Group 1 - The company has a production quota of 9,200 tons for HCFC-141b as a foaming agent for the year 2025, which accounts for 100% of the national production quota for this product [2] - The company is the sole producer of HCFC-141b in the world [2] - Detailed information regarding production volume, pricing, and other relevant data can be found in the company's periodic reports and main operational data announcements [2]

Group 1 - The company emphasizes the importance of research and industrialization of the fourth-generation refrigerants [1] - The company is actively promoting the construction of the Zhejiang Sanmei R&D pilot base project [1]

格隆汇10月15日丨三美股份(603379.SH)在投资者互动平台表示，2025年度，公司R22作为制冷剂用途的 生产配额仅有0.78万吨，其在公司所有制冷剂、发泡剂产品的生产配额总量中的占比不足6%。公司产 品价格随行就市。 ...

Core Viewpoint - The company has not received any customer demand for R134a as a coolant for server liquid cooling applications despite recent frequent mentions in the market [1] Company Summary - The company, Sanmei Co., Ltd. (stock code: 603379.SH), responded to an investor inquiry on October 15, indicating no current customer demand for R134a in liquid cooling systems for servers [1]

格隆汇10月15日｜申万宏源研究指出，三美股份2025年前三季度预计实现归母净利润15.24~16.46亿元 （yoy+172%~193%），其中25Q3公司预计实现归母净利润为5.29~6.51亿元（yoy+199%~268%，QoQ- 11%~+10%），业绩符合预期。业绩预增的主要原因系公司氟制冷剂产品均价同比大幅上涨，盈利能力 稳步提升。25Q3制冷剂价格同环比继续上涨但因淡旺季及检修影响，销量环比略有下降，四季度景气 持续向上。公司是国内三代制冷剂主流企业之一，行业格局优化叠加下游需求的持续增长带来制冷剂价 格价差持续向上，公司涨价弹性大。考虑到制冷剂内外贸价格的上行，维持公司2025-27年归母净利润 预测为22.12、29.84、37.23亿元，对应的EPS为3.62、4.89、6.10元/股，当前市值对应PE 为17X、12X、 10X，维持"增持"评级。 ...

Core Viewpoint - The company Sanmei Co., Ltd. (三美股份) is expected to achieve significant profit growth due to rising prices of fluorinated refrigerants and favorable production quotas, projecting a net profit of 1.524 billion to 1.646 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 171.73% to 193.46% [1][2]. Group 1: Company Performance - Sanmei Co., Ltd. anticipates a net profit of 1.524 billion to 1.646 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 171.73% to 193.46% [1][2]. - The company reported a significant increase in the average price of fluorinated refrigerants, benefiting from both price hikes and quota advantages [1][2]. - Other companies in the refrigerant industry, such as Yonghe Co. and Juhua Co., are also experiencing substantial profit growth, indicating a positive trend in the sector [3]. Group 2: Industry Dynamics - The refrigerant industry is expected to maintain high profitability due to the implementation of quota management for third-generation fluorinated refrigerants, which has improved the competitive landscape [2]. - The production quotas for second-generation refrigerants (HCFCs) are being reduced, while third-generation refrigerants (HFCs) will continue to be managed under production quotas, leading to an upward trend in market prices and demand [2]. - The company holds a significant share of the national production quotas for various refrigerants, including HFC-134a (23.97%), HFC-125 (18.43%), HFC-32 (11.81%), and HFC-143a (15.48%) [4]. Group 3: Production Capacity and Expansion - Sanmei Co., Ltd. has established a comprehensive fluorochemical industry chain, with leading production capacities for HFC refrigerants, including HFC-134a (65,000 tons), HFC-125 (52,000 tons), HFC-32 (40,000 tons), and HFC-143a (10,000 tons) [4]. - The company is actively enhancing its upstream and downstream integration, with ongoing projects such as a 1,500-ton/year lithium hexafluorophosphate project and various fluoropolymer production lines [5][6].

