Investment Rating - The investment rating for the company is "Outperform the Market" [5][34] Core Views - The company's net profit attributable to shareholders for the first three quarters of 2025 reached 1.591 billion yuan, a significant increase of 183.66% year-on-year. The total revenue for the same period was 4.429 billion yuan, up 45.72% year-on-year, indicating strong operational resilience despite the off-season for demand [1][9] - The core driver of the company's substantial profit growth is the strong performance of its refrigerant business, particularly due to the implementation of a quota system for third-generation refrigerants (HFCs) starting in 2024, which has fundamentally changed the supply landscape from excess competition to supply constraints [1][9] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 1.601 billion yuan, a year-on-year increase of 60.29%, and a net profit of 596 million yuan, up 236.57% year-on-year. The gross margin for Q3 was 52.9%, an increase of 21.8 percentage points year-on-year [1][9] - The average selling price of refrigerants increased significantly, with the average price reaching 39,800 yuan/ton in the first three quarters, a rise of 56.50% year-on-year, despite a slight decline in sales volume [2][19] Market Dynamics - The company holds a competitive advantage in the market with leading production quotas for key refrigerants such as R32, R134a, and R125, with respective market shares of 11.8%, 24.0%, and 18.4% [2][19] - The Ministry of Ecology and Environment has issued the quota allocation plan for 2026, which includes a reduction in production quotas for certain refrigerants, indicating a continued focus on supply-side structural reforms in the industry [3][21] Strategic Initiatives - The company is actively extending its industrial chain into high-value areas such as fluoropolymers and new energy materials, with several key projects making progress, including lithium hexafluorophosphate production and various fluoropolymer projects [4][29] - The company is also advancing research and development for fourth-generation refrigerants to adapt to the changing regulatory landscape [3][24] Profit Forecast - The company is expected to maintain strong profit growth, with projected net profits of 2.107 billion yuan, 2.521 billion yuan, and 2.774 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 170.6%, 19.7%, and 10.0% [34][8]

Investment Rating - The report maintains a "Recommended" investment rating for Sanmei Co., Ltd. (603379.SH) [1] Core Views - The fundamentals of refrigerants are tight, and product prices are expected to continue rising, driven by strong demand from the domestic appliance and automotive sectors, as well as increased export demand from Southeast Asia [7][8] - The company achieved significant revenue growth in Q3 2025, with a revenue of 1.601 billion yuan, a year-on-year increase of 60.29%, and a net profit of 596 million yuan, up 236.57% year-on-year [4][7] Summary by Sections Company Overview - Sanmei Co., Ltd. operates in the basic chemical industry, with a total market capitalization of 34.3 billion yuan and a total share capital of 610 million shares [1] Financial Performance - In Q3 2025, the company reported a revenue of 1.601 billion yuan, a 60.29% increase year-on-year, and a net profit of 596 million yuan, reflecting a 236.57% growth [4] - For the first three quarters of 2025, the company achieved a total revenue of 4.429 billion yuan, a 45.72% increase year-on-year, and a net profit of 1.591 billion yuan, up 183.66% [4] Revenue Projections - Revenue projections for 2025 to 2027 indicate a growth trajectory, with expected revenues of 5.874 billion yuan in 2025, 6.815 billion yuan in 2026, and 8.028 billion yuan in 2027 [6] - The company is expected to achieve net profits of 2.010 billion yuan in 2025, 2.332 billion yuan in 2026, and 2.757 billion yuan in 2027 [6] Market Position - The company holds a leading position in the domestic refrigerant market, with a production quota of approximately 120,000 tons for mainstream third-generation refrigerants, accounting for 15.3% of the national total [7] - The price of mainstream refrigerants such as R32 and R134a has seen significant increases, with year-on-year growth of 59.6% and 59.0%, respectively [8] Future Outlook - The report anticipates continued strong performance for the company, supported by favorable market conditions and a tight supply of refrigerants, with expectations for sustained high prices [8] - The company is projected to maintain a leading market share in the production of third-generation refrigerants, which will contribute to robust earnings growth [8]

