证券研究报告 | 2024年04月30日 三美股份（603379.SH） 买入 一季度归母净利增长 673%，丰富产品组合及营销优势 核心观点 公司研究·财报点评 生产经营整体稳健，加快产业链延伸布局。公司公布《2023年年度报告》、 基础化工·化学制品 《2024年第一季度报告》：2023年全年，受氟制冷剂、氟化氢产品价 证券分析师：杨林 证券分析师：张玮航 格同比下降，制冷剂产销量下滑等影响，公司共实现营业总收入33.34 010-88005379 0755-81981810 yanglin6@guosen.com.cn zhangweihang@guosen.com.cn 亿元（同比-30.12%），归母净利润2.80亿元（同比-42.41%）。此外， S0980520120002 S0980522010001 公司拟向全体股东每10股派发现金红利2.30元（含税）。2024Q1，受 基础数据 益于公司氟制冷剂产品量价齐升、氟化氢产品以量补价，公司实现营业 投资评级 买入(维持) 收入9.59亿元（同比+23.28%），归母净利润1.54亿元（同比+672.53%）， 合理估值 收盘价 42.80元 基 ...

公 司 基础化工/化学制品 研 究 三美股份（603379.SH） 2024Q1 利润同比增长 672.53%，右侧趋势渐起 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 金益腾（分析师） 毕挥（分析师） 李思佳（联系人） jinyiteng@kysec.cn bihui@kysec.cn lisijia@kysec.cn 日期 2024/4/29 证 书编号：S0790520020002 证书编号：S0790523080001 证书编号：S0790123070026 公  2024Q1利润同比+672.53%，行业进入右侧初期阶段，维持“买入”评级 当前股价(元) 42.80 司 公司2023年实现营收33.34亿元，同比-30.12%；实现归母净利润2.80亿元，同 信 一年最高最低(元) 47.15/22.44 息 比-42.41%。2024Q1 实现营收 9.59 亿元，同比+23.28%；实现归母净利润 1.54 总市值(亿元) 261.29 更 亿元，同比+672.53%。公司受益于制冷剂景气反转，业绩拐点明显。考虑到近 新 流通市值(亿元) 261.29 报 期制冷剂价 ...

