Sanmei(SH:603379) Xin Lang Cai Jing·2025-05-16 08:34Core Insights - The company reported a significant increase in revenue and net profit for 2024 and Q1 2025, driven by rising prices of fluorinated refrigerants [1] - The company is positioned to benefit from the ongoing upward trend in refrigerant prices, particularly in the second and third generation refrigerants [2] - Future profit projections indicate continued growth, with expected net profits increasing from 15.80 billion to 24.59 billion from 2025 to 2027 [3] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.04 billion, a year-on-year increase of 21.17%, and a net profit of 779 million, up 178.40% year-on-year [1] - For Q1 2025, the company reported operating revenue of 1.21 billion, a year-on-year increase of 26.42% and a net profit of 401 million, up 159.59% year-on-year [1] - The average selling price of fluorinated refrigerants rose to 26,055.90 yuan/ton in 2024, a 28.17% increase year-on-year, contributing to a gross margin increase of 21.90 percentage points to 33.51% [1] Group 2: Market Trends - The prices of refrigerants continued to rise in Q1 2025, with R22 averaging 34,055 yuan/ton (up 63.01% year-on-year), R32 at 44,186 yuan/ton (up 97.92% year-on-year), and R134a at 44,636 yuan/ton (up 44.53% year-on-year) [2] - The company holds significant production capacities in various refrigerants, with R22 capacity at 14,400 tons/year and R32 capacity at 40,000 tons/year, indicating a strong market position [2] Group 3: Future Projections - The company forecasts net profits of 15.80 billion, 20.36 billion, and 24.59 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.59, 3.34, and 4.03 yuan/share [3] - The company is expected to maintain a favorable PE ratio of 18, 14, and 12 for the respective years, reflecting its strong market position and growth potential [3]