Sanmei(SH:603379) Xin Lang Cai Jing·2025-11-03 00:35Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 4.43 billion yuan (up 45.7% year-on-year) and a net profit attributable to shareholders of 1.59 billion yuan (up 183.7% year-on-year) [1] - In Q3 alone, the company achieved revenue of 1.60 billion yuan (up 60.3% year-on-year) and a net profit of 600 million yuan (up 236.6% year-on-year) [1] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 1.58 billion yuan (up 188.0% year-on-year) [1] - Q3 sales gross margin was 52.9% (up 21.8 percentage points year-on-year) and net profit margin was 36.9% (up 19.4 percentage points year-on-year) [3] Market Trends - Q3 refrigerant prices continued to rise, with an average tax-inclusive price of 41,300 yuan/ton (up 55.6% year-on-year) [2] - The total sales of air conditioners in Q3 were 40.34 million units (down 37.2% quarter-on-quarter and down 2.5% year-on-year) [2] Regulatory Changes - The Ministry of Ecology and Environment announced a quota adjustment for 2026, increasing the adjustment ratio for different refrigerant types from 10% in 2025 to 30% [4] - The company is expected to benefit from the rising demand for third-generation refrigerants, with projected earnings of 2.22 billion, 3.21 billion, and 3.67 billion yuan for 2025-2027 [4]