Sanmei(603379) 平安证券·2025-01-25 23:33Investment Rating - The investment rating for the company is "Recommended (Maintain)" with a current price of 42.92 CNY [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 702 million to 814 million CNY in 2024, representing a year-on-year increase of 150.87% to 191.01% [4][8]. - The supply-demand structure for refrigerants is improving, with prices expected to continue rising, benefiting the company's performance [8][9]. Summary by Relevant Sections Company Overview - The company operates in the basic chemical industry and is a leading domestic refrigerant manufacturer [1]. - Major shareholder is Hu Rongda, holding 37.83% of shares [1]. Financial Performance - Revenue for 2024 is projected at 4.171 billion CNY, a year-on-year increase of 25.1% [6]. - The net profit for 2024 is expected to be 715 million CNY, a significant recovery from 280 million CNY in 2023 [6]. - The gross margin is anticipated to improve to 23.8% in 2024 from 13.4% in 2023 [6]. Market Dynamics - The implementation of quota systems for refrigerants in 2024 is expected to tighten supply, with the company holding a 15.7% share of the total production quota for third-generation refrigerants [8]. - The demand for refrigerants is projected to rise due to policies promoting the replacement of old appliances and strong export performance in the air conditioning sector [8]. Future Outlook - For 2025, the company is expected to maintain its leading position in the refrigerant market, with a projected net profit of 791 million CNY [9]. - The anticipated increase in production quotas for third-generation refrigerants and supportive government policies are expected to drive demand and stabilize prices [9].