JHSY(002597) 长江证券·2025-04-22 10:46Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 5.3 billion yuan for 2024, a slight decrease of 0.1% year-on-year, with a net profit of 560 million yuan, down 20.9% year-on-year. The net profit excluding non-recurring items was 470 million yuan, down 23.3% year-on-year [2][5] - For Q4 2024, the company achieved a revenue of 1.26 billion yuan, an increase of 3.5% year-on-year, and a net profit of 150 million yuan, up 4.9% year-on-year. The net profit excluding non-recurring items was 90 million yuan, down 28.7% year-on-year [2][5] - The company announced a cash dividend of 8.3 yuan per 10 shares (including tax), which accounts for 81.8% of the net profit for 2024 [2][5] - The company forecasts a net profit of 230-250 million yuan for Q1 2025, representing a year-on-year growth of 78.1%-93.5%, with net profit excluding non-recurring items expected to be 215-235 million yuan, up 77.7%-94.3% year-on-year [2][5] Financial Performance - The food additive segment generated a revenue of 2.75 billion yuan in 2024, a decrease of 4.7% year-on-year, with a gross margin of 27.2%, down 5.6 percentage points [11] - The average market prices for key sweeteners in 2024 were 149,000 yuan/ton for sucralose, 37,000 yuan/ton for acesulfame, 88,000 yuan/ton for methyl maltol, and 72,000 yuan/ton for ethyl maltol, with varying year-on-year changes [11] - The company expects revenues for 2025-2027 to be 1.39 billion, 1.72 billion, and 1.96 billion yuan respectively, indicating growth potential [11][12] Market Trends - The sweetener market is experiencing a rebound in demand, driven by consumer acceptance of low-sugar products, with significant year-on-year growth in export volumes for sucralose and acesulfame [11] - The company is focusing on integrated supply chain development and optimizing key projects, including the successful launch of several production facilities [11][12]