Sanmei(SH:603379) Dongguan Securities·2025-04-30 06:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's performance has significantly increased due to the continuous rise in refrigerant prices, with a notable growth in revenue and net profit for 2024 and Q1 2025 [2][3] - The company has established a complete fluorochemical industry chain, becoming a major supplier in the industry, with expectations for continued strong performance in the coming years [2][4] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 4.04 billion yuan, a year-on-year increase of 21.17% - The net profit attributable to shareholders was 779 million yuan, up 178.40% year-on-year - For Q1 2025, revenue reached 1.21 billion yuan, a year-on-year increase of 26.42% and a quarter-on-quarter increase of 21.20% [2][4] Product Pricing and Market Dynamics - The average selling price of fluorinated refrigerants increased by 28.17% to 26,100 yuan per ton in 2024, with sales volume growing by 1.65% to 125,400 tons - The gross margin for the fluorinated refrigerant business improved significantly, reaching 33.51%, an increase of 21.9 percentage points year-on-year [2][4] Future Earnings Forecast - The company is projected to achieve total revenue of 5.74 billion yuan in 2025, with a net profit of 1.83 billion yuan, translating to a basic earnings per share of 3.00 yuan [4]