Sanmei(603379) 民生证券·2024-10-29 07:43Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 32.40 yuan [4]. Core Views - The company achieved a revenue of 3.039 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.50%. The net profit attributable to shareholders reached 561 million yuan, up 135.63% year-on-year, and the net profit after deducting non-recurring items was 549 million yuan, reflecting a growth of 222.66% [2]. - In the third quarter alone, the company reported a revenue of 999 million yuan, a year-on-year increase of 14.48%, but a quarter-on-quarter decrease of 7.64%. The net profit attributable to shareholders was 177 million yuan, up 63.55% year-on-year, but down 22.77% quarter-on-quarter [2]. - The sales volume of fluorinated refrigerants decreased by 10.94% year-on-year to 31,100 tons in the third quarter, while the selling price increased by 37.08% year-on-year to 26,500 yuan per ton [2]. - The strong retail performance in the air conditioning market, with a total retail volume of 8.548 million units in August and September 2024, up 27.7% year-on-year, is expected to drive production increases in the air conditioning sector [2]. - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 778 million, 1.275 billion, and 1.421 billion yuan, respectively, with corresponding PE ratios of 25, 16, and 14 [2][5]. Financial Summary - The company’s total revenue is projected to grow from 3.334 billion yuan in 2023 to 5.519 billion yuan in 2026, with a compound annual growth rate of approximately 22.89% [5]. - The net profit is expected to increase from 280 million yuan in 2023 to 1.421 billion yuan in 2026, indicating a significant growth trajectory [5]. - The gross profit margin is anticipated to rise from 13.40% in 2023 to 41.71% in 2026, reflecting improved profitability [5].