JHSY(002597) 国海证券·2024-09-03 17:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20]. Core Views - The company experienced pressure on its performance in the first half of 2024, with a potential turning point expected in Q3 due to price increases in its main products [1][5]. - The company's revenue for the first half of 2024 was 2.538 billion yuan, a decrease of 5.10% year-on-year, while the net profit attributable to shareholders was 247 million yuan, down 38.74% year-on-year [2][3]. - The decline in performance was primarily attributed to the continuous drop in the price of sucralose, which negatively impacted the profitability of the food additive segment [3][4]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, an increase of 2.60% year-on-year and 9.18% quarter-on-quarter. The net profit for the same period was 118 million yuan, down 25.40% year-on-year and 8.74% quarter-on-quarter [2][3]. - The average price of sucralose in H1 2024 was 118,000 yuan/ton, continuing to decline by 24,000 yuan/ton compared to the previous period [3][4]. Product Segments - The food additive segment generated revenue of 1.337 billion yuan in H1 2024, down 11.40% quarter-on-quarter, while the bulk chemical segment generated 839 million yuan, down 1.76% [3][7]. - The gross margin for the food additive segment was 27.10%, a decrease of 6.90 percentage points, while the bulk chemical segment benefited from cost reductions, achieving a gross margin of 11.98%, an increase of 3.78 percentage points [3][7]. Future Outlook - The company is expected to see a recovery in Q3 2024, driven by price increases in sucralose and improved market conditions for its other products [4][5]. - Revenue projections for 2024-2026 are estimated at 5.211 billion, 6.161 billion, and 7.052 billion yuan, respectively, with corresponding net profits of 675 million, 860 million, and 1.032 billion yuan [5][6].