Sanmei(603379) 山西证券·2024-10-31 12:25Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Views - The company is expected to benefit from the long-term prosperity of refrigerants and has strategically positioned itself for the fourth generation of refrigerants. The company has invested in projects to enhance its fluorochemical industry layout and diversify its product offerings [1][3]. - Despite some delays in fundraising projects, the overall outlook for the refrigerant market remains optimistic as the traditional consumption off-season ends and a new cooling year begins [1][2]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.039 billion yuan, a year-on-year increase of 16.50%, and a net profit attributable to shareholders of 561 million yuan, up 135.63% year-on-year [2][3]. - In Q3 2024, 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 for Q3 was 177 million yuan, reflecting a year-on-year increase of 63.55% and a quarter-on-quarter decrease of 22.77% [3]. Project Updates - The company has postponed the completion of several projects, including the 6000 tons/year lithium hexafluorophosphate and 100 tons/year high-purity phosphorus pentafluoride projects in Fujian to October 2025, and the 5000 tons/year perfluoropropylene and 5000 tons/year polyvinylidene fluoride projects in Zhejiang to December 2025 [2][3]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.23 yuan, 1.46 yuan, and 1.60 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are 26.6, 22.5, and 20.4 based on the closing price of 32.74 yuan on October 30, 2024 [3][4].