JHSY(002597)2025-05-07 14:16Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported significant year-on-year and quarter-on-quarter growth in its Q1 2025 results, with revenue reaching 1.3 billion yuan, a year-on-year increase of 7.2% and a quarter-on-quarter increase of 3.2%. The net profit attributable to shareholders was 240 million yuan, reflecting a year-on-year increase of 87.3% and a quarter-on-quarter increase of 64.0% [2][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.3 billion yuan, with a year-on-year growth of 7.2% and a quarter-on-quarter growth of 3.2%. The net profit attributable to shareholders was 240 million yuan, showing a year-on-year increase of 87.3% and a quarter-on-quarter increase of 64.0%. The net profit excluding non-recurring items was 230 million yuan, with a year-on-year increase of 88.0% and a quarter-on-quarter increase of 152.6% [2][7]. Product Pricing and Market Conditions - The average market prices for key products such as sucralose and aspartame saw significant increases in Q1 2025, with sucralose prices up by 100% year-on-year to 250,000 yuan/ton. The production rates for sucralose and maltol returned to normal levels compared to Q4 2024 [13]. Profitability - The company reported a gross profit margin of 29.9%, an increase of 8.8 percentage points year-on-year and 13.9 percentage points quarter-on-quarter. The net profit margin was 18.6%, reflecting a year-on-year increase of 7.9 percentage points and a quarter-on-quarter increase of 6.9 percentage points [13]. Industry Outlook - The sweetener industry is expected to maintain high prices due to its concentrated market structure. In April 2025, the market for sucralose saw upward price adjustments, with prices reaching 210,000 to 220,000 yuan/ton. The company is also expanding its production capabilities and focusing on high-value products in various sectors [13]. Strategic Initiatives - The company is advancing its integrated industrial chain layout, with key projects such as the second phase of the Dingyuan project, which will produce various chemical products. The company is also exploring new high-value products in food and beverage, daily consumer goods, and advanced manufacturing sectors [13].