Sanmei(SH:603379) Ping An Securities·2024-10-29 00:01Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][9] Core Views - The company continues to experience high growth in performance due to the sustained increase in refrigerant prices, with Q3 2024 revenue reaching 999 million yuan, a year-on-year increase of 14.48%, and net profit attributable to shareholders reaching 177 million yuan, a year-on-year increase of 63.55% [5][6] - The company is positioned as a leading supplier of refrigerants in China, with a significant share in the HFCs quota, and is expected to benefit from the tightening supply and increasing demand in the domestic and international markets [9][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 999 million yuan, a year-on-year increase of 14.48%, and a net profit of 177 million yuan, a year-on-year increase of 63.55% [5] - For the first three quarters of 2024, the company reported revenue of 3.039 billion yuan, a year-on-year increase of 16.50%, and a net profit of 561 million yuan, a year-on-year increase of 135.63% [5][6] - The gross profit margin for Q3 2024 was 28.28%, an increase of 15.86 percentage points compared to the same period in 2023 [5] Market Dynamics - The price of fluorinated refrigerants has continued to rise, with a year-on-year increase of 23.0% in average selling price, contributing to a revenue increase of 22.7% in the refrigerant segment [6] - The company plans to invest 1.57 billion yuan in new projects, including the production of ECH, HFO-1234yf, and PVDF, which are expected to enhance its product offerings and market position [7] Future Outlook - The company is projected to achieve net profits of 715 million yuan, 791 million yuan, and 808 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27.6, 25.0, and 24.5 [9][8] - The overall supply-demand dynamics in the refrigerant market are expected to improve, with a reduction in the quota for second-generation refrigerants and increasing demand from domestic and international markets [9][6]