JHSY(002597) 群益证券·2025-04-18 08:45Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7][12]. Core Insights - The company has shown a significant recovery in Q1 2025, with expected net profit growth of 78% to 94% year-over-year, driven by a rebound in sweetener prices [8]. - The company’s 2024 annual report revealed a revenue of RMB 5.303 billion, a slight decrease of 0.15% year-over-year, and a net profit of RMB 557 million, down 21% year-over-year [8]. - The company plans to enhance its product portfolio by expanding into high-value new materials, with the successful launch of the second phase of the Dingyuan project [13]. Company Overview - The company operates primarily in the food and beverage sector, with a market capitalization of RMB 13.601 billion and a share price of RMB 23.78 as of April 17, 2025 [1]. - The major shareholder is Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of the shares [1]. Financial Performance - The company’s revenue for 2024 is projected at RMB 5.303 billion, with a net profit forecast of RMB 865 million for 2025, reflecting a year-over-year increase of 55% [11][13]. - The earnings per share (EPS) for 2025 is estimated at RMB 1.52, with a price-to-earnings (P/E) ratio of 15.77 [11][13]. - The dividend per share (DPS) is expected to be RMB 0.6 for 2025, resulting in a dividend yield of 2.51% [11]. Product Mix - The company’s product composition includes 53.2% from food additives and 35.1% from bulk chemical raw materials, indicating a strong focus on these segments [3]. Institutional Ownership - Institutional investors hold 8.4% of the circulating A-shares, while general corporations account for 46.1% [4].