Sanmei(SH:603379) Xin Lang Cai Jing·2025-07-14 00:29Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, driven by rising refrigerant prices and improved industry conditions [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 9.5-10.4 billion yuan for H1 2025, representing a year-on-year increase of 147.0% to 171.7% [1]. - The expected net profit for Q2 2025 is between 5.5-6.4 billion yuan, with a year-on-year growth of 138.5% to 179.8% [1]. - The average domestic prices for refrigerants R22, R32, R134a, and R125 in Q2 2025 are reported at 3.59, 4.97, 4.76, and 4.53 thousand yuan per ton, showing increases from Q1 2025 [1]. Group 2: Market Trends - The upward trend in refrigerant prices is expected to continue, with domestic prices for R22, R32, R134a, and R125 as of July 6, 2025, at 3.50, 5.30, 4.90, and 4.55 thousand yuan per ton [2]. - R32 has broken seasonal market patterns, with enterprise quotes rising to 5.4-5.5 thousand yuan per ton, indicating potential for further performance improvement in Q3 [2]. Group 3: Strategic Initiatives - The company is enhancing its integrated industrial chain, focusing on several key projects, including a 90,000-ton AHF technical transformation project and a 500-ton catalyst technical transformation project [3]. - The company aims to benefit from the ongoing growth in the refrigerant industry, with projected earnings of 24.6 billion, 32.1 billion, and 36.7 billion yuan for 2025-2027 [3].