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]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][12][13]. Core Insights - The company reported a revenue of 5.781 billion yuan in Q3 2024, representing a year-on-year increase of 31.93% and a quarter-on-quarter increase of 17.15%. The net profit attributable to shareholders was 429 million yuan, with a year-on-year increase of 2.43% but a quarter-on-quarter decrease of 31.49%. The non-recurring net profit was 420 million yuan, showing a year-on-year increase of 3.06% and a quarter-on-quarter increase of 28.72% [1]. - The company is expected to initiate a special cash dividend plan in 2024, with a projected dividend yield of 4.3% to 5.7% for the years 2024 to 2026 [1][2]. Financial Performance Summary - For Q3 2024, the company experienced a foreign exchange loss of approximately 54.57 million yuan due to a decline in the USD/CNY exchange rate. Excluding this impact, the adjusted net profit would have been 483 million yuan [1]. - The average price of JKM Asian gas in Q3 2024 was $13.00 per million British thermal units, reflecting a year-on-year increase of 3.1% and a quarter-on-quarter increase of 15.7% [1]. - The company’s three main business segments showed resilience, with LNG sales growing significantly, while LPG sales remained stable. The company is also expanding its LPG terminal project, expected to be completed by 2025 [1][3]. Financial Forecasts - The company’s total revenue is projected to reach 28.805 billion yuan in 2024, with a year-on-year growth rate of 8.4%. The net profit attributable to shareholders is expected to be 1.653 billion yuan, reflecting a year-on-year growth of 26.6% [3][4]. - Earnings per share (EPS) are forecasted to be 2.59 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 11x [3][4]. Valuation - The target price for the company is set at 36.92 yuan, based on a relative valuation method that considers the scarcity of its energy services and the high barriers to entry in its specialty gas business [1][2].

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].

