（文章来源：每日经济新闻） 三美股份（603379.SH）10月15日在投资者互动平台表示，公司现有主营产品为氟制冷剂、氟发泡剂、 氟化氢。目前，公司在建项目包括六氟磷酸锂、聚全氟乙丙烯、聚偏氟乙烯、烧碱、环氧氯丙烷等产 品。 每经AI快讯，有投资者在投资者互动平台提问：公司在制冷剂之外，有哪些布局？目前形成收入的有 哪些？ ...

氟制冷剂产品均价增长，三美股份（603379.SH）大赚。 长江商报消息 ●长江商报记者 汪静 这一点也反映在业绩上，永和股份日前公告，预计2025年前三季度净利润为4.56亿元—4.76亿元，同比 增长211.59%—225.25%；其中第三季度单季净利润为1.85亿元—2.05亿元，同比激增447.64%— 506.85%，增长显著加速。 巨化股份同样表现亮眼，2025年上半年实现营收133.31亿元、净利润20.51亿元，同比分别增长 10.36%、146.97%。对于第四季度，公司透露"订单情况良好，且出口交付量较为集中。目前市场价格 远高于三季度长协价，公司相对较为乐观"。 三代制冷剂产能居行业前列 10月13日晚间，三美股份披露业绩预告，公司预计2025年前三季度净利润为15.24亿元—16.46亿元，同 比增长171.73%—193.46%。 长江商报记者注意到，三美股份的三代制冷剂产能位居行业前列。根据生态环境部公示的2025年度 HFCs生产配额情况，三美股份HFC-134a、HFC-125、HFC-32、HFC-143a作为制冷剂用途的生产配额占 全国生产配额的比例分别为23.97%、18 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by rising prices of refrigerants and improved industry dynamics [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 2.828 billion yuan, a year-on-year increase of 38.58% - The net profit attributable to shareholders reached 999.5 million yuan, up 159.22% - The net profit excluding non-recurring items was 986 million yuan, reflecting a growth of 163.61% - In 2Q25, total revenue was 1.616 billion yuan, a 49.36% increase year-on-year - The net profit attributable to shareholders for 2Q25 was 594 million yuan, up 158.98% - The net profit excluding non-recurring items for 2Q25 was 590 million yuan, a rise of 168.64% [1]. Product Pricing and Market Dynamics - The average selling price of refrigerants in 1H25 was 39,000 yuan/ton, a 56.5% increase year-on-year, while external sales volume was 62,000 tons, down 6.3% - In 2Q25, the average selling price was 40,300 yuan/ton, a 55.1% increase year-on-year, with external sales volume at 34,900 tons, up 3.1% [1]. - The refrigerant market is experiencing upward price trends due to supply constraints from production quotas and increased domestic and international demand driven by policies and urbanization [2]. Industry Outlook - The refrigerant industry is expected to continue its upward trend in pricing through 2025, supported by improved supply-demand dynamics and industry competition [2]. - The company is actively enhancing its integrated supply chain, with ongoing projects in lithium hexafluorophosphate and various fluorinated compounds [3]. Investment Outlook - The company is positioned as a leading player in the refrigerant market, with projected net profits for 2025-2027 of 2.147 billion, 2.655 billion, and 3.185 billion yuan, representing year-on-year growth rates of 175.83%, 23.65%, and 19.93% respectively [3].

Core Viewpoint - The company reported significant revenue and profit growth for FY2024 and Q1 2025, driven by rising prices of refrigerants and improved industry dynamics [1][2][3]. Financial Performance - For FY2024, the company achieved total revenue of 4.04 billion yuan, a year-on-year increase of 21.17%, and a net profit attributable to shareholders of 779 million yuan, up 178.40% [1]. - In Q4 2024, total revenue reached 1 billion yuan, reflecting a year-on-year increase of 37.98% and a quarter-on-quarter increase of 0.10% [1]. - For Q1 2025, total revenue was 1.21 billion yuan, a year-on-year increase of 26.42% and a quarter-on-quarter increase of 21.17% [1]. Product Pricing and Sales - The average selling price of refrigerants increased significantly, with FY2024 average price at 26,100 yuan/ton, up 28.17% year-on-year, and Q1 2025 average price at 37,400 yuan/ton, up 57% year-on-year [2]. - The external sales volume for refrigerants in FY2024 was 125,400 tons, a slight increase of 1.7% year-on-year, while Q1 2025 saw a decrease in sales volume to 27,100 tons, down 16.1% year-on-year [2]. Industry Trends - The refrigerant market is experiencing upward pricing trends due to supply constraints and improved competitive dynamics, with expectations for continued price increases into 2025 [3]. - As of April 28, 2025, the domestic market prices for key refrigerants R22, R32, R125, and R134a have increased by 9.1%, 12.8%, 7.1%, and 10.6% respectively since January 2, 2025 [3]. Strategic Developments - The company is actively enhancing its integrated supply chain, with several projects underway, including lithium hexafluorophosphate production and fluoropolymer projects, which are in various stages of completion [4]. - The company aims to leverage its position as a leading refrigerant manufacturer to capitalize on the ongoing upcycle in the refrigerant market, with projected net profits for 2025-2027 expected to grow significantly [4].

Core Viewpoint - The company is experiencing significant growth in net profit due to the rapid increase in refrigerant prices, with substantial year-on-year increases projected for 2024 and Q1 2025 [1][2] Financial Performance - In 2024, the company achieved operating revenue of 4.04 billion yuan, a year-on-year increase of 21.17% [1] - The net profit attributable to shareholders for 2024 was 779 million yuan, up 178.40% year-on-year [1] - For Q1 2025, the company reported operating revenue of 1.21 billion yuan, a 26.42% increase year-on-year [1] - The net profit attributable to shareholders for Q1 2025 was 401 million yuan, reflecting a year-on-year growth of 159.59% [1] Refrigerant Market Dynamics - The company's refrigerant sales volume reached 125,400 tons in 2024, a 1.65% increase year-on-year [2] - The average selling price of refrigerants for 2024 was 26,100 yuan per ton, up 28.17% year-on-year [2] - In Q1 2025, the average selling price of refrigerants rose to 37,400 yuan per ton, marking a 56.92% year-on-year increase [2] - The supply quotas for second-generation refrigerants have been significantly reduced, with R22 quotas down by 18% and R142b by 64% [2] Price Trends - As of April 28, 2025, the price of R32 was 48,000 yuan per ton, with a price difference of 32,970 yuan per ton, reflecting a 3% increase [3] - The price of R22 remained stable at 36,000 yuan per ton, with no change in price difference [3] - R134a and R152a also saw price increases of 1% and 6% respectively compared to early April [3] Strategic Investments - The company is actively investing in the fluorinated refrigerants, fluorochemical products, and fluoropolymers sectors [4] - Projects include a lithium hexafluorophosphate production facility with an annual capacity of 6,000 tons and a fluoropolymer project with a capacity of 5,000 tons [4] - The company is also advancing various technological and infrastructure projects to enhance its production capabilities [4] Future Outlook - The company is expected to benefit from the ongoing structural reforms in the supply side of the refrigerant market, leading to a more concentrated competitive landscape [6] - Projected net profits for 2025-2027 are 1.598 billion, 1.844 billion, and 1.959 billion yuan respectively, with year-on-year growth rates of 105.3%, 15.4%, and 6.2% [6] - The diluted EPS for the same period is forecasted to be 2.62, 3.02, and 3.21 yuan, with corresponding PE ratios of 16.3, 14.1, and 13.3 [6]