Ping An Securities: Three Meis' performance is expected to maintain strong growth, maintaining a "recommended" rating.

Ping An Securities research report pointed out that the supply and demand structure of Sanmei stock refrigerants is improving, and the company's performance is maintaining a good growth trend. In 2026, China's second-generation refrigerant allocation of HCFCs will be further reduced, while the total allocation of third-generation refrigerant HFCs will have limited year-on-year growth, with supply side still constrained by certainty. The demand side, driven by national subsidy policies, may have certain resilience in domestic appliances and automotive internal demand, with a still large space for replacement demand, while automotive exports have performed well, with a 56.7% year-on-year increase in automotive exports in Q1 26. With the peak season of summer approaching, fluorine refrigerant demand is expected to further increase, the fundamentals may continue to be tight, and prices are expected to continue to rise. As one of the major domestic refrigerant suppliers, the company's allocation of third-generation refrigerant HFCs continues to maintain a leading position nationwide. In the upturn cycle of the industry, the overall performance is expected to further increase. With the fundamentals of fluorine refrigerants improving and prices continuing to rise, the company, as a leading manufacturer of fluorine refrigerants, is expected to maintain strong growth in performance, therefore maintaining a "recommendation" rating.