JHSY(002597) 天风证券·2024-11-07 10:20Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.2 yuan [5] Core Views - The company's Q3 revenue and net profit showed a recovery, with revenue increasing by 6.0% YoY and 13.54% QoQ, and net profit increasing by 1.2% YoY and 37.51% QoQ [1] - The company's food additives, particularly sucralose, have entered a price increase cycle, with sucralose prices rising by 56.4% from Q3 average prices, which is expected to boost future profitability [2] - The company announced an investment of approximately 2 billion yuan to build a synthetic ammonia project, which is expected to enhance resource utilization and reduce production costs [3] Financial Performance - Q3 gross margin was 19.52%, down 3.92 percentage points YoY, while net margin improved by 1.88 percentage points QoQ to 10.78% [1] - The company's four major food additive products showed mixed price trends, with sucralose and acesulfame prices declining YoY but increasing QoQ, while maltol prices improved both YoY and QoQ [2] - The company's 2024-2026 net profit forecasts have been adjusted to 5.59/10.81/14.19 billion yuan, down from previous estimates of 10.95/13.56 billion yuan for 2024-2025 [3] Financial Projections - Revenue is expected to grow by 17.78% in 2025 and 10.97% in 2026, with net profit growth of 93.44% in 2025 and 31.29% in 2026 [4] - The company's EBITDA is projected to increase from 968.46 million yuan in 2024 to 2,133.03 million yuan in 2026 [4] - The company's P/E ratio is expected to decrease from 25.70 in 2024 to 10.12 in 2026, indicating potential undervaluation [4] Industry and Market Position - The company operates in the basic chemicals and chemical products industry, with a focus on food additives and synthetic ammonia production [5] - The company's market capitalization is 14,363.37 million yuan, with a P/B ratio of 1.80 in 2024, expected to decrease to 1.50 by 2026 [4][5] Strategic Investments - The company is investing in a 200,193.91 million yuan project to replace outdated processes with advanced coal gasification technology, aiming to produce 10.18 million tons of liquid ammonia and 20 million tons of ammonium bicarbonate annually [3] - The project is expected to generate annual sales revenue of 94,128.00 million yuan in normal years [3]