Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has shown significant improvement in LNG profitability, with Q3 performance reflecting a year-on-year revenue growth driven by clean energy and stable LPG sales [3]. - The company is actively pursuing stock repurchase plans, demonstrating confidence in its development and maintaining investment value [3]. - The integrated "sea gas + land gas" resource pool strategy is enhancing the company's competitive edge in clean energy [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 17 billion yuan, a year-on-year decrease of 12.8%, while the net profit attributable to shareholders was 1.535 billion yuan, an increase of 35.7% [3]. - In Q3 alone, the company reported a revenue of 5.78 billion yuan, down 32% year-on-year but up 17% quarter-on-quarter, with a net profit of 429 million yuan, a year-on-year increase of 2.4% [3]. - The company expects net profits for 2024-2026 to be 1.713 billion yuan, 1.855 billion yuan, and 2.1 billion yuan respectively, with corresponding EPS of 2.68, 2.90, and 3.29 yuan [4][5]. Business Segment Performance - LNG business saw a notable recovery in gross profit per ton, with domestic sales growing rapidly, driven by demand from industrial terminals, transportation fuels, and gas power plants [3]. - The energy services segment reported over 110,000 tons of natural gas recovery services in Q3, with stable service revenue due to price linkage [3]. - The specialty gases segment achieved a steady increase in high-purity helium sales and hydrogen production, with Q3 hydrogen sales reaching 17.68 million cubic meters, reflecting a stable growth trajectory [3]. Market Position and Strategy - The company is solidifying its leading position in the LPG market in South China and is actively exploring opportunities in surrounding regions [3]. - The integrated approach in the energy service and specialty gas sectors is expected to enhance the company's profitability stability [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q3 2024, with a revenue of 17.048 billion yuan, a decrease of 12.75% year-on-year, and a net profit attributable to shareholders of 1.535 billion yuan, an increase of 35.69% year-on-year [1] - The company's clean energy segment shows resilience, with LNG gross profit per ton recovering compared to H1 2024, driven by growth in domestic sales and demand from industrial terminals, transportation fuel, and gas power plants [1] - The company plans to distribute fixed cash dividends of 750 million, 850 million, and 1 billion yuan for 2024-2026, with special cash dividends triggered when annual net profit growth exceeds 18% [2] Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 1.535 billion yuan, with a year-on-year increase of 35.69%, and a non-recurring net profit of 1.208 billion yuan, up 2.23% year-on-year [1] - The weighted average ROE increased by 2.65 percentage points to 18.08% [1] - The company’s operating cash flow for the first three quarters was 819 million yuan, a decrease of 40.87% year-on-year, while the asset-liability ratio was 35.19%, down 12.01 percentage points year-on-year [2] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024 has been raised from 1.52 billion yuan to 1.71 billion yuan, with 2025 and 2026 net profits maintained at 1.74 billion yuan and 2.04 billion yuan respectively [2] - Corresponding P/E ratios for 2024-2026 are projected at 10.3, 10.1, and 8.6 times [2] Market Data - The closing price of the stock is 27.49 yuan, with a one-year low of 21.35 yuan and a high of 31.59 yuan [3] - The market capitalization is approximately 17.56 billion yuan [3]

非常荣幸的邀请到了九分能源的管理层来给大家做交流首先请允许我介绍一下参会嘉宾我们今天是邀请到了九分能源的副总经理董事会秘书黄总和财务的利益和IT管理中心的总经理朱总两位领导首先欢迎两位领导好大家晚上好谢谢谢谢黄总 我们可以看到首先要恭喜公司取得了非常良好的业绩扣费增长是在前三季度我们可以看到增长还是比较稳健的尤其是单三季度其实公司的数据也披露的比较详细了剔除掉汇兑损益影响之后公司单三季度的规模利润增长是超过了20%这是第一第二就是各项业务上面 其实公司的三大主要业务 清洁能源 能源服务和特器都在一个景气度向上的状态中间比如说清洁能源的毛差和气量还是在呈现一个比较良性的增长那么能源服务的作业量也在增加特器业务无论是我们可以看到 听还是说嗨气的话它的量呢都是在稳步提升的所以整体来看公司的发展状态非常的良好那么伴随三七爆呢公司还披露了一个就是实际控制人的一个承诺不减持的一个协议啊所以可以看到整体从这个 公司本身来讲的话我们相信对未来的发展还是非常有信心的所以我们今天也是邀请到了黄总和朱总来跟大家做一个交流那下面黄总要不请您就公司的情况先给大家做一个分享然后我们开始提问回答好的谢谢袁总各位投资者各位分析师大家晚上好非 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a significant increase in profit after excluding foreign exchange losses, with the actual controller committing to not reduce holdings, demonstrating confidence in the company's future [1] - The company reported a total revenue of 170.5 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.8% [1][3] - The