证券研究报告 | 2024年04月30日 三美股份（603379.SH） 买入 一季度归母净利增长 673%，丰富产品组合及营销优势 核心观点 公司研究·财报点评 生产经营整体稳健，加快产业链延伸布局。公司公布《2023年年度报告》、 基础化工·化学制品 《2024年第一季度报告》：2023年全年，受氟制冷剂、氟化氢产品价 证券分析师：杨林 证券分析师：张玮航 格同比下降，制冷剂产销量下滑等影响，公司共实现营业总收入33.34 010-88005379 0755-81981810 yanglin6@guosen.com.cn zhangweihang@guosen.com.cn 亿元（同比-30.12%），归母净利润2.80亿元（同比-42.41%）。此外， S0980520120002 S0980522010001 公司拟向全体股东每10股派发现金红利2.30元（含税）。2024Q1，受 基础数据 益于公司氟制冷剂产品量价齐升、氟化氢产品以量补价，公司实现营业 投资评级 买入(维持) 收入9.59亿元（同比+23.28%），归母净利润1.54亿元（同比+672.53%）， 合理估值 收盘价 42.80元 基 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - In 2023, the company faced significant pressure with a revenue decline of 30.12% year-on-year, totaling 3.334 billion yuan, and a net profit drop of 42.41%, amounting to 280 million yuan. However, in Q1 2024, the company experienced a revenue increase of 23.28% year-on-year, reaching 959 million yuan, and a remarkable net profit surge of 672.53%, totaling 154 million yuan [4][5]. - The company is positioned as a leading supplier in the refrigerant industry, benefiting from a high production quota for HFCs in 2024, which is expected to drive revenue and profit growth as market conditions improve [5][7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 3.334 billion yuan, down 30.12% year-on-year, and a net profit of 280 million yuan, down 42.41%. The first quarter of 2024 showed a revenue of 959 million yuan, up 23.28% year-on-year, and a net profit of 154 million yuan, up 672.53% [4][5]. - The company’s main product, fluorinated refrigerants, generated revenue of 2.509 billion yuan in 2023, a decrease of 30.95% year-on-year, with production and sales volumes declining by 16.75% and 12.39%, respectively [5]. Market Conditions - The refrigerant market in 2023 was characterized by weak demand and oversupply, leading to price declines. However, in 2024, the introduction of quota systems for HFCs is expected to limit supply and improve pricing as downstream demand recovers [5][7]. - The first quarter of 2024 saw a rebound in the prices of refrigerants, with the company’s revenue from fluorinated refrigerants reaching 769 million yuan, a year-on-year increase of 30.05% [5]. Production Capacity and Quotas - The company has significant production capacity for various refrigerants, including 22.10 million tons of anhydrous hydrogen fluoride and 6.5 million tons of HFC-134a, with corresponding quotas for 2024 that represent a substantial share of the national total [7]. - The report anticipates that the company will achieve net profits of 694 million yuan in 2024 and 783 million yuan in 2025, reflecting a recovery in the refrigerant market [7].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 958,608,904.06, representing a year-on-year increase of 23.28%[4] - The net profit attributable to shareholders was RMB 154,292,124.48, showing a significant increase of 672.53% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 154,335,459.55, up by 610.63% year-on-year[4] - The basic earnings per share for the period was RMB 0.25, reflecting a remarkable increase of 733.33%[4] - Total operating revenue for Q1 2024 reached approximately $958.61 million, a 23.2% increase from $777.60 million in Q1 2023[16] - Net profit for Q1 2024 was approximately $154.29 million, compared to $19.97 million in Q1 2023, representing a significant increase of 671.5%[17] - Operating profit for Q1 2024 was approximately $184.40 million, compared to $30.41 million in Q1 2023, marking an increase of 505.5%[16] - Basic earnings per share for Q1 2024 were $0.25, compared to $0.03 in Q1 2023, indicating a substantial increase[17] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 38.47% to RMB 137,126,386.76, primarily due to increased cash payments for goods and services[4] - Cash flow from operating activities for Q1 2024 was approximately $137.13 million, down 38.3% from $222.85 million in Q1 2023[19] - The company reported a net cash inflow from operating activities of approximately $864.26 million in Q1 2024, compared to $782.22 million in Q1 2023, an increase of 10.5%[19] - The net increase in cash and cash equivalents was $13.46 million, a decrease from $140.19 million in the prior period, showing reduced liquidity growth[20] - The cash and cash equivalents balance at the end of the period was $3.14 billion, down from $3.62 billion at the end of the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 6,815,521,170.61, a slight increase of 1.29% from the end of the previous year[4] - The company's total current assets reached CNY 4,304,652,239.16, slightly up from CNY 4,283,018,207.32, indicating a growth of about 0.50%[12][14] - Accounts receivable increased significantly to CNY 352,531,664.72 from CNY 278,715,885.77, marking a rise of approximately 26.4%[12] - Inventory decreased to CNY 465,049,860.75 from CNY 543,350,663.45, reflecting a decline of about 14.4%[12] - The total liabilities of the company decreased to CNY 740,149,594.40 from CNY 836,468,902.28, a reduction of approximately 11.5%[14] - The company's equity attributable to shareholders increased to RMB 6,075,371,576.21, up by 3.10% from the previous year[5] - The company's equity attributable to shareholders rose to CNY 6,075,371,576.21 from CNY 5,892,485,705.60, an increase of about 3.1%[14] - The company reported a decrease in short-term borrowings, with current liabilities totaling CNY 724,433,824.10, down from CNY 820,146,814.33, a decline of approximately 11.6%[14] Expenses and Costs - Research and development expenses increased to approximately $15.44 million in Q1 2024, up from $8.82 million in Q1 2023, reflecting a 75.5% increase[16] - Total operating costs for Q1 2024 were approximately $774.75 million, a slight increase of 3.0% from $752.33 million in Q1 2023[16] - Tax expenses for Q1 2024 amounted to approximately $28.98 million, compared to $6.14 million in Q1 2023, reflecting a 372.5% increase[16] Non-Recurring Items - The company reported non-recurring gains and losses totaling RMB -43,335.07 for the period, primarily due to various factors including government subsidies and asset disposal losses[6] Financial Reporting and Governance - The report was issued by the board of directors on April 30, 2024, confirming the financial results for the first quarter of 2024[20] - The company did not apply new accounting standards or interpretations for the first time in 2024, maintaining consistency in financial reporting[20]

