积极延伸产业链，向氟聚合物、新能源材料等高附加值领域布局。公司在巩固氟化工主业的同时，稳步 推进产业链一体化和高端化转型。2025 年上半年，公司多个重点项目建设取得积极进展：福建东莹年 产1500 吨六氟磷酸锂项目处于试生产及技改阶段；浙江三美5000 吨/年聚全氟乙丙烯（FEP）、5000 吨/年聚偏氟乙烯（PVDF）、年智能分装3500 万瓶罐制冷剂项目已完成主体工程，进入设备安装阶 段。此外，公司还在推进科创中心、催化剂项目、重庆嘉利合氟化工一体化项目等多个工程，为长远发 展储备动能。同时，公司积极布局第四代制冷剂，积极切入新一代产品市场，为未来技术迭代和市场拓 展奠定基础。 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。 制冷剂均价及利润率快速提升，公司2025 年上半年归母净利润同比增长159%。2025 年8 月22 日，公司 发布2025 年半年度报告。根据公司公告，2025年上半年，公司实现营业收入28.28 亿元，同比增长 38.58%；实现归属于上市公司股东的净利润9.95 亿元，同比增长159.22%；实现归属于上市公司股东的 扣除非经常性损益的净利润9.86 亿 ...

Core Viewpoint - Sanmei Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating robust growth and improved profitability metrics [1]. Financial Performance - Total revenue reached 2.828 billion yuan, a year-on-year increase of 38.58% [1] - Net profit attributable to shareholders was 999.5 million yuan, up 159.22% year-on-year [1] - In Q2 alone, revenue was 1.616 billion yuan, reflecting a 49.36% increase year-on-year, while net profit for the quarter was 594 million yuan, up 158.98% [1] - Gross margin improved to 49.5%, with a year-on-year increase of 83.96%, and net margin reached 34.96%, up 85.89% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 107 million yuan, accounting for 3.8% of revenue, which is a 142.49% increase year-on-year [1] - Operating cash flow per share increased significantly to 1.55 yuan, a 487.5% rise year-on-year [1] - Earnings per share rose to 1.63 yuan, marking a 158.73% increase year-on-year [1] Changes in Financial Items - Accounts receivable increased by 71.75% due to rising sales prices [2] - Prepayments surged by 157.61% due to increased advance payments for design fees, software fees, and goods [4] - Other receivables decreased by 22.03% as land guarantee deposits were recovered [5] - Long-term equity investments rose by 28.46% due to increased capital contributions and investment income [5] - Construction in progress increased by 45.19% due to significant investments in fluoropolymer projects [5] Liabilities and Cash Flow - Accounts payable increased by 50.42% due to higher payable engineering, equipment, and goods [7] - Contract liabilities surged by 43.99% due to increased advance payments for goods [9] - Tax liabilities rose by 168.3% as a result of increased operating income and corresponding taxes [9] - Net cash flow from operating activities increased by 487.5% due to higher cash receipts from sales [18] - Financing cash flow increased by 188.07% due to higher bank borrowings and employee stock plan contributions [19] Investment and Market Position - The company's return on invested capital (ROIC) was 11.11%, indicating average capital returns [20] - Analysts expect 2025 performance to reach 2.08 billion yuan, with an average earnings per share forecast of 3.41 yuan [22] - The largest fund holding in Sanmei Co., Ltd. is the E Fund Innovation Growth Mixed Fund, with a current scale of 2.268 billion yuan [23]

证券研究报告 | 2025年08月23日 三美股份（603379.SH） 优于大市 制冷剂价格逐季提升，公司利润率快速增长 制冷剂均价及利润率快速提升，公司 2025 年上半年归母净利润同比增长 159%。2025 年 8 月 22 日，公司发布 2025 年半年度报告。根据公司公告，2025 年上半年，公司实现营业收入 28.28 亿元，同比增长 38.58%；实现归属于上 市公司股东的净利润 9.95 亿元，同比增长 159.22%；实现归属于上市公司股 东的扣除非经常性损益的净利润 9.86 亿元，同比增长 163.61%。其中第二季 度实现营收 16.16 亿元，同比增长 49.36%；实现归母净利润 5.94 亿元，同 比增长 158.98%。业绩大幅增长的主要原因是，随着第二、三代氟制冷剂配 额制度的持续实施，行业供需格局优化，公司核心产品氟制冷剂销售均价同 比显著提升，盈利能力大幅增强。 制冷剂均价逐季增长，盈利能力显著提升。2025 年上半年，公司氟制冷剂业 务表现强劲，尽管销量同比有所下滑，但价格的强劲上涨成为业绩核心驱动 力。2025 年上半年，公司氟制冷剂销量为 6.20 万吨，同比下降 ...

