third quarter, accounting for 1.09% of the fund's net value, ranking as the fourth largest heavy stock [2] - The Jianxin CSI 500 Index Enhanced A (000478) was established on January 27, 2014, with a latest scale of 3.908 billion CNY. Year-to-date returns are 27.98%, ranking 2005 out of 4216 in its category; the one-year return is 28.89%, ranking 1638 out of 3894; and since inception, the return is 229.96% [2] Fund Manager Information - The fund manager of Jianxin CSI 500 Index Enhanced A (000478) is Ye Letian, who has a cumulative tenure of 13 years and 231 days. The total asset scale of the fund is 7.488 billion CNY, with the best fund return during his tenure being 328.03% and the worst being -18.94% [3]

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 4.43 billion yuan (up 45.7% year-on-year) and a net profit attributable to shareholders of 1.59 billion yuan (up 183.7% year-on-year) [1] - In Q3 alone, the company achieved revenue of 1.60 billion yuan (up 60.3% year-on-year) and a net profit of 600 million yuan (up 236.6% year-on-year) [1] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 1.58 billion yuan (up 188.0% year-on-year) [1] - Q3 sales gross margin was 52.9% (up 21.8 percentage points year-on-year) and net profit margin was 36.9% (up 19.4 percentage points year-on-year) [3] Market Trends - Q3 refrigerant prices continued to rise, with an average tax-inclusive price of 41,300 yuan/ton (up 55.6% year-on-year) [2] - The total sales of air conditioners in Q3 were 40.34 million units (down 37.2% quarter-on-quarter and down 2.5% year-on-year) [2] Regulatory Changes - The Ministry of Ecology and Environment announced a quota adjustment for 2026, increasing the adjustment ratio for different refrigerant types from 10% in 2025 to 30% [4] - The company is expected to benefit from the rising demand for third-generation refrigerants, with projected earnings of 2.22 billion, 3.21 billion, and 3.67 billion yuan for 2025-2027 [4]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The refrigerant market remains on an upward trend despite short-term information disturbances, indicating that the main upward movement is still ongoing, and investors should seize the layout opportunities [4][18] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [22][23] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 6.59% during the week of October 27 to October 31, outperforming the Shanghai Composite Index by 6.47% [6][25] - The average market price for fluorite (97% wet powder) was 3,496 CNY/ton as of October 31, down 2.18% from the previous week [7][34] 2. Refrigerant Market - As of October 31, the prices for various refrigerants were as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 54,000 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton, with most prices remaining stable compared to the previous week [8][20] - The market for R32 and R134a shows a strong upward trend, while R125 is expected to remain stable in the short term [21] 3. Company Performance - Major companies such as Juhua Co., Sanmei Co., and Dongyangguang reported significant profit growth in Q3 2025, with Juhua achieving a net profit of 3.248 billion CNY, up 160.22% year-on-year [9][10] - Recommended stocks include Jinsih Resources, Juhua Co., Sanmei Co., and Haohua Technology, among others [10][23] 4. Market Dynamics - The fluorite market is currently experiencing a cautious atmosphere with low transaction volumes, as companies focus on digesting existing inventory [19][35] - The overall market sentiment is influenced by high inventory levels and strong performance in the sulfuric acid market, which adds pressure to fluorine chemical companies [19][35]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by over 10% in the next six months [32]. Core Insights - As of October 30, the Shenwan Basic Chemical Index increased by 2.0% over the past two weeks, outperforming the CSI 300 Index by 0.1 percentage points, ranking 9th among 31 Shenwan industries. Year-to-date, the index has risen by 25.4%, surpassing the CSI 300 Index by 5.7 percentage points, ranking 7th among 31 industries [5][12]. - Among the sub-sectors, five saw gains, with the agricultural chemical products sector up 3.9%, non-metallic materials up 2.4%, plastics up 1.9%, chemical products up 1.8%, and chemical raw materials up 1.5%. The chemical fiber and rubber sectors experienced declines of 0.4% and 0.2%, respectively [5][13]. - Of the 403 listed companies in the Shenwan Basic Chemical Index, 151 saw stock price increases, with notable gains from Daoshengtianhe (284.6%), Shangwei New Materials (40.7%), and Pioneer New Materials (40.5%). Conversely, 242 companies experienced declines, with significant drops from Xinong Co. (-24.9%), Shanshui Technology (-16.0%), and Brothers Technology (-13.0%) [5][14]. Summary by Sections Market Review - The Shenwan Basic Chemical Index has shown strong performance, with a year-to-date increase of 25.4% and a recent two-week increase of 2.0%, indicating robust market conditions [5][12]. Chemical Product Price Trends - Recent price movements include increases in hydrochloric acid (+4.37%), DMF (+0.64%), synthetic ammonia (+0.65%), and urea (+0.44%). Notably, dichloropropane saw a significant drop of -11.76% [20][21]. Key Industry News - The report highlights significant developments, including the construction of a biomass-based FDCA production line by China Chemical Engineering, marking a breakthrough in bio-based materials [5][26]. - BASF and Sinopec have established a mutual recognition framework for carbon footprint accounting methods, enhancing data trust between domestic and international enterprises [5][26]. Industry Weekly Perspective - The report discusses the challenges faced by the coal-based industry in the coal triangle region, which relies heavily on coal resources for economic development. The industry accounts for approximately 20.3% of the industrial GDP in the area, indicating a need for strategic planning towards decarbonization and alternative industry development [5][28]. - The report also notes that the refrigerant market has seen price increases due to supply constraints, benefiting companies like Sanmei Co. and Juhua Co., which reported significant profit growth in the first three quarters [5][28]. Recommended Stocks - The report suggests focusing on Sanmei Co. (603379) and Juhua Co. (600160) due to their strong market positions and growth potential in the fluorochemical sector [5][29].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is benefiting from the continuous rise in refrigerant prices, which has led to significant performance improvements during a high prosperity cycle [2][5] - The company reported a revenue of 44.29 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45.72%, and a net profit of 15.91 billion yuan, up 183.66% year-on-year [6] - The company is expected to continue benefiting from the long-term prosperity cycle of refrigerants, with a projected net profit of 20.49 billion yuan in 2025, 24.60 billion yuan in 2026, and 28.93 billion yuan in 2027 [6][7] Financial Performance Summary - Revenue projections for the company are as follows: 40.40 billion yuan in 2024, 61.35 billion yuan in 2025, 67.31 billion yuan in 2026, and 74.59 billion yuan in 2027, with corresponding year-on-year growth rates of 21.2%, 51.9%, 9.7%, and 10.8% [3][7] - The company's net profit is projected to grow significantly, with estimates of 7.79 billion yuan in 2024, 20.49 billion yuan in 2025, 24.60 billion yuan in 2026, and 28.93 billion yuan in 2027, reflecting year-on-year growth rates of 178.4%, 163.3%, 20.0%, and 17.6% respectively [3][7] - The company's earnings per share (EPS) are expected to be 1.28 yuan in 2024, 3.36 yuan in 2025, 4.03 yuan in 2026, and 4.74 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 45, 17, 14, and 12 [3][7] Market Dynamics - The company has seen a significant increase in the average selling price of refrigerants, with prices for R32, R134a, and R125 rising by 59.99%, 59.09%, and 46.06% year-on-year respectively in the third quarter of 2025 [6] - The company holds substantial production quotas for various refrigerants, positioning it well to benefit from the industry's recovery and growth [6]