Core Insights - Sanmei Co., Ltd. (603379.SH) reported its Q3 2025 financial results, revealing that as of October 27, 2025, 18 institutional investors held a total of 87.4321 million A-shares, representing 14.32% of the company's total share capital [1] - The top ten institutional investors collectively held 14.22% of the shares, with a decrease of 1.00 percentage points compared to the previous quarter [1] Institutional Holdings - Among public funds, seven funds increased their holdings, including Chemical ETF and several mixed funds, with an increase rate of 1.19% [2] - Three public funds reduced their holdings, including Southern CSI 500 ETF, with a slight decrease in holding percentage [2] - Three new public funds were disclosed, while 358 public funds were not disclosed in the current period [2] Social Security and Pension Funds - One social security fund, specifically the E Fund Management Co., Ltd. - Social Security Fund 17042 Combination, reduced its holdings by 0.22% [2] - One pension fund, the Basic Pension Insurance Fund 1205 Combination, increased its holdings slightly [2]

Market Performance - Major US stock indices reached historical highs, with the Dow Jones up 337.47 points (0.71%) closing at 47,544.59, Nasdaq up 1.86% at 23,637.46, and S&P 500 up 1.23% at 6,875.16, marking its first close above 6,800 points [1] - The Philadelphia Semiconductor Index hit a record high, driven by trade negotiation news, with Nvidia rising 2.8%, Intel up 3.3%, and Qualcomm surging over 11% after launching two AI chips for data centers expected to be commercially available next year [1] - Chinese tech stocks also performed well, with the Nasdaq Golden Dragon China Index up 1.6%, Baidu rising 4.8%, JD up 3.0%, Pinduoduo up 2.8%, Alibaba up 2.7%, while NetEase fell 0.4% [1] Commodity Prices - International oil prices slightly declined, with WTI crude oil down 0.31% at $61.31 per barrel and Brent crude oil down 0.49% at $65.62 per barrel [1] - Gold prices fell significantly, with COMEX gold futures for October delivery dropping 2.83% to $4,001.90 per ounce, marking the first time spot gold fell below the $4,000 mark since the beginning of the month [2] Regulatory Developments - The People's Bank of China announced the resumption of open market government bond trading and a supportive monetary policy stance, while also planning to optimize the positioning of the digital RMB [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Growth Enterprise Market and has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [4][5] Corporate Earnings - Notable corporate earnings include: - Xinyi Technology reported a net profit of 4.01 billion yuan for Q3, up 1,143.72% year-on-year - Shenxin Technology reported a net profit of 1.47 billion yuan for Q3, up 1,097.40% year-on-year - Shenghong Technology reported a net profit of 11.02 billion yuan for Q3, up 260.52% year-on-year - Other companies like Henglian Petrochemical and Northern Rare Earth also reported significant year-on-year profit increases [5]

Investment Rating - The report assigns an investment rating of "Positive" for the refrigerant industry, indicating an expectation of better performance compared to the relevant market index over the next 12 months [9]. Core Insights - The Ministry of Ecology and Environment has issued a notification regarding the quota setting and distribution plan for ozone-depleting substances and hydrofluorocarbons (HFCs) for the year 2026, which includes significant reductions in production and usage quotas [2][6]. - The production quota for HCFCs in 2026 is set at 151,400 tons, representing an 8% decrease from 2025, with specific reductions for R22 and R141b quotas [12]. - The report highlights that the second-generation refrigerants will continue to be phased out, with a target of a 97.5% reduction by 2030 as per the Montreal Protocol, while the demand for R22 remains relatively inelastic due to its use in air conditioning maintenance [12]. - The third-generation refrigerants will see an increase in quota adjustments, allowing for a total increase of 11,000 tons for HFC-245fa and other specific refrigerants, with a notable change in the adjustment ratio from 10% to 30% [12]. - Current prices for third-generation refrigerants such as R32 and R134a are reported at 63,000 and 54,000 CNY per ton respectively, indicating a trend towards price increases due to their essential nature and the evolving business model in the industry [12]. Summary by Sections Quota Setting and Distribution - The 2026 quota plan includes a reduction of 71.5% and 76.1% for HCFCs production and usage respectively, with specific quotas for R22 and R141b [12]. - The report outlines the distribution of HFCs production quotas based on the needs arising from the phase-out of HCFCs, including specific increases for HFC-245fa and HFC-41 [12]. Market Dynamics - The report notes that the price of R22 has recently dropped to 16,000 CNY per ton due to weakened supply and demand, but is expected to rise as quotas are gradually reduced [12]. - The characteristics of the refrigerant industry are evolving, with third-generation refrigerants becoming more recognized as essential products, leading to a potential normalization of price increases [12]. Company Recommendations - The report expresses a positive outlook on companies such as Juhua Co., Dongyue Group, Sanmei Co., Haohua Technology, and Yonghe Co. due to their strong positions in the refrigerant market [12].

