JHSY(SZ:002597) Orient Securities·2025-02-11 00:42Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.45 CNY based on a 15x P/E ratio for comparable companies in 2025 [2][5]. Core Views - The supply landscape for sweeteners, particularly sucralose, is expected to continue improving, with significant price fluctuations anticipated in 2024 [1][7]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 618 million, 1.273 billion, and 1.494 billion CNY respectively, reflecting a recovery from previous declines [2][4]. Financial Summary - The company's revenue is projected to decline from 5.311 billion CNY in 2023 to 5.219 billion CNY in 2024, before increasing to 6.023 billion CNY in 2025 and 6.486 billion CNY in 2026, indicating a recovery trend [4][15]. - The gross margin is expected to improve from 23.5% in 2023 to 34.8% in 2026, while the net profit margin is projected to rise from 13.3% in 2023 to 23.0% in 2026 [4][15]. - The company's return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 15.1% in 2026, suggesting enhanced profitability and efficiency [4][15].