net profit attributable to shareholders reached 15.3 billion yuan, reflecting a year-on-year increase of 35.7% [1][3] - The company’s Q3 revenue was 57.8 billion yuan, down 31.9% year-on-year but up 17.2% quarter-on-quarter [1][3] - The net profit for Q3 was 4.3 billion yuan, with a year-on-year increase of 2.4% [1][4] Financial Performance Summary - Revenue Forecasts: - 2023A: 26,566 million yuan - 2024E: 27,442 million yuan (growth rate of 3%) - 2025E: 30,124 million yuan (growth rate of 10%) - 2026E: 30,950 million yuan (growth rate of 3%) [1][5] - Net Profit Forecasts: - 2023A: 1,306 million yuan - 2024E: 1,707 million yuan (growth rate of 31%) - 2025E: 1,805 million yuan (growth rate of 6%) - 2026E: 1,976 million yuan (growth rate of 9%) [1][5] - Earnings Per Share (EPS) Forecasts: - 2023A: 2.08 yuan - 2024E: 2.71 yuan - 2025E: 2.87 yuan - 2026E: 3.14 yuan [1][5] - Financial Ratios: - P/E ratio for 2024E: 10.2 - P/B ratio for 2024E: 1.9 [1][5] Business Insights - The company maintains a stable operational performance, with a focus on expanding its core business and special gas services [1] - The company is actively developing its hydrogen project, which has shown steady growth in production capacity [1] - The actual controller's commitment to not reduce holdings is seen as a positive signal for investor confidence [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in profit after excluding foreign exchange losses, demonstrating the commitment of the controlling shareholder not to reduce holdings [1] - The company achieved a revenue of 17.05 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.8% [1] - The net profit attributable to the parent company for the same period was 1.53 billion yuan, reflecting a year-on-year increase of 35.7% [1] Financial Performance Summary - **Revenue (million yuan)**: - 2023A: 26,566 - 2024E: 27,442 (growth rate: 3%) - 2025E: 30,124 (growth rate: 10%) - 2026E: 30,950 (growth rate: 3%) [1] - **Net Profit (million yuan)**: - 2023A: 1,306 - 2024E: 1,707 (growth rate: 31%) - 2025E: 1,805 (growth rate: 6%) - 2026E: 1,976 (growth rate: 9%) [1] - **Earnings Per Share (yuan)**: - 2023A: 2.08 - 2024E: 2.71 - 2025E: 2.87 - 2026E: 3.14 [1] - **Cash Flow Per Share**: - 2023A: 3.43 - 2024E: 3.00 - 2025E: 3.82 - 2026E: 4.18 [1] - **Return on Equity**: - 2023A: 16% - 2024E: 18% - 2025E: 16% - 2026E: 15% [1] - **Price-to-Earnings Ratio (P/E)**: - 2023A: 13.3 - 2024E: 10.2 - 2025E: 9.7 - 2026E: 8.8 [1] - **Price-to-Book Ratio (P/B)**: - 2023A: 2.2 - 2024E: 1.9 - 2025E: 1.6 - 2026E: 1.4 [1] Business Outlook - The company is expected to maintain stable operations in its main business, with a focus on resource expansion and special gas business [1] - The controlling shareholder's commitment to not reduce holdings reflects confidence in the company's long-term development prospects [1] - The company plans to distribute fixed cash dividends twice a year, exceeding 18%, indicating a strong commitment to shareholder returns [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - The company reported a revenue of 17.048 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders increased by 35.69% to 1.535 billion yuan [5]. - The three main business segments showed resilience, with significant growth in energy services and specialty gases [5]. - The report highlights the impact of exchange rate fluctuations on profit, noting that excluding these effects, the net profit for Q3 would have increased by 22.35% year-on-year [5]. - The controlling shareholders have committed not to reduce their holdings for 12 months after the shares are listed, which is expected to boost market confidence [5]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 1.7 billion yuan, 1.75 billion yuan, and 2.038 billion yuan respectively, reflecting year-on-year growth rates of 30.2%, 3.0%, and 16.4% [5]. Financial Summary - For 2024E, the company is projected to have a revenue of 25.868 billion yuan, with a year-on-year growth rate of -2.6% [4][8]. - The gross profit margin is expected to improve from 7.8% in 2023A to 8.3% in 2024E [4][8]. - The return on equity (ROE) is forecasted to increase from 16.8% in 2023A to 18.4% in 2024E [4][8]. - Earnings per share (EPS) is projected to rise from 2.04 yuan in 2023A to 2.66 yuan in 2024E [4][8]. Market Data - As of October 21, 2024, the closing price of the company's stock was 27.35 yuan, with a total share capital of 638.77 million shares [3].