Core Viewpoint - The company, Zhejiang Sanmei Chemical Co., Ltd., has announced its third-quarter performance and plans to hold an investor briefing to discuss its financial results and operational status for the third quarter of 2025 [10][11]. Financial Data - The third-quarter financial report for 2025 has been disclosed, with the company ensuring the accuracy and completeness of the information presented [9][32]. - The financial statements for the third quarter are unaudited, and the company has confirmed that there are no significant changes in accounting data or financial indicators [3][4]. Investor Briefing - The investor briefing is scheduled for November 25, 2025, from 16:00 to 17:00, and will be conducted via the Shanghai Stock Exchange's online roadshow platform [10][12]. - Investors can submit questions for the briefing from November 18 to November 24, 2025, to facilitate a more interactive session [15]. Fund Management - The company has approved an increase in the limit for entrusted financial management of idle funds from RMB 2.2 billion to RMB 3 billion, aiming to enhance the efficiency and returns of idle funds [18][21]. - The funds will be invested in low-risk financial products, including structured deposits and wealth management products, ensuring that the company's normal operations are not affected [20][22]. Project Updates - The company has decided to extend the completion deadlines for two fundraising investment projects: the "6,000 tons/year lithium hexafluorophosphate project" and the "5,000 tons/year polyfluoroethylene project," to June 2027 and December 2026, respectively [37][41]. - The extensions are due to market conditions and project progress, with the company taking measures to ensure the effective use of raised funds [46][47].

智通财经APP讯，三美股份(603379.SH)披露2025年第三季度报告，公司前三季度实现营收44.29亿元， 同比增长45.72%;归母净利润15.91亿元，同比增长183.66%;扣非净利润15.8亿元，同比增长188.03%;基 本每股收益2.60元。 ...

三美股份10月27日公告，2025年第三季度实现营业收入16.01亿元，同比增长60.29%；归属于上市公司 股东的净利润5.96亿元，同比增长236.57%；基本每股收益0.97元。前三季度实现营业收入44.29亿元， 同比增长45.72%；归属于上市公司股东的净利润15.91亿元，同比增长183.66%；基本每股收益2.6元。 ...

格隆汇10月27日丨三美股份(603379.SH)发布三季报，2025年前三季度实现营业总收入44.29亿元，同比 增长45.72%；归属母公司股东净利润15.91亿元，同比增长183.66%；基本每股收益为2.6元。 ...

长江证券承销保荐有限公司 关于浙江三美化工股份有限公司 部分募集资金投资项目延期的核查意见 长江证券承销保荐有限公司（以下简称"保荐机构"）作为浙江三美化工股 份有限公司（以下简称"三美股份"、"浙江三美"或"公司"）首次公开发行股 票并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上市公司募集资金监管规则》等相关法律法规的要求，对三美股份部分募集资 金投资项目延期的事项进行了审慎核查，具体核查情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准浙江三美化工股份有限公司首次公开 发行股票的批复》（证监许可[2019]327 号）核准，公司于 2019 年 3 月首次公开 发行人民币普通股（A 股）股票 59,733,761 股，发行价格每股人民币 32.43 元， 募集资金总额 193,716.59 万元，扣除发行费用后募集资金净额 181,289.60 万元。 募集资金到位情况已经立信会计师事务所（特殊普通合伙）审验并出具信会师报 字[2019]第 ZF10121 号《验资报告》。上述募集 ...