JHSY(SZ:002597) Tianfeng Securities·2025-06-24 09:12Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 5.303 billion yuan in 2024, a slight decrease of 0.1% year-on-year, and a net profit attributable to shareholders of 556.73 million yuan, down 20.9% year-on-year. However, the first quarter of 2025 showed a revenue increase of 7.2% year-on-year to 1.301 billion yuan and a significant net profit increase of 87.3% year-on-year to 242 million yuan [1][4] - The average prices of key products such as Acesulfame, Sucralose, Methyl Maltose, and Ethyl Maltose in 2024 were 38,500 yuan/ton, 154,200 yuan/ton, 88,900 yuan/ton, and 72,500 yuan/ton respectively, reflecting a decline compared to 2023. The price of Sucralose saw a significant rebound, increasing over 100% from its low point [2][3] - The company’s export volume of Sucralose in 2024 reached 18,700 tons, marking a year-on-year increase of 13.9%, indicating strong demand in the sugar substitute market [3] Financial Performance - The company’s revenue is projected to grow significantly in the coming years, with estimates of 6.631 billion yuan in 2025, 8.074 billion yuan in 2026, and 8.349 billion yuan in 2027, reflecting growth rates of 25.03%, 21.76%, and 3.41% respectively [5][10] - The net profit attributable to shareholders is expected to rebound to 1.171 billion yuan in 2025, with a growth rate of 110.40%, and further increase to 2.118 billion yuan in 2026 and 2.365 billion yuan in 2027 [5][10] - The company’s earnings per share (EPS) is projected to rise from 0.98 yuan in 2024 to 2.06 yuan in 2025, and further to 3.73 yuan in 2026 [5][10] Project Developments - The company completed the production of its second phase project in Dingyuan in 2024 and successfully built an 80,000-ton electronic-grade hydrogen peroxide project. Additionally, it is expanding into sodium hydroxide and potassium hydroxide products [4] - A new project for producing 10,000 tons of next-generation lithium battery electrolyte precursors has received all necessary approvals, indicating a strategic move towards high-end chemical materials [4]