九丰能源发布年报和一季报，2024 年营收220.47 亿元（yoy-17%），归母净利16.84 亿元 （yoy+29%），扣非净利13.50 亿元（yoy+1%），扣非净利低于华泰预测（15.18 亿元）、主要是LNG 单方毛利不及预期；1Q25 营收54.84 亿元（yoy-13%），归母净利5.06 亿元（yoy+5.4%），归母净利符 合华泰预测区间（4.79~5.29 亿元）。天然气终端市场扩大，单吨毛利有望企稳。特种气体业务突破， 中长期贡献业绩增量。公司2024 年拟派息7.8 亿元，当前股息率4.9%；2025 年拟延续分红+回购。维 持"买入"评级。 财务结构优化，股东回报力度加大 2024 年公司经营活动现金流净额20.47 亿元，净现比1.21、体现高质量盈利。截至1Q25 期末公司货币资 金54.09 亿元，资产负债率维持低位（32.65%），抗风险能力突出。2024 年公司拟派发现金分红7.5 亿 元（含税），叠加特别分红0.3 亿元，合计派发7.8 亿元，达成派息计划；公司年内完成股份回购1 亿 元，并计划于2025 年继续回购2~3 亿元。 小幅下调盈利预测与目标价 我们将公司 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1]. Core Insights - In March, the total electricity consumption in the country increased by 4.8% year-on-year [1]. - The report highlights that the State Development and Reform Commission has issued guidelines to accelerate the development of virtual power plants, aiming for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [4][44]. - The report notes a decline in average coal prices year-on-year, suggesting a favorable environment for thermal power companies [4][42]. Summary by Sections 1. Market Review - As of April 17, the Shenwan Utility Index fell by 1.0% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 9th among 31 Shenwan industries [11]. - Year-to-date, the Shenwan Utility Index has decreased by 3.0%, also outperforming the CSI 300 Index by 1.2 percentage points, ranking 17th among 31 industries [11]. 2. Industry Valuation - As of April 17, the valuation of the Shenwan Utility sector is at 17.7 times earnings, below the one-year average [17]. - The sub-sector valuations include: - Photovoltaic power: 78.8 times - Hydropower: 20.5 times - Integrated energy services: 19.6 times - Wind power: 19.4 times - Thermal services: 18.3 times - Gas: 17.9 times - Thermal power: 12.5 times [17][18]. 3. Industry Data Tracking - As of April 17, the average price of Q6000 coal at the pit in Yulin, Shaanxi, was 614 yuan per ton, down 0.3% from the previous value [32]. - The average price of Q5500 coal at Qinhuangdao port was 667 yuan per ton, down 0.2% from the previous value [32]. 4. Key Industry News - The report mentions several important announcements, including the release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" by the State Development and Reform Commission [4][41]. - The report also highlights the issuance of 174 million green power certificates in March 2025, a year-on-year increase of 9.39 times, with 82.26% being tradable [44]. 5. Industry Weekly Viewpoint - The report suggests focusing on thermal power companies such as Huadian International (600027), Guodian Power (600795), and Hubei Energy (000883) due to their strong performance in the current market environment [42]. - In the gas sector, it recommends attention to companies like Xin'ao Co. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) [42].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 22.05 billion RMB for 2024, a year-on-year decrease of 17%, while the net profit attributable to shareholders was 1.68 billion RMB, an increase of 29% year-on-year [1] - The company plans to distribute a cash dividend of 780 million RMB in 2024, resulting in a current dividend yield of 4.9% [1] - The natural gas terminal market is expanding, with a projected sales volume of 2.85 million tons in 2025, and the single-ton gross profit is expected to stabilize [2] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 5.48 billion RMB, a decrease of 13% year-on-year, with a net profit of 506 million RMB, an increase of 5.4% year-on-year [1] - The company’s operating cash flow for 2024 was 2.05 billion RMB, reflecting high-quality earnings [4] - The company’s total assets as of Q1 2025 were 54.09 billion RMB, with a debt-to-asset ratio of 32.65% [4] Business Segments - The natural gas business is expected to generate 9.79 billion RMB in revenue for 2024, with a gross margin increase of 2.73 percentage points to 10.01% [2] - The specialty gas business is projected to contribute significantly to long-term performance, with helium sales reaching 380,000 cubic meters in 2024 [3] Profitability and Valuation - The report adjusts the EPS forecast for 2025-2026 down by 4% and 6% to 2.67 RMB and 3.07 RMB, respectively, with a target price set at 32.00 RMB based on a 12x PE ratio [5] - The company’s projected net profit CAGR for 2025-2027 is 11% [5] Market Position - The company’s market capitalization is approximately 16.02 billion RMB, with a closing price of 24.68 RMB as of April 17 [8]

