Sanmei(SH:603379) KAIYUAN SECURITIES·2024-10-30 03:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high profit in the first three quarters of 2024, with a year-on-year increase of 135.63% [1] - The refrigerant market is expected to continue its upward trend, benefiting the company's performance [2] - The company plans to invest in new projects to enhance its fluorochemical industry layout, with a total investment of approximately 1.57 billion RMB [3] Financial Performance Summary - In the first three quarters of 2024, the company reported revenue of 999 million RMB, a year-on-year increase of 14.48% [1] - The net profit attributable to the parent company for the same period was 177 million RMB, reflecting a year-on-year increase of 63.55% [1] - The company's revenue and net profit forecasts for 2024-2026 are 827 million RMB, 1.36 billion RMB, and 1.74 billion RMB respectively, indicating significant growth [1][4] Market and Product Insights - The average price of fluorinated refrigerants in the first three quarters of 2024 increased by 23.0% year-on-year, with Q3 prices reaching 26,532 RMB/ton, a 37.1% increase year-on-year [2] - The company’s product structure primarily includes R125 and R134a, with lower proportions of R32 and R22, which influenced the sales dynamics in Q3 [2] - The company anticipates a strong recovery in the refrigerant market as the traditional off-season ends, with continued price increases expected [2] Strategic Initiatives - The company is planning to construct projects for 90,000 tons/year of epoxy chloropropane, 10,000 tons/year of HFO-1234yf, and 20,000 tons/year of polyvinylidene fluoride, with the project expected to be completed in three phases [3] - The total investment for these projects is estimated at 1.57 billion RMB, aimed at enhancing the company's product offerings and market position [3]