Core Viewpoint - Several fluorochemical companies have announced positive earnings forecasts for the first three quarters of 2025, with significant year-on-year profit growth expected due to rising prices of fluorinated refrigerants [1][2] Group 1: Company Performance - Yonghe Co. expects a net profit attributable to shareholders of approximately 456 million to 476 million yuan, representing a year-on-year increase of 211.59% to 225.25% [1] - Dongyangguang anticipates a net profit of 847 million to 937 million yuan, reflecting a year-on-year growth of 171.08% to 199.88% [1] - Sanmei Co. projects a net profit of 1.524 billion to 1.646 billion yuan, with a year-on-year increase of 171.73% to 193.46% [1] Group 2: Market Dynamics - The price of fluorinated refrigerants has significantly increased year-on-year, contributing to improved profitability for companies in the sector [2] - The production quotas for second-generation refrigerants (HCFCs) are being further reduced in 2025, while third-generation refrigerants (HFCs) continue to be managed under production quotas, leading to an optimized competitive landscape and steady price increases [2] - The average prices of refrigerants R32, R134a, and R125 as of September 30 were 62,500 yuan/ton, 52,000 yuan/ton, and 45,500 yuan/ton, showing year-on-year increases of 64.47%, 55.22%, and 40.00% respectively [2] Group 3: Industry Outlook - An industry analyst indicated that the tightening of refrigerant quotas is a long-term trend, suggesting that the market for second and third-generation refrigerants will continue to thrive, with significant price upside potential [3] - Multiple research reports suggest that the fluorochemical industry chain has entered a long-term prosperity cycle, with substantial growth potential across various segments, including high-end fluorinated materials and fine chemicals [3]

Market Overview - The chemical products sector experienced a decline of 2.26% on October 14, with Sanmei Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the chemical products sector included: - Yuanli Technology (603217) with a closing price of 24.50, up 4.48% [1] - Kaimete Gas (002549) at 28.52, up 4.39% [1] - Changlian Technology (301618) at 59.13, up 3.28% [1] - Major decliners included: - Sanmei Co., Ltd. (603379) at 55.15, down 8.66% [2] - Yangfan New Materials (300637) at 13.24, down 6.76% [2] - Yongtai Technology (002326) at 16.66, down 6.67% [2] Capital Flow - The chemical products sector saw a net outflow of 2.496 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.84 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Huitian New Materials (300041) with a net inflow of 51.6851 million yuan from institutional investors [3] - Dongfang Materials (603110) with a net outflow of 19.3136 million yuan from institutional investors [3] - Hai Xin Energy Technology (300072) with a net inflow of 22.5689 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported that its performance for the first three quarters of 2025 met expectations, with a projected net profit attributable to shareholders ranging from 1.524 to 1.646 billion yuan, representing a year-on-year increase of 172% to 193% [7] - The increase in profits is primarily attributed to a significant rise in the average price of fluorinated refrigerants, leading to improved profitability [7] - The company anticipates continued upward momentum in refrigerant prices and profitability in the fourth quarter, supported by expected recovery in export volumes and ongoing price increases [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 4,040 million yuan - 2025: 6,569 million yuan (62.6% year-on-year growth) - 2026: 7,822 million yuan - 2027: 8,770 million yuan [6] - Net profit attributable to shareholders is forecasted to be: - 2025: 2,212 million yuan (184.1% year-on-year growth) - 2026: 2,984 million yuan - 2027: 3,723 million yuan [6] - Earnings per share (EPS) estimates are: - 2025: 3.62 yuan - 2026: 4.89 yuan - 2027: 6.10 yuan [6] Market and Price Trends - The average prices of mainstream refrigerants R32, R125, and R134a increased in the third quarter of 2025, with R32 reaching 57,647 yuan/ton, R125 at 45,500 yuan/ton, and R134a at 50,821 yuan/ton [7] - The company holds a total quota of 121,502 tons for various types of third-generation refrigerants, indicating significant pricing flexibility [7] - The company is also progressing with its fourth-generation refrigerant project, which aims to enhance its integrated industrial chain in fluorochemicals [7]

Core Viewpoint - Sanmei Co., Ltd. experienced a significant stock price drop of 5.05% as of 10:57 AM today, despite a strong earnings forecast for the first three quarters, projecting a net profit of 1.524 billion to 1.646 billion yuan, representing a year-on-year growth of 171.73% to 193.46% [2] Group 1: Stock Performance - As of the latest update, Sanmei's stock price fell by 5.05%, with a trading volume of 13.864 million shares and a transaction amount of 817 million yuan, resulting in a turnover rate of 2.27% [2] - In contrast, companies like Chuanjiang New Materials, Yuegui Co., and New China Life Insurance saw their stock prices increase by 10.01%, 9.99%, and 6.83% respectively, among those announcing earnings forecasts today [2] Group 2: Fund Flow - Over the past five days, Sanmei has seen a net outflow of main funds totaling 71.004 million yuan, with the previous trading day alone witnessing a net outflow of 75.0535 million yuan [2] - The latest margin trading data as of October 13 indicates that Sanmei's margin balance is 1.028 billion yuan, with a financing balance of 1.024 billion yuan, reflecting a decrease of 17.6134 million yuan over the past five days, equating to a decline of 1.69% [2]