三美股份：投资布局四代制冷剂，制冷剂产品不断完善

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][6]. Core Viewpoints - The company announced an investment of 1.57 billion yuan to build a production capacity of 90,000 tons/year of Epichlorohydrin (ECH), 10,000 tons/year of HFO-1234yf, and 20,000 tons/year of Polyvinylidene Fluoride (PVDF) [3]. - The project will be constructed in three phases over four years, with the first phase including 50,000 tons/year of ECH and 30,000 tons/year of LNG gas station [3]. - The company is well-positioned to benefit from the ongoing structural reforms in the supply side of the refrigerant industry, with a focus on second and third-generation refrigerants, while also actively expanding into fourth-generation refrigerants and high-value downstream fluorochemical sectors [3][4][5]. Summary by Sections Investment Announcement - The company plans to invest 1.57 billion yuan in a project to produce ECH, HFO-1234yf, and PVDF, with a total capacity of 90,000 tons/year for ECH and 20,000 tons/year for PVDF [3]. - The project will be executed in three phases, with the first phase focusing on ECH and LNG production [3]. Industry Outlook - The second and third-generation refrigerants are expected to maintain a favorable market environment due to supply constraints, while fourth-generation refrigerants have significant long-term potential [4][5]. - The release of the 2025 refrigerant quota proposal by the Ministry of Ecology and Environment indicates a continued commitment to strict supply-side policies, which is expected to support the market for refrigerants [4]. Financial Projections - The company forecasts net profits of 545 million yuan, 638 million yuan, and 762 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 95.0%, 17.0%, and 19.5% [3][6]. - The diluted EPS is projected to be 0.89 yuan, 1.04 yuan, and 1.25 yuan for the same years, with corresponding PE ratios of 32.0, 27.4, and 22.9 [3][6].