JHSY(002597) 招商证券·2025-04-20 12:01Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a slight decline in revenue for 2024, with total revenue of 5.303 billion yuan, a decrease of 0.15% year-on-year, and a significant drop in net profit by 20.94% to 557 million yuan. However, the forecast for Q1 2025 indicates a substantial increase in net profit, expected to be between 230 million to 250 million yuan, representing a year-on-year growth of 78.06% to 93.54% [1][2] - The company is benefiting from rising prices of food additives, which has positively impacted its performance in Q1 2025. The average market prices for key products such as aspartame and sucralose have shown significant increases compared to the previous year [6][6] - The company is focusing on an integrated industrial chain layout and has made significant progress in its dual-driven strategy of "green chemistry + synthetic biology," which is expected to support sustainable development [6][6] Financial Data and Valuation - The company’s total revenue is projected to grow from 5.303 billion yuan in 2024 to 6.609 billion yuan in 2025, reflecting a growth rate of 25% [2][13] - The net profit is expected to rebound significantly, with projections of 1.062 billion yuan in 2025, a growth of 91% compared to 2024 [2][13] - The current stock price is 23.99 yuan, with projected PE ratios of 12.9, 10.9, and 9.6 for the years 2025, 2026, and 2027 respectively [3][7] Key Financial Metrics - The company’s gross margin is expected to improve to 27.5% in 2025, up from 19.2% in 2024 [14] - The return on equity (ROE) is projected to increase to 13.5% in 2025, indicating improved profitability [14] - The company maintains a low debt-to-asset ratio of 21.3% in 2025, reflecting strong financial stability [14]