JHSY(002597) Guohai Securities·2024-11-03 13:18Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][11] Core Views - The report indicates that the turning point for sweeteners may be emerging, with a quarter-on-quarter increase in net profit attributable to the parent company in Q3 [2][3] - The company achieved a revenue of 4.043 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.24%, and a net profit of 409 million yuan, down 27.39% year-on-year [2][3] - The report highlights that the prices of key sweeteners have recently increased, suggesting a potential recovery in profitability for the company in the upcoming quarters [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.504 billion yuan, an increase of 6.04% year-on-year and 13.54% quarter-on-quarter [3] - The net profit attributable to the parent company for Q3 was 162 million yuan, up 1.17% year-on-year and 37.51% quarter-on-quarter [3] - The operating cash flow for Q3 was 468 million yuan, with a gross profit margin of 19.52%, down 3.93 percentage points year-on-year [3][4] Market Trends - The report notes that the prices of sucralose and acesulfame have recently risen from their lowest points in 2024, indicating a potential improvement in market conditions [3][4] - The company is positioned as a leader in the sweetener industry, with ongoing projects aimed at enhancing production efficiency and reducing costs [4][5] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.441 billion, 6.006 billion, and 6.518 billion yuan respectively, with corresponding net profits of 705 million, 990 million, and 1.236 billion yuan [5][6] - The report anticipates a recovery in the company's main product prices, which could lead to improved financial performance in the near future [5][6]