Sanmei(603379) 华安证券·2025-01-26 09:58Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company is expected to achieve a significant year-on-year increase in performance, driven by the sustained demand and price increases in refrigerants [5][6]. - The forecast for 2024 indicates a projected net profit attributable to shareholders of between 7.02 billion to 8.14 billion yuan, representing a year-on-year growth of 150.87% to 191.01% [4][5]. - The company is actively expanding its fluorochemical industry chain, which is expected to enhance its product structure and profitability [7]. Summary by Sections Financial Performance - The company anticipates a net profit of 7.02 to 8.14 billion yuan for 2024, with a substantial increase in the average market prices of its main refrigerant products [5]. - The projected net profit for 2025 is expected to continue the upward trend, benefiting from ongoing price increases in refrigerants [6]. Market Dynamics - The report highlights that the refrigerant market is experiencing a favorable cycle, with supply constraints and robust downstream demand contributing to price increases [6]. - The average market prices for key refrigerants such as R32, R125, R134a, and R22 are projected to rise significantly, with year-on-year increases of 122%, 47%, 37%, and 42% respectively [5]. Strategic Initiatives - The company is leveraging its resource advantages to expand its fluorochemical product offerings, including several new projects aimed at enhancing production capacity [7]. - Projects include the production of lithium bis(fluorosulfonyl)imide and various fluoropolymer products, which are expected to contribute to future profitability [7].