Sanmei(SH:603379) Changjiang Securities·2024-05-20 08:32Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant year-on-year increase in performance, with a revenue of 33.3 billion RMB in 2023, a decrease of 30.1% compared to the previous year, and a net profit attributable to shareholders of 2.8 billion RMB, down 42.4% year-on-year [5][6]. - In Q1 2024, the company achieved a revenue of 9.6 billion RMB, representing a year-on-year increase of 23.3% and a quarter-on-quarter increase of 32.3%. The net profit attributable to shareholders reached 1.54 billion RMB, a remarkable increase of 672.5% year-on-year and 270.8% quarter-on-quarter [5][6]. - The refrigerant segment is showing signs of recovery, with Q1 2024 external sales volume of refrigerants reaching 32,000 tons, up 19.9% year-on-year and 24.4% quarter-on-quarter. The average price of refrigerants in Q1 2024 was 24,000 RMB per ton, an increase of 8.5% year-on-year and 25.7% quarter-on-quarter [6]. Financial Summary - In 2023, the refrigerant segment generated 25.1 billion RMB in revenue, down 31.0% year-on-year, with a gross margin of 11.6%, a decrease of 3.7 percentage points. The external sales volume was 123,000 tons, down 12.4% year-on-year, with an average sales price of 20,000 RMB per ton, down 21.2% year-on-year [5][6]. - The company expects the profitability of refrigerant products to continue to rise, with projected net profits for 2024-2026 at 12.5 billion RMB, 19.0 billion RMB, and 30.1 billion RMB, respectively [6].