Sanmei(SH:603379) Shenwan Hongyuan Securities·2025-05-05 06:13Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has shown significant performance improvement due to the substantial increase in refrigerant prices, with expectations for continued growth as the peak season approaches [1][7] - The company reported a strong Q1 2025 performance, with revenue and net profit showing high year-on-year growth, driven by rising refrigerant prices [7] Financial Data and Profit Forecast - Total revenue is projected to reach 6,038 million yuan in 2025, reflecting a year-on-year growth rate of 49.5% [3] - The net profit attributable to the parent company is expected to be 1,783 million yuan in 2025, with a year-on-year growth rate of 129.1% [3] - Earnings per share (EPS) is forecasted to be 2.92 yuan in 2025, increasing to 5.43 yuan by 2027 [3] - The gross margin is expected to be 44.1% in 2025, improving to 56.6% by 2027 [3] - The return on equity (ROE) is projected to be 21.8% in 2025, with a slight decrease to 25.2% by 2027 [3] Market Data - As of April 30, 2025, the closing price of the stock was 44.10 yuan, with a market capitalization of 26,922 million yuan [4] - The stock has a price-to-earnings (P/E) ratio of 15 for 2025, decreasing to 8 by 2027 [3][4] Performance Analysis - The company achieved a significant increase in refrigerant sales and prices in Q1 2025, with a notable rise in average selling prices compared to the previous quarter [7] - The company is expected to benefit from a favorable industry environment, with reduced inventory levels and increasing demand for refrigerants [7] - The company has plans for further investments in the refrigerant sector, enhancing its production capabilities and market position [7]