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三美股份(603379):公司信息更新报告:2025H1利润大幅增长创历史新高,制冷剂行情保持恢复性上涨态势,主升正在进行中

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant profit increase in H1 2025, reaching a historical high, driven by a recovery in refrigerant prices, indicating that the main upward trend is ongoing [5][6] - The company reported H1 2025 revenue of 2.828 billion yuan, a year-on-year increase of 38.58%, and a net profit attributable to shareholders of 999.5 million yuan, a year-on-year increase of 159.22% [5] - The gross margin reached 49.50%, up 22.59 percentage points year-on-year, while the net margin was 34.96%, an increase of 16.15 percentage points year-on-year [5] - The company expects net profits for 2025-2027 to be 2.080 billion, 2.608 billion, and 2.972 billion yuan respectively, with corresponding EPS of 3.41, 4.27, and 4.87 yuan [5] Financial Performance - In Q2 2025, the company achieved revenue of 1.616 billion yuan, a year-on-year increase of 49.36% and a quarter-on-quarter increase of 33.32% [5] - The net profit for Q2 was 594 million yuan, a year-on-year increase of 158.98% and a quarter-on-quarter increase of 48.33% [5] - The average price of fluorinated refrigerants increased by 56.53% year-on-year, contributing to the revenue growth [6] Dividend and Projects - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) for H1 2025, amounting to approximately 195.35 million yuan, which is 19.64% of the net profit attributable to shareholders [7] - Ongoing projects, including lithium hexafluorophosphate and various technical upgrades, are progressing smoothly [7]