具有价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2024-092 二、监事会会议审议情况 经与会监事认真审议，本次会议逐项表决通过了以下决议： （一）审议通过《关于<2024 年第三季度报告>的议案》 经审核，监事会认为：董事会编制和审议的公司《2024 年第三季度报告》的程序符 合相关法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际经营情况，不存在虚假记载、误导性陈述或者重大遗漏。具体内容详见同日在上 海证券交易所网站（www.sse.com.cn）披露的《2024 年第三季度报告》。 表决结果：3 票同意、0 票反对、0 票弃权。 江西九丰能源股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届监事会第七次会议于 2024 年 10 月 21 日（星期一）以现场表决方式召开。会议通知于 2024 年 10 月 18 日（星期 五）以电子邮件等 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥5,780,881,286.47, a decrease of 31.93% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2024 was ¥428,721,083.39, an increase of 2.43% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥420,195,769.82, up 3.06% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 17,048,141,214.19, a decrease of 12.74% compared to CNY 19,539,406,639.45 in the same period of 2023[22]. - Net profit for the first three quarters of 2024 reached CNY 1,547,645,720.65, an increase of 35.69% compared to CNY 1,141,518,798.08 in the same period of 2023[23]. - The net profit attributable to shareholders of the parent company for Q3 2024 was CNY 1,534,608,257.28, an increase of 35.6% compared to CNY 1,130,971,282.73 in Q3 2023[24]. - The basic earnings per share for Q3 2024 was CNY 2.47, up from CNY 1.83 in Q3 2023, representing a growth of 35.1%[24]. - The net profit attributable to shareholders, excluding foreign exchange losses, was ¥483,291,400, representing a year-on-year increase of 21.17%[7]. Assets and Liabilities - The company's total assets at the end of Q3 2024 were ¥14,347,718,945.95, a slight decrease of 0.43% from the end of the previous year[5]. - Total assets as of the end of Q3 2024 amounted to CNY 14,347,718,945.95, slightly down from CNY 14,409,201,726.96 at the end of Q3 2023[21]. - Total liabilities decreased to CNY 5,049,595,779.14 in Q3 2024 from CNY 6,254,667,348.56 in Q3 2023, a reduction of 19.23%[20]. - Current assets totaled CNY 6,973,447,785.79, down from CNY 8,031,583,580.94 in the previous year, indicating a decline of 13.16%[19]. - The company reported a significant reduction in accounts payable, which decreased to CNY 131,467,807.99 from CNY 849,015,868.41, a drop of 84.54%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date is -40.87 million RMB, impacted by a large amount of payables from the previous year and outstanding receivables of approximately 350 million RMB at the end of the third quarter[12]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 818,668,636.67, a decrease of 40.8% from CNY 1,384,514,309.53 in the same period of 2023[25]. - The total cash inflow from investment activities for the first three quarters of 2024 was CNY 2,496,727,818.87, compared to CNY 988,453,752.00 in the same period of 2023, indicating a significant increase[28]. - The net cash outflow from investment activities for the first three quarters of 2024 was CNY -1,233,352,497.75, an improvement from CNY -1,903,007,682.57 in the same period of 2023[28]. - The total cash inflow from financing activities for the first three quarters of 2024 was CNY 4,319,176,055.22, slightly down from CNY 4,342,986,975.59 in the same period of 2023[28]. - The net cash flow from financing activities for the first three quarters of 2024 was CNY -673,931,742.32, compared to CNY 1,500,388,202.47 in the same period of 2023, indicating a decline[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 20,355, with the largest shareholder, Guangdong Jiufeng Investment Holding Co., Ltd., holding 31.40% of the shares[13]. - There are no significant changes in the top 10 shareholders or their shareholding status compared to the previous period[17]. - The company has a total of 14,275,380 shares repurchased, accounting for 2.23% of the total share capital[15]. Inventory and Cash Management - The company's cash and cash equivalents decreased to approximately 4.28 billion RMB from 5.46 billion RMB at the end of the previous year[18]. - The company's inventory decreased to approximately 635.97 million RMB from 974.88 million RMB at the end of the previous year[18]. - The cash and cash equivalents at the end of Q3 2024 were CNY 4,186,633,973.96, down from CNY 5,302,455,125.16 at the end of Q3 2023[28]. Other Financial Metrics - The average gross profit per ton for the clean energy business showed steady improvement, particularly in the LNG segment, which experienced significant recovery in gross profit per ton compared to the first half of the year[6]. - The company processed over 110,000 tons of natural gas recovery services in Q3 2024, reflecting steady growth year-on-year[6]. - The sales volume of high-purity helium reached approximately 110,000 cubic meters in Q3 2024, showing steady growth year-on-year[6]. - The company incurred a foreign exchange loss of ¥54,570,300 due to the depreciation of the USD against the RMB in Q3 2024[7]. - The company recognized share-based payment costs of ¥10,668,000 in Q3 2024 related to its employee stock ownership plan[8]. - The total comprehensive income for Q3 2024 was CNY 1,544,209,825.12, an increase from CNY 1,146,448,212.83 in Q3 2023[24]. - The company reported a decrease in other comprehensive income, with a net amount of CNY -3,435,895.53 in Q3 2024 compared to CNY 4,929,414.75 in Q3 2023[24]. - The company has ongoing research and development efforts, although specific new products or technologies were not detailed in the report[12].

具有价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2024-091 江西九丰能源股份有限公司 第三届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第七次会议于 2024 年 10 月 21 日（星期一）以现场结合通讯表决方式召开。会议通知于 2024 年 10 月 18 日（星期五）以电子邮件等方式送达全体董事。本次会议应出席董事 9 人，实际出席董 事 9 人，会议由董事长张建国先生召集和主持。公司监事和高级管理人员列席了本次会 议。会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议逐项表决通过了以下决议： （一）审议通过《关于<2024 年第三季度报告>的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）披露的《2024 年第三 季度报告》。 1 具有价值创造力的清洁能源服务商 使用向 ...