Sanmei Stock 4000-word in-depth Research Report

$Sanmei(603379.SH)$ZJJH(600160.SH) $DONGYUE GROUP(00189.HK) Recently researched Sanmei Shares, the core is the oligopoly of fluorine refrigerants under policy quotas, achieving profit explosion through product price increases.
🎯 Mainly produces second and third-generation fluorine refrigerants, the industry is controlled by China's quota system forming entry barriers, with high CR5 concentration; demand is weakly cyclical essential consumables (e.g., air conditioners), third-generation remains mainstream; currently extending to fluorine fine chemicals (lithium hexafluorophosphate, PVDF), integrated layout to hedge cycles.
📈 Q1-Q3 2025 revenue 4.429B (+45.72%), net profit 1.591B (+183.66%), gross margin 50.73%, net margin 35.67%; profit growth mainly due to 56.5% average refrigerant price increase (quota contraction); ROE 22.64% (driven by high net margin, debt ratio only 17.43%); operating cash flow 1.561B, net profit cash ratio 98.1%, free cash flow turned positive; sales expense ratio 1.07%, stable clients.
🔍 Risks: profits rely on product increases, need to watch for cycle downturns; sales growth steady, no significant market share expansion.