基础化工/化学制品 公 司 研 究 三美股份（603379.SH） 2025 年 08 月 23 日 2025H1 利润大幅增长创历史新高，制冷剂行情保持 恢复性上涨态势，主升正在进行中 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 55.12 | | 一年最高最低(元) | 56.50/25.80 | | 总市值(亿元) | 336.50 | | 流通市值(亿元) | 336.50 | | 总股本(亿股) | 6.10 | | 流通股本(亿股) | 6.10 | | 近 3 个月换手率(%) | 72.88 | 股价走势图 -30% 0% 30% 60% 90% 120% 2024-08 2024-12 2025-04 三美股份 沪深300 数据来源：聚源 相关研究报告 《制冷剂主升行情徐徐展开，2025 年 拟进行中期分红—公司信息更新报 告》-2025.4.29 《2024 业绩预计同比高增，2025 开门 红酝酿主升行情—公司信息更新报 告》-2025.1.24 《前三季度业绩创历史新高，制冷剂 行情持续向上—公司信息更新报告》 -2 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-048 浙江三美化工股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江三美化工股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号——行业信息披露（第十三号——化工）》的有关规 定，将公司 2025 年半年度主要经营数据披露如下： 一、2025 年半年度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 外销量（吨） | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 88,275.68 | 61,968.21 | 241,913.27 | | 氟发泡剂 | 8,410.74 | 4,314.16 | 9,776.76 | | 氟化氢 | 68,366.59 | 32,411.82 | 27,619.82 | | 合计 | 165,053.01 | 98,694.19 | 279,309.85 | （一）主要产品 ...

Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

Group 1 - As of July 17, a total of 698 companies on the Shanghai main board have forecasted their performance for the first half of 2025, with 287 companies reporting positive outlooks [1] - Among the 287 companies, 192 are expecting profit increases, and 95 are forecasting a turnaround from losses, primarily in the basic chemical, non-ferrous metals, machinery, electronics, and electrical equipment sectors [1] - Notably, 101 companies are predicting growth rates exceeding 100%, accounting for 52.6% of the profit-increasing companies [1] Group 2 - The improvement in performance is significantly driven by the rising prosperity in basic industries, particularly in the non-ferrous metals sector, where 22 companies are expecting performance growth or a turnaround due to rising product prices, with companies like Western Gold and Shandong Gold forecasting increases of 142% and 121% respectively [2] - The equipment manufacturing sector is supported by a virtuous cycle of "investment driving production," with 38 companies in machinery and electrical equipment reporting positive performance, including China CNR Corporation, which expects a net profit of 6.72 billion to 7.56 billion yuan, a year-on-year increase of 60% to 80% [2] - The rapid development of emerging industries is boosting the performance of high-tech manufacturing, with leading companies like Industrial Fulian and Huqin Technology forecasting year-on-year growth [2] - The effects of mergers and acquisitions are becoming evident, with 681 asset restructuring plans disclosed in the Shanghai market, a year-on-year increase of 15%, and 92 major asset restructurings, up over 200% [2]

Core Viewpoint - The fluorochemical industry is experiencing a performance explosion, with several companies forecasting significant profit growth for the first half of 2025, driven primarily by rising prices of fluorinated refrigerants [1][3]. Group 1: Company Performance - Juhua Co. expects a net profit of 1.97 billion to 2.13 billion yuan, representing a year-on-year increase of 136% to 155% [3]. - Sanmei Co. anticipates a profit of 948 million to 1.042 billion yuan, with a growth rate of 146.97% to 171.67% [3]. - Yonghe Co. and Dongyangguang expect profits of 255 million to 280 million yuan and 583 million to 663 million yuan, respectively, with year-on-year growth rates of 126.3% to 148.49% and 157.48% to 192.81% [3]. Group 2: Market Dynamics - The core driver of profit growth is the significant increase in fluorinated refrigerant prices, influenced by reduced production quotas for second-generation refrigerants (HCFCs) and strong downstream demand for third-generation refrigerants (HFCs) [3][4]. - As of July 8, prices for third-generation refrigerants R32, R125, and R134a have increased by 3.92%, 0%, and 2.06% respectively compared to the previous month, with notable year-to-date increases [3]. Group 3: Industry Trends - The downstream applications of refrigerants are concentrated in air conditioning, automotive air conditioning, and refrigeration, with domestic air conditioning production reaching 135 million units from January to May 2025, a year-on-year increase of 4.74% [4]. - The Ministry of Ecology and Environment issued quotas for hydrofluorocarbons for 2025, further regulating supply and laying a foundation for high industry prosperity [4]. Group 4: Company Strategies - Dongyangguang achieved record high profits in the first half of the year, leveraging its quota advantage in third-generation refrigerants and a complete chlorofluorocarbon industrial chain to convert pricing power into performance growth [4]. - The company is accelerating its layout in fourth-generation refrigerants, establishing a technology hierarchy of "one generation leading, one generation reserving" [4]. - In the electronic components sector, Dongyangguang has built an integrated industrial chain for capacitors, with growing demand from data centers and energy storage, leading to optimized cost structures and new profit growth points [4]. Group 5: Emerging Business Ventures - Dongyangguang is constructing a liquid cooling ecosystem through capital operations, forming joint ventures and partnerships to enhance its competitive advantage across the entire industry chain [5]. - The company has entered the smart robotics field, with initial orders reaching 70 million yuan and plans to achieve an annual production capacity of over 10,000 units within five years [5]. Group 6: Industry Outlook - Industry insiders believe that the fluorochemical sector has entered a high prosperity cycle, supported by improved supply-demand dynamics and policy backing, with leading companies expected to continue expanding market share and enhancing profitability through technological advancements and diversified strategies [6].

