Sanmei(SH:603379) Minsheng Securities·2024-07-10 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from 334 million to 434 million yuan, representing a year-on-year increase of 157.19% to 234.35% [1] - The rise in refrigerant prices and increased sales volume are driving the company's strong performance, with domestic average prices for key refrigerants R32, R125, and R134a showing year-on-year increases of 128.32%, 68.32%, and 32.56% respectively in Q2 2024 [1] - Strong export demand for refrigerants is anticipated to continue, supported by robust air conditioning orders, with year-on-year production increases of 50.5% and 34.7% in June and July [1] - The company’s projected net profits for 2024-2026 are estimated at 857 million, 1.213 billion, and 1.423 billion yuan respectively, with corresponding PE ratios of 28, 19, and 17 based on the current price [1][2] Financial Summary - The company’s total revenue is projected to grow from 3.334 billion yuan in 2023 to 6.420 billion yuan in 2026, with a growth rate of 46.68% in 2024 [6] - The net profit attributable to the parent company is expected to increase from 280 million yuan in 2023 to 1.423 billion yuan in 2026, reflecting a growth rate of 206.59% in 2024 [6] - The earnings per share (EPS) is forecasted to rise from 0.46 yuan in 2023 to 2.33 yuan in 2026 [6] - The company’s gross margin is expected to improve from 13.40% in 2023 to 37.00% in 2026, indicating enhanced profitability [6]