公司于 2025 年 3 月 24 日召开第六届董事会第十八次会议和第六届监事会第 十六次会议，分别审议通过《关于使用闲置募集资金进行现金管理的议案》，同 意公司在确保募投项目所需资金和保证募集资金安全的前提下，使用闲置募集资 金进行现金管理，授权期限内单日最高余额不超过 1.90 亿元，授权期限自该次 董事会审议通过之日起 12 个月。具体内容详见公司 2025 年 3 月 25 日披露于上 海证券交易所网站（www.sse.com.cn）的《浙江三美化工股份有限公司关于使用 闲置募集资金进行现金管理的公告》(公告编号：2025-017)。 证券代码：603379 证券简称：三美股份 公告编号：2025-021 浙江三美化工股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 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 3 月 24 日召开 第六届董事会第十次会议和第六届监事会第九次会议，分别审议通过《关于使用 闲置募集资金进行现金管理的议案》， ...

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][73]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Summary by Sections Refrigerant Tracking - As of March 31, 2025, the prices of R32, R125, and R134a were reported at 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton, respectively, with significant month-on-month increases [6][14]. - The production of R32, R134a, and R125 in March 2025 saw a month-on-month increase of 38.09%, 46.39%, and 33.88% respectively, while R134a experienced a year-on-year decline of 12.10% [6][15]. - The total inventory of R32, R134a, and R125 increased by 10.34%, 15.86%, and 12.34% respectively as of March 28, 2025 [6][18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies with a complete industrial chain like Jinshi Resources [6][73].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][72]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Refrigerant Tracking - The production of R32, R134a, and R125 in March 2025 saw significant month-on-month increases, with R32 production up 38.09% and R134a up 46.39% [15]. - The total inventory of R32, R134a, and R125 has shown a month-on-month increase, indicating a recovery in supply levels [18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which are expected to benefit from the ongoing high demand and rising prices [6][72].

Investment Rating - The report indicates a positive outlook for bromine prices and suggests attention to companies like Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector [5][23]. Core Insights - Bromine prices continue to rise significantly due to supply constraints, with a reported average market price of 38,000 RMB/ton, reflecting a week-on-week increase of 4,615 RMB/ton or 13.82% [3][11]. - The refrigerant sector is entering a peak demand season, with major refrigerant prices and margins showing an upward trend, particularly for R125 and R32 [4][28]. - The demand for ultra-high molecular weight polyethylene (UHMWPE) is steadily growing in military and technological applications, indicating potential for increased industry prosperity [5]. Summary by Sections 1. Key Chemical Product Price Tracking - Bromine, PVDF powder, and other products have seen significant price increases, while products like butadiene and PX have experienced notable declines [11][12]. 2. Polyurethane: MDI and TDI Price Declines - MDI prices have dropped significantly due to trade tensions and weak demand, with current prices for polymer MDI at 14,850 RMB/ton, down 1,100 RMB/ton from the previous week [13]. 3. Agricultural Chemicals: Slight Increase in Diammonium Phosphate Prices - Diammonium phosphate prices have seen a minor increase, supported by rising raw material costs, while glyphosate prices remain stable [15][17]. 4. Fluorochemical Industry: Stable Refrigerant Prices - Refrigerant prices have remained stable, with R22 and R134a prices holding steady at 36,000 RMB/ton and 46,500 RMB/ton respectively, while PVDF prices have shown an upward trend [23][29].

基础化工行业 | 司 点 评 买入（维持） 2025 年 4 月 14 日 | 公 | 基础化工行业 年一季度业绩预告点评 一季度制冷剂价格继续上涨，公司业绩大幅预增 | 三美股份（603379）2025 投资要点： | | --- | --- | --- | --- | | 分析师：卢立亭 |  | 公司发布2025年一季度业绩预告，预计公司2025年一季度实现归属于上 | | | SAC 执业证书编号： | | 市公司股东的净利润为36,938.69万元到42,848.89万元，同比增长 | | | S0340518040001 | | 139.41%到177.71%；实现归属于上市公司股东的扣除非经常性损益的净 | | | 电话：0769-22177163 | | 利润为36,467.63万元到42,377.83万元，同比增长136.29%到174.58%。 | | | 公 邮箱： | | | | | 司 luliting@dgzq.com.cn |  | 制冷剂产品2025Q1继续涨价，公司业绩同比大幅预增。2025年，第二代 | | | 研 | | 氟制冷剂（HCFCs）生产配额进一步削减，第三 ...

