Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,332,856,932.64, a decrease of 2.17% compared to the same period last year[13]. - Net profit attributable to shareholders of the listed company reached CNY 480,136,783.84, an increase of 6.32% year-on-year[13]. - Basic earnings per share for Q1 2024 was CNY 0.77, up 5.48% from CNY 0.73 in Q1 2023[13]. - The total comprehensive income for the period was CNY 492,019,695.20, compared to CNY 451,902,167.99 in the previous year[3]. - Net profit for the period reached CNY 485,268,818.67, compared to CNY 451,902,167.99 in the previous period, reflecting a growth of about 7.4%[45]. - The company reported a significant increase in sales expenses, totaling CNY 57,462,491.40, which is an increase of 12.7% from CNY 51,283,178.77[45]. - Total operating revenue for Q1 2024 was CNY 6,332,856,932.64, a decrease of 2.17% compared to CNY 6,473,534,627.83 in Q1 2023[72]. - Total operating costs for Q1 2024 were CNY 5,861,648,326.22, down from CNY 5,940,962,041.30 in Q1 2023, reflecting a reduction of 1.33%[72]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 683,458,644.48, a decrease of 1.05% year-on-year[13]. - As of March 31, 2024, the company's cash and cash equivalents amounted to approximately RMB 5.41 billion, a slight decrease from RMB 5.46 billion as of December 31, 2023, representing a decline of about 2.5%[40]. - The net increase in cash and cash equivalents was CNY -46,989,164.49, contrasting with a net increase of CNY 1,039,927,418.07 in the previous year[70]. - The ending balance of cash and cash equivalents was CNY 5,241,135,637.53, slightly down from CNY 5,303,070,944.21 at the end of Q1 2023[70]. - The company received CNY 29,600,567.37 from other operating activities, compared to CNY 53,021,163.13 in the previous year, showing a decline[69]. - The company paid CNY 132,900,549.34 to employees, an increase from CNY 116,544,561.11 in Q1 2023, reflecting a rise of 14%[69]. Assets and Liabilities - The company's total assets at the end of Q1 2024 were CNY 14,923,963,523.48, reflecting a 3.57% increase from the end of the previous year[13]. - The equity attributable to shareholders of the listed company was CNY 8,361,486,964.83, up 7.54% from CNY 7,775,126,351.85 at the end of the previous year[13]. - The total liabilities of the company as of March 31, 2024, were approximately RMB 6.18 billion, down from RMB 6.25 billion, representing a decrease of about 1.1%[42]. - Total current liabilities rose to approximately RMB 3.14 billion from RMB 3.05 billion, indicating an increase of about 2.7%[42]. - Non-current liabilities decreased to approximately RMB 3.04 billion from RMB 3.20 billion, a decline of about 4.9%[42]. - The company reported a significant increase in contract liabilities, which rose to approximately RMB 278.53 million from RMB 194.91 million, an increase of about 42.8%[42]. - The company has a long-term loan of RMB 793 million, unchanged from the previous period[42]. - The company's total equity attributable to shareholders increased to CNY 8,361,486,964.83, up from CNY 7,775,126,351.85, representing an increase of approximately 7.5%[44]. Business Operations and Strategy - The company reported stable sales in its LNG and LPG businesses despite adverse market conditions, leveraging its integrated business model[14]. - The company is actively promoting auxiliary extraction services for low-yield gas wells, with over 130 projects in operation, indicating a positive long-term growth trend[28]. - The company is actively involved in various investment strategies, including potential market expansions and new product developments, although specific details were not disclosed in the provided content[41]. - The helium business achieved a production and sales volume exceeding 60,000 cubic meters, with a year-on-year growth of over 20%[51]. - The hydrogen project has reached an operational capacity of 20,000 cubic meters per hour, showing strong development momentum[51]. Research and Development - Research and development expenses amounted to CNY 2,108,381.89, indicating ongoing investment in innovation[45]. - The company confirmed a share-based payment expense of CNY 7,439,200 and financial expenses of CNY 21,735,500 due to convertible bonds, impacting net profit[6]. Credit and Impairment - The company reported a decrease in credit impairment losses, improving from a loss of CNY 20,001,386.49 to a loss of CNY 5,312,299.76[45].

