Investment 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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced a significant improvement in its first-quarter performance for 2025, with expected net profit growth of 78.06% to 93.54% year-on-year [5][8] - The price of sugar substitutes is recovering, which is anticipated to positively impact the company's profitability [6][9] - The company is focusing on enhancing its production efficiency and reducing costs through technological advancements [8][9] Financial Performance Summary - In 2024, the company reported 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 [4][6] - The fourth quarter of 2024 saw revenue of 1.261 billion yuan, a year-on-year increase of 3.52%, but a quarter-on-quarter decrease of 16.19% [5] - The company expects to achieve a net profit of 230 to 250 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [5][8] Market Data Summary - As of April 18, 2025, the company's stock price is 23.99 yuan, with a market capitalization of approximately 13.67 billion yuan [3] - The company has shown a 12-month performance of 16.4%, outperforming the CSI 300 index, which increased by 5.7% [3] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.126 billion yuan, 6.536 billion yuan, and 7.366 billion yuan, respectively, with corresponding net profits of 1.006 billion yuan, 1.243 billion yuan, and 1.487 billion yuan [10][12] - The report anticipates a significant recovery in profitability, with net profit growth rates of 81% in 2025, 24% in 2026, and 20% in 2027 [10][12]

Core Viewpoint - In 2024, Jinhe Industrial reported a slight decline in revenue and a significant drop in net profit, highlighting challenges in the food manufacturing sector despite advancements in technology and industry upgrades [1][4]. Group 1: Financial Performance - The company achieved an annual revenue of 5.303 billion yuan, a year-on-year decrease of 0.15% [1]. - The net profit attributable to shareholders was 557 million yuan, down 20.94% year-on-year [1]. - Revenue from the food manufacturing segment was 2.753 billion yuan, reflecting a decline of 4.72% due to weak market demand and intensified competition [4]. Group 2: Business Segment Performance - The basic chemical business showed strong performance with revenue of 2.048 billion yuan, an increase of 5.47% [4]. - The successful launch of an 80,000-ton electronic-grade hydrogen peroxide project contributed to growth in high-end materials [4]. - Despite the growth in the basic chemical sector, it was insufficient to offset the decline in the food manufacturing business, leading to an overall decrease in revenue and profit [4]. Group 3: Technological Innovation and Industry Upgrades - The company continued to advance its "green chemistry + synthetic biology" dual-driven strategy, focusing on new energy materials and semiconductor materials [5]. - Significant progress was made in the construction of a biosynthetic flexible production platform, enhancing research and development efficiency [5]. - The development of high-efficiency steviol glycoside synthesis strains reduced production costs, improving market competitiveness [5][6]. Group 4: Global Market Expansion and Sales Optimization - In 2024, the company deepened its global market layout and optimized its sales system by establishing specialized sales divisions for basic and fine chemicals [7]. - The expansion of a high-quality sales team successfully penetrated emerging markets in Southeast Asia and Africa [7]. - The implementation of a digital marketing system and CRM platform improved operational efficiency and customer management [7].

Core Viewpoint - The company reported lower-than-expected financial performance for 2024, but a strong recovery is anticipated in Q1 2025 due to the rebound in sweetener prices [1][2][3]. Financial Performance - For 2024, the company achieved revenue of 5.303 billion yuan, a year-over-year decrease of 0.15%, and a net profit attributable to shareholders of 557 million yuan, down 21% year-over-year [1]. - In Q4 2024, the company recorded revenue of 1.260 billion yuan, a year-over-year increase of 4% but a quarter-over-quarter decrease of 16%, with a net profit of 148 million yuan, up 5% year-over-year but down 9% quarter-over-quarter [1]. - The profit distribution plan for 2024 includes a dividend of 8.3 yuan per share, resulting in a payout ratio of 88.58% and a dividend yield of 3.47% based on the closing price on April 17, 2025 [1]. Q1 2025 Performance Forecast - The company expects a net profit of 230 to 250 million yuan for Q1 2025, representing a year-over-year increase of 78% to 94% and a quarter-over-quarter increase of 56% to 69%, exceeding expectations [1][2]. Sweetener Price Recovery - Sweetener prices have significantly rebounded in Q1 2025, with the average price of sucralose at 250,000 yuan per ton (up 78% year-over-year), methyl maltol at 100,000 yuan per ton (up 63% year-over-year), and ethyl maltol at 79,000 yuan per ton (up 25% year-over-year) [2]. - The price of sucralose hit a low in August 2024, prompting multiple price increases across the industry, with prices rising from 100,000 yuan per ton to 240,000 yuan by the end of 2024 and continuing to 250,000 yuan in Q1 2025 [2]. 2024 Performance Analysis - In 2024, the average price of sucralose was 153,000 yuan per ton (down 18% year-over-year), with acesulfame at 38,000 yuan per ton (down 25% year-over-year), and methyl maltol at 75,000 yuan per ton (down 12% year-over-year) [3]. - The company’s food additives segment generated revenue of 2.753 billion yuan (down 4.7% year-over-year), while the bulk chemicals segment achieved revenue of 1.818 billion yuan (up 2.6% year-over-year) [3]. - The overall gross margin for 2024 was 19.19%, a decline of 4.28 percentage points year-over-year [3]. New Project Developments - The company’s second phase of the Dianyuan project, with an annual production capacity of 600,000 tons of sulfuric acid and other products, was successfully launched in 2024 [4]. - The company is expanding into high-value new materials and has initiated projects in electronic-grade hydrogen peroxide and lithium battery electrolyte precursors [4]. Profit Forecast - The company has adjusted its profit forecasts for 2025, 2026, and introduced a forecast for 2027, expecting net profits of 865 million, 1.061 billion, and 1.192 billion yuan respectively, with year-over-year growth rates of 55%, 23%, and 12% [5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.52, 1.86, and 2.09 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 times [5].

