三美股份：业绩大幅增长，制冷剂业务景气提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported significant growth in its performance, with a revenue of 2.04 billion yuan for the first half of 2024, representing a year-on-year increase of 17.5%. The net profit attributable to shareholders reached 380 million yuan, a substantial increase of 195.8% year-on-year [4][5]. - The refrigerant segment is experiencing improved market conditions, with a notable increase in both volume and price during the peak season of Q2 2024. The refrigerant revenue for the first half of 2024 was 1.65 billion yuan, up 23.2% year-on-year [4][5]. - The company is investing in a fluorochemical integration project, which is expected to enhance its upstream material and fluorochemical product capabilities [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.08 billion yuan, with a year-on-year increase of 12.8% and a quarter-on-quarter increase of 12.8%. The net profit for the same quarter was 230 million yuan, reflecting a year-on-year increase of 109.1% and a quarter-on-quarter increase of 48.7% [4][5]. - The company’s refrigerant sales volume for the first half of 2024 was 66,000 tons, with a total quota of 128,000 tons for the year [4]. Market Conditions - The air conditioning market showed strong performance in the first half of 2024, with a 12.5% year-on-year increase in production [4]. - The average domestic prices for refrigerants such as R22, R32, R134a, and R125 saw significant increases in Q2 2024 compared to Q1 [5]. Future Outlook - The company expects a long-term upward trend in the market for third-generation refrigerants, supported by its high market share in mainstream products. Projected net profits for 2024-2026 are estimated at 960 million, 1.44 billion, and 2.29 billion yuan, respectively [5].