九丰能源（605090.SH）24 年年报&25 年一季报点评 利润接连新高，分红回购彰显发展信心 2025 年 04 月 18 日 ➢ 事件：2025 年 4 月 17 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 220.47 亿元，同比下滑 17.01%；实现归母 净利润 16.84 亿元，同比大增 28.93%；实现扣非归母净利润 13.50 亿元，同比 增长 1.12%。2025 年第一季度，公司实现营业收入 54.84 亿元，同比下滑 13.41%；实现归母净利润 5.06 亿元，同比增长 5.40%；实现扣非归母净利润 4.68 亿元，同比增长 1.38%。 ➢ LNG 业务快速发展，公司积极开拓交通燃料和气电市场。2024 年，公司天 然气业务 LNG 销量合计 274 万吨（包含能源服务销量），同比增长 20.39%， 其中，归属于清洁能源业务的销量为 218 万吨，同比增长 15.20%，归属于能源 服务业务的销量为 39 万吨，同比略增 0.80%。一方面，在资源端，公司与长约 合作方马石油保持良好合作关系，并在风险敞口可控条件下进行现 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved record profits, with a significant increase in net profit for 2024, reflecting strong operational performance despite a decline in revenue [1]. - The LNG business is rapidly developing, with a 20.39% increase in total LNG sales to 2.74 million tons in 2024, driven by strong demand in the transportation fuel and gas-electricity markets [2]. - The LPG business is expected to grow significantly following the completion of a new terminal project, despite a slight decline in sales in 2024 [3]. - The special gases segment is showing potential growth, with helium and hydrogen sales increasing by 22.65% and 66.75% respectively in 2024 [3]. - The company plans to distribute a cash dividend of 0.83 yuan per share for 2024, with a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 46.33% [4]. - The company forecasts net profits of 1.74 billion yuan for 2025, with an expected EPS of 2.68 yuan, indicating a PE ratio of 9 times based on the closing price on April 17, 2025 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 22.05 billion yuan, a decrease of 17.01% year-on-year, while net profit attributable to shareholders increased by 28.93% to 1.68 billion yuan [1][5]. - For Q1 2025, the company achieved operating revenue of 5.48 billion yuan, down 13.41% year-on-year, but net profit grew by 5.40% to 506 million yuan [1]. Business Segments - The LNG segment saw a total sales volume of 2.74 million tons in 2024, with a 20.39% increase, and a focus on transportation fuel and gas-electricity markets [2]. - The LPG segment's sales were 1.84 million tons in 2024, down 3.68%, but the company anticipates growth with the new terminal project [3]. - The special gases segment, including helium and hydrogen, showed promising growth with significant increases in sales volumes [3]. Dividend and Share Buyback - The company plans to distribute a total cash dividend of 780 million yuan for 2024, with a dividend payout ratio of 46.33% and a projected dividend yield of 5.30% for 2025 [4]. - A share buyback plan of 200 to 300 million yuan is also in place, reflecting confidence in future growth [4].

九丰能源 2025041720250416 摘要 • 九丰能源 2024 年营收 220.47 亿元，同比下降 17.01%，主要因清洁能 源产品价格回落，但通过天然气、LPG 及特种气体销售，总体销售量与去 年持平，特种气体销量大幅增长。 • 2024 年归母净利润 16.84 亿元，同比增长 28.93%，扣非归母净利润 13.5 亿元，同比增长 1.12%。经营活动现金流净额 20.47 亿元，期末货 币资金 58.62 亿元，盈利质量较高，资产负债率降至 36.56%。 • 公司执行 2024 年度分红规划，固定现金分红 7.5 亿元，特别现金分红 3,000 万元，全年总分红 7.8 亿元，每股约 1.23 元。2025 年度固定现金 分红计划为 8.5 亿元，并启动 2-3 亿元股份回购计划。 • 2025 年一季度营收 54.84 亿元，归母净利润 5.06 亿元，同比增长 5.4%，扣非净利润 4.68 亿元，同比增长 1.38%。LPG 业务表现出良好 韧性，能源物流服务和能源作业服务均稳健提升。 • 公司天然气业务聚焦交通燃料和发电领域，预计 2025 年销量在 270 至 300 万吨之 ...

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

江西九丰能源股份有限公司 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：2025-024 关于续聘 2025 年度审计机构的公告 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。 重要内容提示： 拟聘请的审计机构名称：德勤华永会计师事务所（特殊普通合伙）（以下简称 "德勤华永事务所"） 2025 年 4 月 16 日，江西九丰能源股份有限公司（简称"公司"）分别召开第三届 董事会第九次会议和第三届监事会第九次会议审议通过《关于续聘 2025 年度审计机构 的议案》，同意续聘德勤华永事务所为公司 2025 年度审计机构，聘期一年。该议案尚 需提交公司 2024 年年度股东大会审议批准。现将有关事项公告如下： 一、拟聘任审计机构的基本情况 （一）机构信息 1、基本信息 （1）会计师事务所名称：德勤华永会计师事务所（特殊普通合伙） （2）组织形式：特殊普通合伙企业 （3）成立日期：德勤华永事务所的前身是 1993 年 2 月成立的沪江德勤会计师事务 所有限公司，于 2002 年更名为德勤华永会计 ...

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：2025-018 江西九丰能源股份有限公司 2024 年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》 等规定，江西九丰能源股份有限公司（以下简称"公司"或"九丰能源"）董事会对 2024 年度（以下简称"报告期"）募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）2021 年首次公开发行股票募集资金 经中国证监会《关于核准江西九丰能源股份有限公司首次公开发行股票的批复》（证 监许可〔2021〕1437 号）核准，公司向社会公众公开发行人民币普通股（A 股）股票 8,296.9866 万股，每股面值为人民币 1.00 元，每股发行价格为人民币 34.57 元，募集资 金总额为人民币 2,868,268,267.62 元，扣除发行费用 ...