JHSY(002597) 东莞证券·2025-04-18 07:08Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company reported a significant increase in performance for Q1 2025, driven by rising prices of sucralose, with expected net profit growth of 78.06% to 93.54% year-on-year [1][5]. - In 2024, the company achieved total revenue of 5.303 billion yuan, a slight decrease of 0.15% year-on-year, and a net profit of 557 million yuan, down 20.94% year-on-year [1][8]. - The food additive business revenue declined by 4.72% to 2.753 billion yuan in 2024, while the revenue from bulk chemical raw materials increased by 2.60% to 1.818 billion yuan [4][5]. Summary by Sections Financial Performance - For 2024, the company reported total revenue of 5.303 billion yuan and a net profit of 557 million yuan, with a decrease in net profit margin [1][8]. - The forecast for Q1 2025 indicates a net profit of 230 to 250 million yuan, representing a year-on-year increase of 78.06% to 93.54% [1][5]. Business Segments - The food additive segment accounted for 51.91% of total revenue in 2024, with a gross margin of 27.15%, both showing declines due to lower prices of sucralose and acesulfame [4][5]. - The bulk chemical raw materials segment saw a revenue increase, contributing 34.27% to total revenue, although its gross margin decreased to 7.11% [4][5]. Market Dynamics - The market for food additives is stabilizing, with prices recovering due to improved market confidence and a more favorable pricing structure [5]. - The average market price for sucralose in Q1 2025 was 249,700 yuan per ton, reflecting a year-on-year increase of 99.76% [5]. Future Outlook - The company is expanding its production capabilities, including an 80,000-ton electronic-grade hydrogen peroxide project and a new lithium battery electrolyte precursor project [5]. - The expected basic earnings per share for 2025 is 2.06 yuan, with a current price-to-earnings ratio of 12 times [5][8].