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：2024-039 江西九丰能源股份有限公司 第三届董事会第三次会议决议公告 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"）第三届董事会第三次会议于 2024 年 4 月 22 日（星期一）以现场结合通讯表决方式召开，会议通知于 2024 年 4 月 19 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。 （一）审议通过《关于<2024 年第一季度报告>的议案》 本议案已经公司第三届董事会审计委员会第三次会议审议通过，并同意提交董事会 审议。 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 年第一 季度报告》。 表决结果：9 票同意、0 票反对、0 票弃 ...

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 江西九丰能源股份有限公司 2023 年年度股东大会会议资料 具有价值创造力的清洁能源服务商 二〇二四年五月 1 | 2023 | 年年度股东大会会议须知 3 | | --- | --- | | 2023 | 年年度股东大会会议议程 5 | | 2023 | 年年度股东大会会议议案 7 | | | 议案一、关于《2023 年度董事会工作报告》的议案 7 | | | 议案二、关于《2023 年度监事会工作报告》的议案 8 | | | 议案三、关于《2023 年度财务决算报告》的议案 13 | | | 议案四、关于《2023 年年度报告》及其摘要的议案 16 | | | 议案五、关于 2023 年度利润分配方案的议案 17 | | | 议案六、关于提请股东大会授权董事会决定 2024 年度中期分红方案的议案 18 | | | 议案七、关于 2024 年度担保额度预计的议案 19 | | | 议案八、关于 年度期货和衍生品业务额度预计的议案 2024 21 | | | 议案九、关于第三届董事会非独立董事薪酬方案的议案 23 | | | 议案十 ...

[Table_Title] 九丰能源（605090.SH） 业务结构分类清晰，能服+特气加速成长 [Table_Summary] 核心观点： ⚫ 2023 年业绩同比+19.8%，利润率稳步提升。公司发布 2023 年年报， 实现营收 265.66 亿元（同比+10.9%）、归母净利润 13.06 亿元（同比 +19.8%）。受益于 LNG 销量提升（同比+55%），LNG 营收同比+18.6%。 同时多气源调配能力提升，公司单吨盈利能力仍然稳健，能源服务和特 种气体业务快速增长，且毛利率较高，带动公司净利率提升 0.4pct 至 4.9%。23 年公司经营性现金流净额 21.6 亿元（同比+27.3%），公司全 年累计现金分红预计 4.34 亿元（含税），占 23 年归母净利润的 33.2%。 ⚫ 业务结构重分类，清晰迈向新未来。公司"一主两翼"三大业务结构清 晰。清洁能源业务聚焦 LNG、LPG，逐步形成以中游核心资产链条为中 轴，资源端、客户端（"两头"）的"哑铃型"业务发展模式，利润权重 大单毛利率保持稳定；能源服务业务聚焦辅助排采和回收，推动能源物 流业务（毛利率整体达 21%）；特种气体方面，23 ...

公司快报/燃气Ⅲ 一、盈利预测核心假设 二、可比公司估值对比 资料来源：wind，华金证券研究所（可比公司数据来自 wind 一致预期，截止日期 2024 年 4 月 11 日，其中，东华能源 2023 年未披露年报，EPS/PE 采用 wind 一致预期） | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------------------------|------------------------------------------------ ...

