Sanmei(SH:603379) Changjiang Securities·2025-08-25 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 2.83 billion yuan (up 38.6% year-on-year) and net profit attributable to shareholders at 990 million yuan (up 159.2% year-on-year) [2][6]. - The growth in revenue and profit is primarily driven by the continuous rise in refrigerant prices, with the second quarter alone generating revenue of 1.62 billion yuan (up 49.4% year-on-year) and net profit of 590 million yuan (up 159.0% year-on-year) [2][6]. - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) to all shareholders [6]. Financial Performance - In Q2, the company sold 35,000 tons of refrigerants (up 3.1% year-on-year, up 28.6% quarter-on-quarter) at an average price of 40,300 yuan per ton (up 55.1% year-on-year, up 7.8% quarter-on-quarter) [12]. - The average domestic market prices for refrigerants R22, R32, R134a, and R125 increased by 5.7%, 12.8%, 6.8%, and 4.1% respectively compared to Q1 2025 [12]. - The company expects the upward trend in refrigerant prices to continue, with projected revenues of 2.46 billion, 3.21 billion, and 3.67 billion yuan for 2025, 2026, and 2027 respectively [12]. Industry Outlook - The refrigerant industry is experiencing a sustained recovery, and the company, as one of the industry leaders, is expected to benefit significantly from the improved industry conditions [12]. - The company is actively enhancing its integrated supply chain in the fluorochemical industry, with several projects in various stages of development [12].