JHSY(SZ:002597) Shenwan Hongyuan Securities·2025-05-05 07:47Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported strong performance in Q1 2025, with revenue of 1.301 billion yuan, a year-on-year increase of 7.2%, and a net profit of 242 million yuan, reflecting an 87.3% year-on-year growth [7] - The increase in profitability is attributed to the rise in prices of food additive products and improvements in production efficiency and cost reduction [7] - The industry is shifting from market share-driven to profit-driven, with expectations for continued price increases in key products [7] - The company has successfully launched new production facilities, enhancing its capacity and innovation in biochemistry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 5.765 billion yuan, with a year-on-year growth rate of 8.7% [3] - Net profit for 2025 is projected at 1.213 billion yuan, representing a significant increase of 117.8% year-on-year [3] - Earnings per share (EPS) for 2025 is estimated at 2.13 yuan, with a price-to-earnings (PE) ratio of 12 [3] - The company’s gross margin is expected to improve to 31.1% in 2025, up from 29.9% in Q1 2025 [3] Market Data - As of April 30, 2025, the closing price of the stock was 24.83 yuan, with a market capitalization of 14.078 billion yuan [4] - The stock has a dividend yield of 0.81% based on the most recent dividend announcement [4] - The company’s price-to-book ratio is 1.8 [4]