证券研究报告 非金融公司|公司点评|三美股份（603379） 业绩同比增长 136%，制冷剂景气延续 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 2024 年 10 月 28 日，三美股份发布《2024 年第三季度报告》： 2024 年前三季度，公司实现营 收约 30.39 亿元（同比+16.5%）；归母净利润约 5.61 亿元（同比+135.63%）；其中，2024Q3 单 季度公司实现营业收入 9.99 亿元（同比+14.48%）；归母净利润 1.77 亿元（同比+63.55%、环 比-22.77%）。 |分析师及联系人 张玮航 许隽逸 申起昊 SAC：S0590524090003 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月30日 三美股份(603379) 业绩同比增长 136%，制冷剂景气延续 | --- | --- | |----------------------------|---------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high profit in the first three quarters of 2024, with a year-on-year increase of 135.63% [1] - The refrigerant market is expected to continue its upward trend, benefiting the company's performance [2] - The company plans to invest in new projects to enhance its fluorochemical industry layout, with a total investment of approximately 1.57 billion RMB [3] Financial Performance Summary - In the first three quarters of 2024, the company reported revenue of 999 million RMB, a year-on-year increase of 14.48% [1] - The net profit attributable to the parent company for the same period was 177 million RMB, reflecting a year-on-year increase of 63.55% [1] - The company's revenue and net profit forecasts for 2024-2026 are 827 million RMB, 1.36 billion RMB, and 1.74 billion RMB respectively, indicating significant growth [1][4] Market and Product Insights - The average price of fluorinated refrigerants in the first three quarters of 2024 increased by 23.0% year-on-year, with Q3 prices reaching 26,532 RMB/ton, a 37.1% increase year-on-year [2] - The company’s product structure primarily includes R125 and R134a, with lower proportions of R32 and R22, which influenced the sales dynamics in Q3 [2] - The company anticipates a strong recovery in the refrigerant market as the traditional off-season ends, with continued price increases expected [2] Strategic Initiatives - The company is planning to construct projects for 90,000 tons/year of epoxy chloropropane, 10,000 tons/year of HFO-1234yf, and 20,000 tons/year of polyvinylidene fluoride, with the project expected to be completed in three phases [3] - The total investment for these projects is estimated at 1.57 billion RMB, aimed at enhancing the company's product offerings and market position [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 32.40 yuan [4]. Core Views - The company achieved a revenue of 3.039 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.50%. The net profit attributable to shareholders reached 561 million yuan, up 135.63% year-on-year, and the net profit after deducting non-recurring items was 549 million yuan, reflecting a growth of 222.66% [2]. - In the third quarter alone, the company reported a revenue of 999 million yuan, a year-on-year increase of 14.48%, but a quarter-on-quarter decrease of 7.64%. The net profit attributable to shareholders was 177 million yuan, up 63.55% year-on-year, but down 22.77% quarter-on-quarter [2]. - The sales volume of fluorinated refrigerants decreased by 10.94% year-on-year to 31,100 tons in the third quarter, while the selling price increased by 37.08% year-on-year to 26,500 yuan per ton [2]. - The strong retail performance in the air conditioning market, with a total retail volume of 8.548 million units in August and September 2024, up 27.7% year-on-year, is expected to drive production increases in the air conditioning sector [2]. - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 778 million, 1.275 billion, and 1.421 billion yuan, respectively, with corresponding PE ratios of 25, 16, and 14 [2][5]. Financial Summary - The company’s total revenue is projected to grow from 3.334 billion yuan in 2023 to 5.519 billion yuan in 2026, with a compound annual growth rate of approximately 22.89% [5]. - The net profit is expected to increase from 280 million yuan in 2023 to 1.421 billion yuan in 2026, indicating a significant growth trajectory [5]. - The gross profit margin is anticipated to rise from 13.40% in 2023 to 41.71% in 2026, reflecting improved profitability [5].

