三元股份（600429）：首次覆盖报告：聚焦低温，革新进取

| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,855 | 7,012 | 6,352 | 6,530 | 6,837 | | (+/-)% | -1.2% | -10.7% | -9.4% | 2.8% | 4.7% | | 净利润(归母) | 243 | 55 | -291 | 209 | 257 | | (+/-)% | 503.0% | -77.4% | -631.8% | 171.7% | 22.7% | | 每股净收益(元) | 0.16 | 0.04 | -0.19 | 0.14 | 0.17 | | 净资产收益率(%) | 4.7% | 1.1% | -6.2% | 4.3% | 5.0% | | 市盈率(现价&最新股本摊薄) | 35.00 | 155.11 | — | 40.67 | 33.14 | 公 司 研 究 聚焦低温，革新进取 三元股份(600429) 三元股份（600429.SH）首次覆盖报 ...