Sanmei(SH:603379) GUOTAI HAITONG SECURITIES·2026-02-24 06:57Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 79.10 CNY, based on its strong position in the refrigerant market and expected growth in revenue and profit [5][20]. Core Insights - The company is a leader in the refrigerant industry, particularly in the production of third-generation refrigerants, which are expected to see price increases due to growing downstream demand and supply constraints from quota management [2][12]. - The financial outlook is positive, with projected revenue growth from 3.33 billion CNY in 2023 to 7.30 billion CNY by 2027, and net profit expected to rise from 280 million CNY to over 3.10 billion CNY in the same period [4][28]. Financial Summary - Total revenue is forecasted to grow significantly, with a compound annual growth rate (CAGR) of 46.2% from 2024 to 2025 [4]. - Net profit attributable to shareholders is expected to increase dramatically, with a forecast of 2.03 billion CNY in 2025, reflecting a growth rate of 161.3% compared to 2024 [4]. - The company’s earnings per share (EPS) is projected to rise from 0.46 CNY in 2023 to 5.08 CNY by 2027 [4]. Business Overview - The company specializes in fluorinated chemicals, with a significant focus on refrigerants, which are the main source of revenue and gross profit [22]. - The production capacity for key refrigerants such as HFC-134a, HFC-125, HFC-32, and HFC-143a is substantial, with the company holding a significant share of the national production quotas [24][25]. Market Trends - The price of R32 refrigerant is expected to rise from 13,472 CNY per ton in early 2023 to 63,000 CNY per ton by early 2026, marking an increase of 368% [34]. - The automotive air conditioning refrigerant R134a is projected to increase from 23,500 CNY per ton to 58,000 CNY per ton, a rise of 146.81% [34]. Strategic Initiatives - The company is actively expanding its production capabilities and enhancing its supply chain integration, with several projects underway, including lithium hexafluorophosphate and various fluoropolymer production lines [36][37]. - The company emphasizes research and development, holding 125 authorized patents and continuing to innovate in environmentally friendly products [37][39].