三美股份（ [Table_StockNameRptType] 603379） 公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][2][17]. Core Views - The company has experienced significant growth in net profit, with a year-on-year increase of 136% in the first three quarters of 2024, and a 64% increase in the third quarter, despite a quarter-on-quarter decline of 23% [1][4]. - The revenue for the first three quarters of 2024 reached 3.039 billion yuan, representing a 16.5% year-on-year increase [1][4]. - The company is actively investing in the development of fourth-generation refrigerants, with a planned investment of 1.57 billion yuan to build new production facilities [1][17]. Financial Performance - The company achieved a gross profit margin of 28.28% and a net profit margin of 18.40% in the first three quarters of 2024, both showing improvements compared to the previous year [1][4]. - The third quarter saw a gross profit margin of 31.08% and a net profit margin of 17.56%, indicating a year-on-year increase of 18.20 percentage points and 5.15 percentage points, respectively [1][4]. - The company’s revenue and profit growth is attributed to the rising prices of refrigerants, with significant price increases for R22 and R32 due to demand from household air conditioning [1][7]. Market Trends - The report highlights a structural reform in the supply side of refrigerants, leading to a more concentrated competitive landscape in the industry, which is expected to benefit leading companies like this one [2][17]. - The prices of refrigerants have been on the rise, with R22 and R32 prices increasing by 56% and 106% respectively since the beginning of the year [1][7]. Future Outlook - The company is expected to continue benefiting from the long-term favorable cycle of the refrigerant market, with projected revenues for 2024, 2025, and 2026 at 4.096 billion yuan, 4.426 billion yuan, and 4.609 billion yuan respectively [2][17]. - The net profit forecasts for the same years are 731 million yuan, 832 million yuan, and 933 million yuan, reflecting a year-on-year growth rate of 161.2% in 2024 [2][17].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][9] Core Views - The company continues to experience high growth in performance due to the sustained increase in refrigerant prices, with Q3 2024 revenue reaching 999 million yuan, a year-on-year increase of 14.48%, and net profit attributable to shareholders reaching 177 million yuan, a year-on-year increase of 63.55% [5][6] - The company is positioned as a leading supplier of refrigerants in China, with a significant share in the HFCs quota, and is expected to benefit from the tightening supply and increasing demand in the domestic and international markets [9][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 999 million yuan, a year-on-year increase of 14.48%, and a net profit of 177 million yuan, a year-on-year increase of 63.55% [5] - For the first three quarters of 2024, the company reported revenue of 3.039 billion yuan, a year-on-year increase of 16.50%, and a net profit of 561 million yuan, a year-on-year increase of 135.63% [5][6] - The gross profit margin for Q3 2024 was 28.28%, an increase of 15.86 percentage points compared to the same period in 2023 [5] Market Dynamics - The price of fluorinated refrigerants has continued to rise, with a year-on-year increase of 23.0% in average selling price, contributing to a revenue increase of 22.7% in the refrigerant segment [6] - The company plans to invest 1.57 billion yuan in new projects, including the production of ECH, HFO-1234yf, and PVDF, which are expected to enhance its product offerings and market position [7] Future Outlook - The company is projected to achieve net profits of 715 million yuan, 791 million yuan, and 808 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27.6, 25.0, and 24.5 [9][8] - The overall supply-demand dynamics in the refrigerant market are expected to improve, with a reduction in the quota for second-generation refrigerants and increasing demand from domestic and international markets [9][6]

证券代码：603379 证券简称：三美股份 公告编号：2024-063 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日召开 第六届董事会第十四次会议和第六届监事会第十二次会议，分别审议通过《关于 部分募集资金投资项目延期的议案》。根据项目的实际建设情况，同意将募集资 金投资项目"福建省清流县东莹化工有限公司（以下简称"福建东莹"）6,000 吨/年六氟磷酸锂及 100 吨/年高纯五氟化磷项目"以及"浙江三美化工股份有限 公司（以下简称"浙江三美"）5,000 吨/年聚全氟乙丙烯及 5,000 吨/年聚偏氟乙烯 项目"的完成期限分别延期至 2025 年 10 月、2025 年 12 月。