JHSY(SZ:002597) Guotai Junan Securities·2024-09-01 07:43Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company's Q2 performance met expectations, with the price increase of sucralose initiated, indicating a positive outlook for future revenue [4][8] - The target price has been raised to 28.33 CNY from the previous 27.04 CNY, reflecting an adjustment based on updated earnings per share (EPS) forecasts for 2025 and 2026 [4][8] - The report highlights that the price war for sucralose has ended, with a significant price increase of 50% from 100,000 CNY/ton to 150,000 CNY/ton [8] - The company reported a slight year-on-year revenue decline of 5.1% for the first half of 2024, but the net profit showed a more significant decline of 38.74% [8] Financial Summary - For 2024, the company is expected to generate revenue of 5.53 billion CNY, with a net profit of 708 million CNY, reflecting a slight increase from the previous year [8][9] - The earnings per share (EPS) for 2024 is projected to be 1.24 CNY, with further increases expected in 2025 and 2026 [8][9] - The company's net asset return rate is forecasted to improve from 9.2% in 2024 to 14.3% in 2026 [9] Market Performance - The stock price has shown a 17% increase over the past month, although it has decreased by 2% over the last three months [3] - The company has a total market capitalization of 12.517 billion CNY, with a current stock price of 21.96 CNY [5][8]