Sanmei(SH:603379) Minsheng Securities·2024-04-30 12:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 3.334 billion yuan in 2023, a year-on-year decrease of 30.12%, and a net profit attributable to shareholders of 280 million yuan, down 42.41% year-on-year [1] - In Q1 2024, the company reported a revenue of 959 million yuan, representing a year-on-year increase of 23.28%, and a net profit attributable to shareholders of 154 million yuan, up 672.53% year-on-year [1] - The refrigerant segment showed a significant recovery in Q1 2024, with revenue reaching 769 million yuan, a year-on-year increase of 30.05% due to both volume and price increases [1] - The company expects continued growth in net profit for 2024-2026, forecasting 765 million yuan, 1.212 billion yuan, and 1.422 billion yuan respectively, with corresponding PE ratios of 34, 22, and 18 [1][2] Financial Performance Summary - 2023 total revenue was 3.334 billion yuan, with a net profit of 280 million yuan [2] - The company experienced a decline in revenue across all fluorochemical segments in 2023, with the refrigerant segment contributing 2.509 billion yuan, down 30.95% year-on-year [1] - The Q4 2023 revenue was 725 million yuan, a year-on-year decrease of 27.70% [1] - The company’s Q1 2024 performance indicates a strong recovery, with net profit reaching 154 million yuan, a significant increase compared to the previous year [1] Future Outlook - The company is expected to benefit from the confirmation of seasonal orders and higher quotas for major refrigerants, which should enhance performance in Q2 2024 [1] - The company holds a significant share of the national quota for major refrigerants, which positions it well for future growth [1]