JHSY(002597) 申万宏源证券·2025-04-21 06:53Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported that its 2024 annual performance met expectations, with total revenue of 5.303 billion yuan (YoY -0.15%) and a net profit attributable to shareholders of 557 million yuan (YoY -21%) [7] - The company anticipates a significant increase in net profit for Q1 2025, projecting a range of 230 to 250 million yuan (YoY +78% to +94%) due to price increases in food additives and cost optimization [7] - The company is a major global producer of sucralose and acesulfame, with ongoing efforts to reduce costs and expand production capabilities, which are expected to enhance future growth [7] Financial Data Summary - Total revenue projections for the company are as follows: - 2023: 5.311 billion yuan - 2024: 5.303 billion yuan - 2025E: 5.765 billion yuan - 2026E: 6.304 billion yuan - 2027E: 6.708 billion yuan [9] - Net profit attributable to shareholders is projected as follows: - 2023: 704 million yuan - 2024: 557 million yuan - 2025E: 1.213 billion yuan - 2026E: 1.476 billion yuan - 2027E: 1.703 billion yuan [9] - The company plans to distribute a cash dividend of 8.30 yuan per 10 shares, amounting to 493 million yuan, which represents 88.58% of the net profit [7] Market Data - As of April 18, 2025, the closing price of the company's stock is 23.99 yuan, with a market capitalization of 13.601 billion yuan [3] - The company's price-to-earnings ratio is projected to be 11X for 2025, 9X for 2026, and 8X for 2027 [7]