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃assAuthor＃ 司总 评 ＃相关rel报ate告dReport＃ 《【兴证公用 蔡屹】九丰能源 2023 年三季报点评：前三季度 归母净利润同比+20.22%，能服 及 特 气 业 务 发 展 迅 速 》 2023-10-25 《【兴证公用 蔡屹】九丰能源 2023 年半年报点评：能服及特 气业务带来利润增量，半年度拟 每股分红 0.3 元》2023-08-15 《【兴证公用 蔡屹】九丰能源 2022 年年报点评：归母净利润 增长 75.87%，"一主两翼"业务 发展格局形成》2023-03-08 shiyisu@xyzq.com.cn S0190523110001 公 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------|------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 26.566 billion yuan in 2023, representing a year-on-year growth of 10.91%. The net profit attributable to shareholders was 1.306 billion yuan, up 19.81% year-on-year, while the net profit excluding non-recurring items reached 1.335 billion yuan, growing by 26.25% [5]. - The growth in revenue and profit is attributed to the contributions from energy services and specialty gases. The clean energy segment generated 24.565 billion yuan in revenue with a gross margin increase of 0.61 percentage points to 6.60% [5]. - The company has a stable gross margin in clean energy, with LNG sales reaching 2.28 million tons, a 56% increase year-on-year, and a gross margin of 470 yuan per ton, despite a 16% decrease year-on-year [5]. - The energy services segment reported revenue of 1.56 billion yuan with a gross margin of 19%, while the specialty gases segment achieved revenue of 160 million yuan and a gross margin of 40.85% [5]. - The company is actively expanding its helium resources and aims to enhance its production capacity for domestic helium, targeting the aerospace industry [5]. - Operating cash flow increased by 27% to 2.158 billion yuan, with a planned cash dividend distribution of 434 million yuan, accounting for 33% of the net profit attributable to shareholders [5]. - The profit forecast for 2024-2025 has been adjusted downwards, with net profit estimates of 1.52 billion yuan and 1.74 billion yuan, respectively, while the net profit for 2026 is projected to be 2.04 billion yuan, reflecting growth rates of 16%, 15%, and 17% [5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 26.566 billion yuan, a 10.91% increase from the previous year. The net profit attributable to shareholders was 1.306 billion yuan, up 19.81% year-on-year [5]. - The clean energy segment's revenue was 24.565 billion yuan, with a gross margin of 6.60%, while energy services and specialty gases contributed significantly to the overall growth [5]. Business Segments - The clean energy business saw a gross profit of 1.621 billion yuan, although its gross profit share decreased from 90% in 2022 to 78% in 2023. The energy services and specialty gases segments have increased their gross profit share [5]. - LNG sales reached 2.28 million tons, with a gross margin of 470 yuan per ton, while LPG sales were 1.91 million tons with a gross margin of 256 yuan per ton [5]. - The specialty gases segment, particularly helium, saw a sales increase of over 60%, with a gross margin of 84% [5]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 2.158 billion yuan, a 27% increase, and plans to distribute cash dividends of 434 million yuan [5]. Profit Forecast - The profit forecast for 2024-2025 has been revised, with net profit estimates of 1.52 billion yuan and 1.74 billion yuan, while 2026 is projected at 2.04 billion yuan [5].

盈利预测与投资建议。预计公司 24-26 年归母净利润分别为 15.5 亿元/18.0 亿 元/20.8 亿元，对应 24-26 年 PE 分别为 11.0/9.5/8.2 倍，维持"买入"评级。 [Table_Author] 分析师：池天惠 执业证号：S1250522100001 电话：13003109597 邮箱：cth@swsc.com.cn 分析师：刘洋 执业证号：S1250523070005 电话：18019200867 邮箱：ly21@swsc.com.cn | --- | --- | |------------------------------------|---------------| | | | | [Table_BaseData] 总股本 ( 亿股 ) | 6.33 | | 流通 A 股 ( 亿股 ) | 2.69 | | 52 周内股价区间 ( 元 ) | 21.08-30.85 | | 总市值 ( 亿元 ) 总资产 ( 亿元 ) | 170.56 144.09 | | 每股净资产 ( 元 ) | 12.13 | | 相关研究 | | 单位：百万元 2023A 2024E 2025E ...

买入（维持） 投资建议与估值：根据公司 2023 年业绩情况，我们调整此前盈利预测，并新增 2026 年预测，预计公司 2024-2026 年收入分别为 294.43 亿元、316.32 亿元、 330.02 亿元，增速分别为 10.8%、7.4%、4.3%，归母净利润分别为 15.08 亿元、 17.64 亿元、20.27 亿元，增速分别为 15.5%、17 %、14.9%。对应 PE 分别为 11.2X、 9.6X、8.3X。维持"买入"投资评级。 风险提示：全球经济波动风险，上游采购及其价格波动风险，汇率波动风险，项 分析师与研究助理简介 郭雪，北京大学环境工程/新加坡国立大学化学双硕士，北京交大环境工程学士，拥有 5 年环保产业经验，2020 年 12 月加入安信证券， 2021 年新财富第三名核心成员。2022 年 3 月加入德邦证券，负责环保及公用板块研究。 本人具有中国证券业协会授予的证券投资咨询执业资格，以勤勉的职业态度，独立、客观地出具本报告。本报告所采用的数据和信 息均来自市场公开信息，本人不保证该等信息的准确性或完整性。分析逻辑基于作者的职业理解，清晰准确地反映了作者的研究观 点，结论不 ...

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