Investment 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 is expected to benefit from the successful launch of its new production capacity and the recovery of sweetener prices, which will enhance profit margins moving forward [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 2023 was RMB 5.311 billion, with projections of RMB 5.303 billion for 2024 and RMB 6.997 billion for 2025 [15]. - The net profit is projected to recover to RMB 865 million in 2025, reflecting a year-over-year increase of 55% [11][15]. - The company’s earnings per share (EPS) is expected to rise from RMB 0.98 in 2024 to RMB 1.52 in 2025 [11]. Product Mix - The company’s product portfolio consists of 53.2% food additives, 35.1% bulk chemical raw materials, and 4.4% functional chemical intermediates [3]. Institutional Ownership - Institutional investors hold 8.4% of the circulating A-shares, while general corporations hold 46.1% [4].

Investment 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].

Investment 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].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 26.85 RMB [8][9]. Core Views - The company reported a revenue of 5.3 billion RMB in 2024, remaining stable year-on-year, but the net profit attributable to shareholders decreased by 21% to 560 million RMB [1]. - The decline in net profit is attributed to pressures in the bulk chemical sector and increased unit costs due to the suspension of sucralose production [1]. - The report anticipates a recovery in the sweetener market, supported by supply-side and cost-side factors, which could enhance future profitability [1][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.3 billion RMB, with a net profit of 560 million RMB, reflecting a year-on-year decrease of 21% [1]. - The fourth quarter of 2024 saw a revenue of 1.26 billion RMB, up 4% year-on-year but down 16% quarter-on-quarter [1]. - The company plans to distribute a cash dividend of 0.83 RMB per share, with a payout ratio of 82% [1]. Market Dynamics - The sweetener prices began to rise in the second half of the previous year due to cost support and supply-side coordination [2]. - The report notes a 14% year-on-year decline in sucralose exports in the first two months of 2025, indicating ongoing market challenges [3]. Project Developments - The company successfully launched several projects, including a 600,000-ton sulfuric acid production facility and an 80,000-ton electronic-grade hydrogen peroxide project, which are expected to contribute to future profits [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 1.02 billion RMB for 2025, 1.26 billion RMB for 2026, and 1.49 billion RMB for 2027, reflecting growth rates of 83%, 24%, and 18% respectively [5]. - The report assigns a 15x PE ratio for 2025, leading to a target price of 26.85 RMB, which is an increase from the previous target of 25.06 RMB [5].

Revenue and Profitability - The company's revenue for 2024 is 5303.17 million yuan, a slight decrease of 0.15% from 2023's 5311.12 million yuan, with food manufacturing revenue declining by 4.72% and basic chemical revenue increasing by 5.47%, indicating a structural adjustment in the business [1] - Net profit attributable to shareholders is 556.73 million yuan, down 20.94% from 704.16 million yuan in 2023, with net profit excluding non-recurring items at 466.54 million yuan, a decrease of 23.31%, highlighting challenges in core profitability [2] - Basic earnings per share are 1.01 yuan, down 20.47% from 1.27 yuan in 2023, and diluted earnings per share excluding non-recurring items are 0.85 yuan, reflecting a consistent downward trend in earnings [3] Expense Management - Total expenses show varied changes, with sales expenses at 46.24 million yuan, up 3.67%, management expenses at 174.00 million yuan, down 30.45%, and R&D expenses at 237.93 million yuan, up 1.10%, indicating strategic adjustments in different areas [4] - The increase in sales expenses suggests ongoing investment in market promotion and sales channel expansion, which may help maintain and expand market share despite slight revenue decline [5] - The significant decrease in management expenses is attributed to reduced share-based payment expenses, indicating effective cost control measures [6] Cash Flow Analysis - Operating cash flow net amount is 750.37 million yuan, down 39.18% from 1,233.79 million yuan in 2023, indicating potential issues in operational efficiency [10][11] - Investment cash flow net amount has turned negative at -1,634.33 million yuan, a significant decline from 25.47 million yuan in 2023, reflecting increased cash outflows for investments in fixed and intangible assets [12] - Financing cash flow net amount improved to 147.85 million yuan from -1,421.63 million yuan in 2023, indicating better funding sources through increased bank loans and reduced cash outflows for dividends and buybacks [13] R&D and Innovation - R&D expenses continue to grow, reflecting the company's commitment to technological innovation, which is crucial for enhancing product competitiveness and supporting sustainable development [8]

报告期内，公司监事会共召开了六次监事会会议，参与了对公司重大事项的决 策，在促进公司规范化运作、维护股东权益等方面认真规范的履行了监事会监察督 促的职能，具体内容如下： | 会议届次 | 召开时间 | 审议内容 | | --- | --- | --- | | 六届十二次 | 2024.04.14 | 《2023 年度监事会工作报告》 | | | | 《2023 年年度报告及其摘要》 | | | | 《2023 年度财务决算报告》 | | | | 《2023 年度利润分配预案》 | | | | 《2023 年度内部控制自我评价报告》 | | | | 《关于续聘会计师事务所的议案》 | | | | 《关于 2024 年度日常关联交易预计的议案》 | | | | 《关于向金融机构申请综合授信额度的议案》 | | | | 《关于使用自有闲置资金进行证券投资的议案》 | | | | 《关于使用自有闲置资金进行委托理财的议案》 | | | | 《关于开展外汇套期保值业务的议案》 | | | | 《关于对全资子公司增资的议案》 | | 六届十三次 | 2024.04.29 | 《2024 年第一季度报告》 | | 六届十四 ...