证券代码：603379 证券简称：三美股份 公告编号：2024-021 浙江三美化工股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号——行业信息披露》（第十三号——化工）有关规定， 将公司 2024 年第一季度主要经营数据披露如下： 一、2024 年第一季度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量(吨) | 外销量(吨) | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 41,094.98 | 32,292.14 | 76,949.04 | | 氟发泡剂 | 3,515.17 | 2,215.97 | 3,609.47 | | 氟化氢 | 32,899.07 | 18,286.19 | 13,658.64 | | 合计 | 77,509.22 | 52,794.30 | 94,217.15 | 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） 浙江三美化工股份有限公司 2024 年第一季度主要经 ...

| 主要产品 | 产量(吨) | 外销量(吨) | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 156,530.37 | 123,392.47 | 250,856.05 | | 氟发泡剂 | 20,001.27 | 8,848.42 | 18,518.59 | | 氟化氢 | 132,113.19 | 75,256.46 | 56,749.36 | | 合计 | 308,644.83 | 207,497.35 | 326,124.00 | 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 证券代码：603379 证券简称：三美股份 公告编号：2024-020 浙江三美化工股份有限公司 2023 年度主要经营数据公告 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"）根据《上海证券交易所上 市公司自律监管指引第 3 号——行业信息披露》（第十三号— ...

浙江三美化工股份有限公司 关于召开2023年度暨2024年第一季度业绩说明会的公告 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。 重要内容提示： 浙江三美化工股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日发布公 司《2023 年年度报告》和《2024 年第一季度报告》，为便于广大投资者更全面深 入地了解公司 2023 年度和 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 5 月 13 日下午 13:00-14:00 举行 2023 年度暨 2024 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度和 2024 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 证券代码：603379 证券简称：三美股份 公告编号：2024-036 3、会议召开方式：上证路演中心网络互动 三、参加人员 董事长兼总经理胡淇翔先生、董事会秘书胡宇超女 ...