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1] Core Views - Jiufeng Energy reported a Q3 revenue of 17.048 billion yuan, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders was 1.535 billion yuan, an increase of 35.69% year-on-year [3][4] - The company experienced a foreign exchange loss of approximately 54.57 million yuan in Q3, but excluding this impact, the net profit growth rate for Q3 reached 21.17% year-on-year [4] - The clean energy segment showed steady improvement in gross profit per ton, with LNG domestic sales performing well [4] - The company’s energy services maintained stable growth, with a significant increase in natural gas recovery and processing service volumes [4] Summary by Sections Financial Performance - For Q3, Jiufeng Energy achieved a revenue of 5.781 billion yuan, down 31.93% year-on-year, and a net profit of 429 million yuan, up 2.43% year-on-year [3] - The average gross profit per ton in the clean energy business improved year-on-year, with LNG demand from industrial terminals, transportation fuels, and gas power plants continuing to grow [4] - The company’s revenue projections for 2024-2026 are 29.443 billion yuan, 31.632 billion yuan, and 33.002 billion yuan, with corresponding net profits of 1.508 billion yuan, 1.760 billion yuan, and 2.018 billion yuan [4][5] Business Segments - The special gas production steadily increased, with high-purity helium sales reaching approximately 110,000 cubic meters in Q3, up from 96,000 cubic meters in the same period last year [4] - The company is actively expanding its special gas retail market and has made progress in its commercial aerospace project, expected to be completed by February 1, 2025 [4] Management and Strategy - The actual controllers of the company have committed not to reduce their holdings within 12 months, reflecting confidence in the company's long-term development [4] - The report emphasizes the company's focus on optimizing assets and enhancing operational efficiency to support sustainable growth [4]

证 券 研 究 报 告 九丰能源（605090）2024 年三季报点评 强推（维持） 扣非净利润稳步增长，24 年有望启动特别现 金分红计划 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) [3] Core Views - Jiufeng Energy's revenue for the first three quarters of 2024 was 17.048 billion yuan, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders increased by 35.69% to 1.535 billion yuan, achieving the performance assessment target of 1.5 billion yuan ahead of schedule [1] - The company's clean energy business is steadily recovering, with new terminal projects expected to contribute to growth [1] - The report forecasts net profits for 2024-2026 to be 1.798 billion, 1.848 billion, and 2.033 billion yuan respectively, with corresponding EPS of 2.82, 2.89, and 3.18 yuan per share [1][5] Financial Performance Summary - For Q3 2024, Jiufeng Energy reported revenue of 5.781 billion yuan, a year-on-year decline of 31.93%, but a quarter-on-quarter increase of 17.15% [1] - The net profit for Q3 2024 was 429 million yuan, a year-on-year increase of 2.43% [1] - The company achieved a gross profit margin of 9.07% in 2024E, with a net profit margin of 7.26% [5] - The forecasted revenue for 2024 is 24.776 billion yuan, a decrease of 6.7% from 2023, with expected growth rates of 7.5% and 5.0% for 2025 and 2026 respectively [2][5] Business Development Insights - The clean energy segment is showing signs of recovery, with LNG domestic sales experiencing rapid growth driven by industrial terminals, transportation fuels, and gas power plants [1] - The company is advancing its liquefied hydrocarbon terminal project in Huizhou, expected to be completed by 2025, which will expand its clean energy business scale [1] - Jiufeng Energy's special gas sales are steadily increasing, with ongoing development of the second phase of the special gas project at the Hainan commercial space launch site [1]

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1][3]. Core Views - Jiufeng Energy's main business is steadily positioned, with exchange rate losses impacting quarterly profits. The company reported a revenue of 17.048 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.75%, while net profit attributable to shareholders reached 1.535 billion yuan, a year-on-year increase of 35.69% [1]. - In Q3 2024, the company achieved a revenue of 5.781 billion yuan, down 31.93% year-on-year, with a net profit of 429 million yuan, up 2.43% year-on-year. Excluding exchange rate losses, the net profit would have been 483 million yuan, reflecting a 21.17% year-on-year growth [1]. - The clean energy business shows a robust layout, with a year-on-year increase in gross profit per ton [1]. Summary by Sections Business Performance - LNG business saw a rapid growth in domestic sales, driven by demand from industrial terminals, transportation fuels, and gas power plants, although spot trading volumes slightly decreased due to price fluctuations [1]. - LPG sales remained stable year-on-year [1]. - The energy service business continued to develop, with over 110,000 tons of natural gas recovery and processing services in Q3 2024, showing steady growth [1]. Special Gases Business - The company reported a steady growth in high-purity helium sales, reaching approximately 110,000 cubic meters in Q3 2024, while actively expanding into the retail market [1]. - The hydrogen project has an operational capacity of 20,000 cubic meters per hour, with Q3 2024 hydrogen production and sales reaching 17.68 million cubic meters, showing steady growth and improved profitability [1]. Financial Projections - The company is expected to achieve net profits of 1.78 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 9.8, 9.1, and 7.9 respectively [1][2].