Group 1: Non-Bank Financial Sector - The Ministry of Finance issued a notice on July 11 to strengthen the long-term assessment of state-owned commercial insurance companies, adjusting the evaluation method for "return on net assets" and "capital preservation and appreciation rate" to a combination of current year, 3-year, and 5-year indicators with respective weights of 30%, 50%, and 20% [2][6][21] - The new assessment method aims to encourage insurance funds to focus on long-term stable investments, which is expected to enhance the long-term investment returns of insurance companies and alleviate investment pressures [2][9][21] - The insurance sector is anticipated to see an increase in equity asset allocation, while maintaining a generally stable asset allocation style due to the pressure on liability costs and the need for quality assets to achieve incremental investment returns [8][9][21] Group 2: Market Strategy and Performance - The A-share market continued to rise, with the ChiNext index and the CSI 1000 index both increasing by approximately 2.4%, driven by the ongoing "anti-involution" trend and positive changes in domestic policies [3][12] - The report suggests focusing on three main lines: technology growth sectors benefiting from both domestic and external demand, industries likely to improve due to the "anti-involution" trend, and financial sectors with high dividend advantages [3][13] - The real estate sector saw a significant increase of 6.12%, indicating a potential recovery as market sentiment improves ahead of important meetings [18][19] Group 3: AI and Office Software Industry - The AI + office software industry is at a turning point, transitioning from tool intelligence to workflow reconstruction, driven by breakthroughs in large model technology [3][15] - Major players like Microsoft dominate the high-end market, while domestic companies leverage localized data advantages and policy support to rapidly rise in the market [15][16] - Investment opportunities are recommended in companies such as Kingsoft Office, Foxit Software, and others, as the industry is expected to continue expanding due to the deepening of digital transformation and the demand for domestic alternatives [15][16] Group 4: Oil and Petrochemical Sector - The oil and petrochemical sector is supported by seasonal demand for refined oil, with WTI crude oil prices rising by 3.05% recently [24][26] - Geopolitical risks in the Middle East continue to provide short-term support for oil prices, while OPEC+ plans to increase production may lead to downward pressure on prices in the medium term [24][26] - The report suggests focusing on domestic oil companies with strong earnings resilience, such as China National Petroleum, China Petroleum & Chemical, and China National Offshore Oil [26] Group 5: Precious and Industrial Metals - The gold market is expected to perform well in the medium to long term due to ongoing macroeconomic uncertainties and a weakening dollar [28][30] - Copper prices may face short-term volatility due to impending tariffs, but medium-term demand is expected to remain strong due to industrialization in emerging markets [28][30] - The aluminum market is anticipated to see upward price movement due to a strong supply-demand imbalance, with recommendations for companies like Tianshan Aluminum [28][30]

Core Viewpoint - The company, Juhua Co., Ltd., is expected to achieve record high profits in the first half of 2025, with a projected net profit attributable to shareholders ranging from 1.97 billion to 2.13 billion yuan, representing a year-on-year increase of 136% to 155% [2][3]. Financial Performance - For the first half of 2025, the company anticipates a net profit of 19.7 billion to 21.3 billion yuan, with a non-recurring net profit of 19.5 billion to 21.1 billion yuan, both figures marking significant increases from the previous year [3][5]. - In the first quarter of 2025, the company reported a net profit of 8.09 billion yuan, reflecting a year-on-year growth of 160.64% [5]. - The second quarter of 2025 is expected to yield a net profit between 11.61 billion and 13.21 billion yuan, indicating a year-on-year increase of 121.56% to 152.10% [5][6]. Product Performance - The company produced 285,100 tons of refrigerants in the first half of 2025, with external sales of 154,600 tons, showing a decrease of 5.12% and 4.19% year-on-year, respectively [6]. - Revenue from refrigerant products reached 6.087 billion yuan, marking a year-on-year increase of 55.09% [6]. Market Position and Strategy - Juhua Co., Ltd. is recognized as a global leader in refrigerants and is the only domestic company with a complete range of fluorinated refrigerants from the first to the fourth generation [2][8]. - The company has implemented an innovation-driven strategy, with annual R&D investments exceeding 1 billion yuan in 2023 and 2024 [10]. - The company has a strong market position, holding significant production quotas for second and third-generation refrigerants, with a market share of 26.3% and 39.16%, respectively [8][9]. Shareholder Returns - Since its listing, the company has distributed a total of 5.973 billion yuan in cash dividends, with an average dividend payout ratio of 36.27% [11].