具体情况如下： 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 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥999,073,013.02, representing a year-on-year increase of 14.48%[3] - Net profit attributable to shareholders for Q3 2024 was ¥177,175,960.99, a significant increase of 63.55% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 surged by 292.89% to ¥174,445,830.72[3] - The weighted average return on net assets for Q3 2024 was 2.87%, an increase of 1.00 percentage points year-on-year[3] - Basic earnings per share for Q3 2024 were ¥0.29, up 61.11% from the same period last year[3] - The total operating profit for Q3 2024 was CNY 710,627,184.94, significantly up from CNY 317,073,096.16 in Q3 2023, marking an increase of about 124.5%[16] - The total comprehensive income for Q3 2024 was CNY 559,125,413.05, compared to CNY 238,030,714.23 in Q3 2023, representing an increase of about 134.9%[17] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.92, up from CNY 0.39 in Q3 2023, reflecting an increase of approximately 135.9%[17] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥6,997,059,117.84, reflecting a 3.98% increase from the end of the previous year[4] - As of September 30, 2024, the company's total assets amounted to RMB 6,997,059,117.84, compared to RMB 6,728,954,607.88 at the end of 2023, reflecting a growth of 4.0%[13] - The total liabilities decreased to RMB 648,258,997.48 from RMB 836,468,902.28, a reduction of 22.5%[14] - The equity attributable to shareholders of the parent company increased to RMB 6,224,253,283.72 from RMB 5,892,485,705.60, reflecting a growth of 5.6%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 25.81% to ¥316,459,186.75[3] - The cash inflow from investment activities for the first three quarters of 2024 was CNY 342,763,628.96, compared to CNY 246,149,537.60 in the same period of 2023, an increase of about 39.2%[19] - The net cash flow from investment activities was -832,993,599.07 CNY, compared to -417,353,606.17 CNY in the previous year, indicating a significant increase in cash outflow[20] - The cash outflow from financing activities totaled 261,900,678.73 CNY, up from 146,445,479.18 CNY year-over-year, reflecting increased financial obligations[20] - The net increase in cash and cash equivalents was -772,608,766.62 CNY, compared to -114,089,998.65 CNY in the same period last year, showing a worsening liquidity position[20] - The ending balance of cash and cash equivalents decreased to 2,349,664,942.20 CNY from 3,368,625,795.42 CNY, representing a decline of approximately 30.2%[20] - The company reported cash paid for dividends and interest at 140,506,869.28 CNY, slightly down from 145,919,533.20 CNY in the previous year[20] - The cash flow from financing activities was negative, indicating that the company is facing challenges in managing its financing costs[20] Shareholder Information - The company reported a total of 18,095 common shareholders at the end of the reporting period[8] - The top shareholder, Hu Rongda, holds 37.83% of the shares, totaling 230,913,959 shares[8] Investment and Expenses - Research and development expenses for Q3 2024 were CNY 56,802,178.43, up from CNY 32,440,911.75 in Q3 2023, reflecting a growth of approximately 75.4%[16] - The total operating costs for Q3 2024 were CNY 2,343,197,837.96, slightly up from CNY 2,300,237,948.77 in Q3 2023, an increase of about 1.9%[16] - The investment income for Q3 2024 was a loss of CNY 9,418,227.83, compared to a loss of CNY 5,905,962.58 in Q3 2023, indicating a worsening of approximately 59.5%[16] Other Financial Insights - The company attributes the significant profit increases primarily to rising sales prices during the reporting period[6] - The company's cash and cash equivalents decreased to RMB 2,477,005,240.31 from RMB 3,187,382,915.18, a decline of 22.2%[12] - Accounts receivable increased significantly to RMB 440,354,539.05, up 58.0% from RMB 278,715,885.77 in the previous year[12] - The company's non-current assets totaled RMB 2,707,746,931.41, an increase from RMB 2,445,936,400.56, indicating a growth of 10.7%[13] - The company's inventory decreased slightly to RMB 520,336,804.49 from RMB 543,350,663.45, a decline of 4.2%[12] - The company reported a significant increase in other receivables, which rose to RMB 62,606,084.75 from RMB 24,547,820.32, marking a growth of 154.0%[12] - The company has not reported any significant changes in the participation of major shareholders in financing or securities lending activities[10] - The company has not adopted new accounting standards or interpretations for the current year, which may affect future financial reporting[20] - The company’s cash flow management strategies will need to be reassessed given the substantial cash outflows and declining cash reserves[20]

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"长江保荐"或"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"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》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》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 ...

经与会监事审议，本次会议以投票表决的方式审议通过了以下议案： 一、审议通过《浙江三美化工股份有限公司 2024 年第三季度报告》。 内容详见 2024 年 10 月 28 日公司在上海证券交易所网站 www.sse.com.cn 以 及 2024 年 10 月 29 日在《上海证券报》披露的《浙江三美化工股份有限公司 2024 年第三季度报告》。 证券代码：603379 证券简称：三美股份 公告编号：2024-062 浙江三美化工股份有限公司 第六届监事会第十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日以现 场表决方式在公司会议室召开第六届监事会第十二次会议。会议通知已于 2024 年 10 月 15 日以书面、电子邮件等方式向全体监事发出。本次会议应出席监事 3 人，实际出席监事 3 人。监事会主席陈侃主持会议，董事会秘书列席会议。本次 会议召开符合《公司法》和《公司章程》的有关规定。 表决结果：同意 3 票，反对 0 票， ...