Financial Performance - The company's operating revenue for 2022 was CNY 4,770,651,347.95, representing a decrease of 30.12% compared to the previous year[16]. - The net profit attributable to shareholders for 2022 was CNY 485,573,196.04, down 42.41% year-on-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 53.62% to CNY 451,100,135.38[16]. - The net cash flow from operating activities decreased by 23.05% to CNY 628,726,701.65, primarily due to a reduction in cash received from sales[18]. - The net assets attributable to shareholders increased by 3.20% to CNY 5,709,667,982.73 as of the end of 2022[16]. - Total assets increased by 4.65% to CNY 6,429,774,730.84 compared to the end of 2021[16]. - Basic earnings per share for 2023 were CNY 0.46, a decrease of 42.50% from CNY 0.80 in 2022[17]. - The weighted average return on net assets decreased by 4.01 percentage points to 4.83% in 2023[17]. - The company achieved operating revenue of CNY 333,378.82 million in 2023, a year-on-year decrease of 30.12%[24]. - The net profit attributable to shareholders was CNY 27,964.48 million, down 42.41% year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 20,923.13 million, a decline of 53.62% year-on-year[24]. Dividend Distribution - The company plans to distribute a cash dividend of 2.30 CNY per 10 shares (including tax), totaling approximately 140.41 million CNY based on the adjusted share count of 610,463,837 shares[2]. - The company has committed to maintaining the distribution ratio per share in case of any changes in total share capital before the dividend distribution date[2]. - The cash dividend represents 50.21% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was ¥279,644,841.86[156]. - The total cash dividend amount for the year is ¥140,406,682.51, which is fully accounted for in the profit distribution plan[156]. - The company has established a profit distribution policy that prioritizes cash dividends, with a minimum of 20% of the net profit allocated for dividends when conditions are met[151]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion section of the report[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[3]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[3]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has not faced any issues with a majority of directors being unable to ensure the authenticity and completeness of the annual report[4]. Production and Sales - The sales volume of refrigerants decreased by 16.75% to 156,530.37 tons, while the sales volume of fluorinated hydrogen fell by 3.55% to 132,113.19 tons[25]. - The average selling price of refrigerants dropped by 21.18% to CNY 20,329.93 per ton[27]. - The company is actively developing new customers and expanding sales channels despite industry challenges[24]. - The production of room air conditioners reached 24.487 million units, a year-on-year increase of 13.5%[29]. - The production of household refrigerators was 9.6323 million units, reflecting a year-on-year growth of 14.5%[29]. - The production of household freezers increased to 2.5965 million units, up 16.7% year-on-year[29]. - The automotive production in China reached 30.113 million units, marking a 9.3% year-on-year increase[29]. Environmental Compliance - The company has implemented safety and environmental management measures to mitigate risks and enhance employee safety awareness[24]. - The company has established comprehensive emergency response plans for environmental incidents, including specific plans for hazardous chemical accidents and flood prevention[170]. - The company has set up a standardized hazardous waste storage facility to manage waste generated from production processes[172]. - The company adheres to environmental monitoring regulations, including monitoring of waste gas, wastewater, and noise emissions[171]. - The company has received environmental impact assessment approvals for projects including an annual production of 90,000 tons of anhydrous hydrogen fluoride and 10,000 tons of trifluoroethane[169]. Research and Development - The company has invested in 32 R&D projects focusing on optimizing production processes and developing new products, including environmentally friendly refrigerants and fine chemicals[82]. - The company holds 120 authorized patents, including 58 invention patents and 62 utility model patents, with 17 pending patent applications, all of which are invention patents[82]. - The company is collaborating with universities on projects aimed at developing new environmentally friendly refrigerants and improving existing products[82]. - Research and development expenses increased by 38.49% to ¥53,058,156.83, reflecting increased investment in R&D projects[45]. Governance and Management - The company held 2 shareholder meetings and 6 board meetings during the reporting period, ensuring compliance with governance regulations and maintaining shareholder rights[121][122]. - The board of directors consists of 9 members, including 3 independent directors, and has established specialized committees to enhance decision-making processes and reduce operational risks[122]. - The company has a robust performance evaluation system for senior management, linking compensation to performance and ensuring alignment with company growth[122]. - The company emphasizes environmental protection and social responsibility, investing in clean production and community support initiatives[123]. - The company has a strong management team with extensive experience in various sectors, including real estate and finance[129]. Market Trends and Regulations - The EU F-gas regulation mandates that companies must apply for quotas to market HFCs, with a reduction schedule set from 2015 to 2030, aiming for a 79% reduction by 2030[72]. - The Kigali Amendment to the Montreal Protocol, effective from January 1, 2019, outlines a phased reduction of HFCs, targeting a 70% reduction by 2029 and an 85% reduction by 2047[73]. - The Chinese government has prohibited the production of certain ozone-depleting substances, including HCFC-141b, for specific products since January 1, 2019[74]. - The National Development and Reform Commission has launched a Green and Efficient Refrigeration Action Plan, promoting low GWP refrigerants and stricter regulations on HFCs[75]. Social Responsibility - The company invested a total of 220,000 CNY in poverty alleviation and rural revitalization projects, benefiting 1,201 individuals[181]. - The total investment in social responsibility initiatives amounted to 4.21 million, benefiting 6,205 individuals through various charitable projects[176]. - The company has been recognized for its contributions to social welfare, including the establishment of charitable funds for education and disaster relief[180].

关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： 回购方案的实施情况：截至 2024 年 3 月末，浙江三美化工股份有限公司（以 下简称"公司"）已累计回购股份 15,200 股，占公司总股本的比例为 0.0025%， 回购成交的最高价为 33.58 元/股，最低价为 32.48 元/股，已支付的总金额为人民 币 502,003.00 元（不含交易费用）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司截至 2024 年 3 月末的回购进展情况 公告如下： 证券代码：603379 证券简称：三美股份 公告编号：2024-019 浙江三美化工股份有限公司 一、回购股份的基本情况 公司于 2023 年 12 月 31 日召开第六届董事会第九次会议和第六届监事会第 八次会议，审议通过了《关于以集中竞价交易方式回购公司股份的方案》，同意 公司使用自有资金以集中竞价交易方式回购公司 A 股股份用于员工持股计划及/ 或 ...