上 市 公 司 基础化工 2025 年 04 月 14 日 三美股份 (603379) ——25Q1 业绩同比高增，持续受益制冷剂长景气 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 38.20 | | 一年内最高/最低（元） | 47.09/25.80 | | 市净率 | 3.7 | | 息率（分红/股价） | 0.60 | | 流通 A 股市值（百万元） | 23,320 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 10.20 | | 资产负债率% | 9.26 | | 总股本/流通 A 股（百万） | 610/610 | | 流通 B 股/H 股（百万） | -/- | 研究支持 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× 本研究 ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The refrigerant market is experiencing a sustained upward trend, with significant profit growth reported by major companies in Q1 2025, indicating a developing primary upward market [4][18] - The fluorochemical industry is entering a long-term prosperity cycle, with potential growth across various segments including refrigerants, fluorinated materials, and fine chemicals [28] Summary by Sections 1. Industry Overview - The fluorochemical index decreased by 6.06% in the week of April 7-11, 2025, underperforming the Shanghai Composite Index by 2.95% and the CSI 300 Index by 3.18% [6][30] - Major companies such as Juhua Co., Sanmei Co., Dongyangguang, and Yonghe Co. reported impressive Q1 2025 earnings, with net profit growth ranging from 139.41% to 227.05% year-on-year [7][18] 2. Pricing Trends - The average price of refrigerants has significantly increased, with Juhua Co. reporting an average price of 37,504 CNY/ton in Q1 2025, a year-on-year increase of 58.08% [19][21] - Long-term contract prices for R32 and R410a refrigerants are on the rise, indicating a strong market demand [21][29] 3. Market Dynamics - The market for refrigerants remains robust, with R32 prices reaching 48,000 CNY/ton and R410a at 47,500 CNY/ton as of April 11, 2025 [26][29] - The supply of fluorite is stable, with the average market price for 97% wet fluorite at 3,752 CNY/ton, reflecting a year-on-year increase of 7.90% [25][29] 4. Recommended Stocks - Recommended stocks include Juhua Co., Sanmei Co., Jinshi Resources, and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [9][28]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company expects a significant increase in net profit for Q1 2025, projecting a range of CNY 370 million to CNY 430 million, representing a year-on-year growth of 139.4% to 177.7%. The forecasted net profit excluding non-recurring items is expected to be between CNY 360 million and CNY 420 million, indicating a growth of 136.3% to 174.6% year-on-year [2][6]. Summary by Sections Performance Outlook - The company anticipates a substantial rise in the average price of refrigerants in Q1 2025 due to a reduction in production quotas for second-generation fluorinated refrigerants (HCFCs) and continued management of third-generation refrigerants (HFCs). This has led to an improved supply-demand balance and rising market prices [11]. - The average domestic market prices for refrigerants R22, R32, R134a, R125, and R143a in Q1 2025 are projected to be CNY 34,100, CNY 44,200, CNY 44,600, CNY 43,500, and CNY 43,900 per ton, respectively, with significant increases compared to Q4 2024 [11]. - The company is expected to benefit from the upcoming peak season in Q2 2025, with projected increases in air conditioning production and a rise in long-term contract prices for refrigerants [11]. Employee Stock Ownership Plan - The employee stock ownership plan aims to hold up to 3.7231 million shares, approximately 0.61% of the company's total share capital. The plan includes performance targets for revenue and net profit growth over the next three years [11]. Industry Position - As a leading company in the refrigerant industry, it is well-positioned to benefit from the ongoing improvement in industry conditions, with projected earnings of CNY 770 million, CNY 2.19 billion, and CNY 3.05 billion for the years 2024 to 2026 [11].

证券研究报告 | 2025年04月12日 三美股份（603379.SH） 三代制冷剂价格持续上涨，公司 2024 年归母净利高速增长 |  公司研究·公司快评 | | |  | 基础化工·化学制品 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 张歆钰 | 021-60375408 | | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | 事项： 公司公告：2025 年 4 月 11 日，公司发布《2025 年第一季度业绩预增公告》。根据公司公告，经财务部门 初步测算，预计公司 2025 年第一季度实现归母净利润 3.69 亿元-4.28 亿元，同比增长 139.41%- 177.71%； 预计实现扣非后归母净利润 3.65 亿元-4.24 亿元，同比增长 136.29%-174.58%。 国信化工观点：1）制 ...

免疫诊断方向，已基本完成覆盖高中低通量的仪器布局，包括三款全自动化学发光免疫分析仪 （Caris200、Wan200+、Wan100）以及配套115项试剂，满足临床检验各种应用场景的核心需求，公司 国产自研的一款高速化学发光免疫分析仪Wan600开发已经进入行政审批阶段，将进一步提升检测效率 和准确性。生化诊断方向，公司推出一款高通量全自动生化分析仪WanBC2800。 西部矿业2024年净利润同比增长5% -- 重点要闻– 万泰生物2024年净利润1.06亿元 万泰生物(603392.SH)发布2024年年报，致力于为我国临床医疗体系提供优质、全面的体外诊断解决方 案。2024年营业收入为22.45亿元，相较上年同比减少-59.25%；归属于上市公司股东的净利润1.06亿 元，同比减少91.49%；归属于上市公司股东的扣除非经常性损益的净利润-1.86亿元，同比减少 117.29%。 | | | | 甲 W: 儿 | 1114: Acch | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | ...