上 市 公 司 基础化工 2025 年 07 月 12 日 三美股份 (603379) ——"黄金赛道"业绩持续兑现，制冷剂价格和盈利同环 比大增，业绩略超预期 报告原因：强调原有的投资评级 投资要点： 财务数据及盈利预测 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 11.25 | | 资产负债率% | 11.84 | | 总股本/流通 A 股（百万） | 610/610 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 05-11 06-11 07-11 -40% -20% 0% 20% 40% 三美股份 沪深300指数 (收益率) 相关研究 证券分析师 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,040 | 1,212 | 6,569 | ...

基础化工行业 买入（维持） 公司上半年归母净利大幅预增 147%-172% 公 三美股份（603379）2025 年半年度业绩预增点评 2025 年 7 月 11 日 投资要点： 司 点 分析师：卢立亭 SAC 执业证书编号： S0340518040001 电话：0769-22177163 邮箱： luliting@dgzq.com.cn | 证 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 券 | | | | | | | | 研 | | | | | | | | 主要数据 | 2025 | 年 | 7 | 月 | 10 | 日 | | 究 | | | | | | | | 收盘价（元） | 45.29 | 报 | 总市值（亿元） | 276.49 | | | | 告 | | | | | | | | 610.48 | 总股本（百万股） | 流通股本（百万股）610.48 | | | | | | ROE（TTM） | 14.92% | 12 | 月最高价（元） | 49.62 | | | | 25.62 | 12 | 月最低价（元） | | ...

[Table_StockNameRptType] 昊华科技（600378） 公司点评 短期业绩承压，制冷剂景气度有望提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-11 | | | [Table_BaseData] 收盘价（元） | | 25.55 | | 近 12 个月最高/最低（元） | 34.56/24.51 | | | 总股本（百万股） | | 1290 | | 流通股本（百万股） | | 911 | | 流通股比例（%） | | 70.64 | | 总市值（亿元） | | 330 | | 流通市值（亿元） | | 233 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 40% 5/5 7/5 9/5 11/5 1/5 3/5 5/5 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S001052 ...

[Table_StockNameRptType] 昊华科技（600378） 公司点评 短期业绩承压，制冷剂景气度有望提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-11 | | | [Table_BaseData] 收盘价（元） | | 25.55 | | 近 12 个月最高/最低（元） | 34.56/24.51 | | | 总股本（百万股） | | 1290 | | 流通股本（百万股） | | 911 | | 流通股比例（%） | | 70.64 | | 总市值（亿元） | | 330 | | 流通市值（亿元） | | 233 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 40% 5/5 7/5 9/5 11/5 1/5 3/5 5/5 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S001052 ...

丨证券研究报告丨 公司研究丨点评报告丨三美股份（603379.SH） 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title] 业绩大幅增长，制冷剂向上趋势不减 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年实现收入 40.4 亿，同比变动+21.2%，归母净利 润 7.8 亿，同比变动+178.4%，扣非净利润 7.5 亿，同比变动+257.7%。2025Q1 实现收入 12.1 亿，同比变动+26.4%，环比变动+21.2%，归母净利润 4.0 亿，同比变动+159.6%，环比变动 +84.0%，扣非净利润 4.0 亿，同比变动 156.5%，环比变动+98.0%。2024 年度公司现金分红 （包括中期已分配的现金红利）总额 2.7 亿，占 2024 年度归属于上市公司股东净利润的比例 为 35.0%。 三美股份（603379.SH） cjzqdt11111 [Table_Ti ...

上 市 公 司 公 司 研 究 / 公 司 基础化工 2025 年 05 月 05 日 三美股份 (603379) ——制冷剂涨价弹性显现，业绩加速上行，旺季来临有望 再创新高 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 相关研究 证券分析师 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,040 | 1,212 | 6,038 | 7,486 | 8,330 | | 同比增长率（%） | 21.2 | 26.4 | 49.5 | 24.0 | 11.3 | | 归母净利润（百万元） | 779 | 401 | 1,783 | 2,567 | 3,315 | | 同比增长率（%） | 178.4 | 159.6 | 129.1 | 43.9 | 29.2 | | 每股收益（元/股） | 1.28 | 0.66 | 2.92 | 4.20 | 5.43 | | 毛利率（%） | 29.8 | 46.7 | 44.1 | 51.1 | ...

风险提示：氟化工需求疲弱；项目投产进度不及预期；产品价格大幅下滑等。 投资建议：维持盈利预测，维持"优于大市"评级。 随着三代制冷剂产品供给侧结构性改革不断深化，行业竞争格局趋向集中，三代制冷剂有望保持长期的 景气周期，公司作为行业领先企业将持续受益。 未来，公司将积极布局新材料、新能源等业务领域，并通过子公司向氟化工下游高附加值领域延伸。 2024 年以来，公司制冷剂产品价格持续上涨，带动公司利润增长，考虑到2025 年制冷剂价格将持续上 涨，对应制冷剂板块毛利率水平上行，我们维持公司盈利预测：预计公司2025-2027 年归母净利润分别 为15.98/18.44/19.59 亿元，同比增长105.3%/15.4%/6.2%；摊薄EPS为2.62/3.02/3.21 元；对应当前股价对 应PE 为16.3/14.1/13.3X。维持"优于大市"评级。 受益于制冷剂价格快速上涨，公司2024 年全年、2025 年一季度归母净利润同比大幅增长。2025 年4 月 28 日，公司发布2024 年年度报告及2025 年一季度报告。根据公司公告，2024 年，公司实现营业收入 40.40 亿元，同比增长21.17%； ...

Core Viewpoint - Yonghe Co., Ltd. has demonstrated significant growth in both revenue and profit in its 2024 annual report, indicating strong performance in the fluorochemical industry and effective utilization of market opportunities [1][2]. Financial Performance - In 2024, Yonghe Co., Ltd. reported a revenue of 4.606 billion yuan, a year-on-year increase of 5.42%, and a net profit attributable to shareholders of 251 million yuan, up 36.83% [1]. - The company's net profit excluding non-recurring items reached 246 million yuan, reflecting a substantial growth of 117.8% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.138 billion yuan, representing a 12.36% increase compared to the same period last year, with a net profit of 97.39 million yuan, up 161.66% [1]. Industry Position and Strategy - Yonghe Co., Ltd. has established itself as a comprehensive fluorochemical enterprise, covering the entire industry chain from raw material mining to production and sales, making it one of the most complete fluorochemical industry chains in China [1]. - The company has benefited from policy and market opportunities, achieving synergistic development in fluorocarbon chemicals, fluoropolymer materials, and fine fluorochemical products, with a nationwide sales network and international channels covering over 100 countries [1]. Market Dynamics - The implementation of production quotas for HFCs refrigerants in 2024 has altered the competitive landscape, leading to increased industry concentration and tighter supply-demand balance, which has driven significant price increases for refrigerants [2]. - In 2024, the fluorocarbon chemicals business generated a revenue of 2.4467353 billion yuan, a year-on-year increase of 3.78%, with an average gross margin of 20.37%, up 12.62% from the previous year [2]. - The company received a total quota of 61,400 tons for HCFCs and HECs refrigerants in 2025, with HFCs product quota at 58,200 tons, positioning it among the industry leaders [2]. Product Performance - Despite general pressure on fluoropolymer materials leading to a "volume increase, price decrease" scenario, certain products like HFP have shown price stabilization since Q4 2024, improving profitability [2]. - The sales volume of fluoropolymer materials reached 38,635.68 tons, a year-on-year increase of 40.59%, with revenue for this segment at 1.5811074 billion yuan, up 17.38% [2]. Future Outlook - Yonghe Co., Ltd. plans to continue its global business expansion and leverage its full industry chain advantages, focusing on high-end fluoropolymer materials, new environmentally friendly refrigerants, and fine fluorochemical development [3]. - The company aims to enhance its product variety and quality, striving to become a leading professional fluorochemical enterprise in China, characterized by comprehensive offerings, environmental sustainability, and high quality [3].

Core Viewpoint - Yonghe Co. reported a revenue of 4.61 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 251 million yuan, up 37% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 1.23 billion yuan, an increase of 8% year-on-year and 2% quarter-on-quarter, with a net profit of 105 million yuan, up 385% year-on-year and 210% quarter-on-quarter [1] - For Q1 2025, the company reported a revenue of 1.14 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 7%, with a net profit of 97 million yuan, up 162% year-on-year and down 7% quarter-on-quarter [1] - The company proposed a dividend of 0.25 yuan per share (before tax) for 2024, with a payout ratio of 47% [1] Group 2: Industry Insights - In 2024, the refrigerant sector saw a recovery in market conditions, while the fluoropolymer and chemical raw materials segments faced declining profit margins [1] - The sales volume of fluorocarbon chemicals decreased by 9.2% year-on-year to 103,000 tons, but revenue increased by 3.8% to 2.45 billion yuan, with a gross margin up 13 percentage points to 20.4% [1] - The sales volume of fluoropolymers increased by 41% year-on-year to 39,000 tons, with revenue rising 17% to 1.58 billion yuan, although the gross margin fell by 8 percentage points to 15.8% due to price declines [1] - The sales volume of chemical raw materials increased by 14% year-on-year to 240,000 tons, but revenue decreased by 20% to 440 million yuan, with a gross margin down 16 percentage points to -9.3% due to significant price drops [1] Group 3: Future Outlook - In Q1 2025, the sales volume of fluorocarbon chemicals increased by 3.6% year-on-year to 21,000 tons, with revenue up 25% to 590 million yuan, indicating continued improvement in the refrigerant market [2] - The average price of refrigerants increased by 21% year-on-year and 10% quarter-on-quarter to 28,000 yuan per ton [2] - The company expects to enhance its competitiveness in the fluorochemical industry with the successful commissioning of new projects, including 4,000 tons/year of perfluorohexanone and 8,000 tons/year of VDF [2] Group 4: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 450 million, 560 million, and 640 million yuan respectively, reflecting an upward adjustment of 12% and 8% for 2025 and 2026 [3] - The target price for the company is set at 23.04 yuan, up from a previous value of 19.08 yuan, based on a 24x PE ratio for 2025 [3]