Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a revenue of 11.267 billion yuan for the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.106 billion yuan, up 55.23% year-on-year [3] - The company has announced a three-year cash dividend plan, proposing fixed cash dividends of 750 million yuan, 850 million yuan, and 1 billion yuan for the years 2024, 2025, and 2026 respectively [3] - The company’s three main business segments are showing steady growth, with significant contributions from asset disposals [3] Financial Summary - Revenue projections for 2024-2026 are 28.122 billion yuan, 30.320 billion yuan, and 32.214 billion yuan, representing year-on-year growth rates of 5.9%, 7.8%, and 6.2% respectively [2][4] - Net profit attributable to shareholders is forecasted to be 1.511 billion yuan, 1.725 billion yuan, and 1.984 billion yuan for 2024-2026, with year-on-year growth rates of 15.7%, 14.2%, and 15.0% respectively [2][4] - The company’s gross margin is expected to improve from 7.8% in 2023 to 9.3% in 2026 [2][4] - The report indicates a price-to-earnings (PE) ratio of 12.1x, 10.6x, and 9.2x for 2024-2026 based on the closing price as of August 13, 2024 [3][4]

投资要点 [Table_Main] 证券研究报告 | 公司点评 九丰能源(605090.SH) 2024 年 08 月 16 日 | --- | --- | |----------------------------|------------------------------| | 九丰能源（ 买入（维持） | 605090.SH ）：业绩稳 | | 所属行业：公用事业 / 燃气Ⅱ | | | 当前价格 ( 元 ) ： 27.45 | 步增长，资产优化助力长期发展 | 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 研究助理 市场表现 -14% 0% 14% 29% 43% 九丰能源 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|----------------|--------------| | -29% 2023-08 \n沪深 300 对 ...

证券研究报告·公司点评报告·燃气Ⅱ 九丰能源（605090） 2024 年中报业绩点评：业绩稳步成长，清洁 能源核心资产优化&能服特气贡献提升 2024 年 08 月 15 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 23954 | 26566 | 28872 | 30696 | 36853 | | 同比（ % ） | 29.56 | 10.91 | 8.68 | 6.32 | 20.06 | | 归母净利润（百万元） | 1090 | 1306 | 1518 | 1743 | 2035 | | 同比（ % ） | 75.87 | 19.81 | 16.27 | 14.78 | 16.76 | | EPS- 最新摊薄（元 / 股） | 1.71 | 2.05 | ...

[Table_StockInfo] 2024 年 08 月 14 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：27.40 元 九丰能源（605090）公用事业 目标价：——元（6 个月） 三大业务协同发展，推进核心资产优化 [Table_Summary 事件：公司发布] 2024 年半年报，报告期内公司实现营收 112.67 亿元，同比 +1.99%；实现归母净利润 11.06亿元，同比+55.23%；实现扣非归母净利润 7.88 亿元，同比增长 1.79%；此外，公司制定了 2024-2026 年现金分红规划，固定 现金分红金额分别为 7.5/8.5/10.0亿元，且当连续三年净利润增长超过 18%时， 启动当年度特别分红计划，现金分红下限为 0.2亿元。 海陆双气源保障优势，顺价能力突出。（1）LNG：24H1 公司提升海气现货资源 采购，优化资源综合成本，公司天然气回收处理配套服务项目及传统 LNG液化 工厂项目 LNG 产量超 33 万吨，发挥陆气资源压舱石作用；客户端方面，公司 存增量并进，工业终端和燃气电厂用户销量同比大幅增长。（2）LPG：公司积 极推动惠州液化烃码头项目（ ...

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [1] Core Views - Jiufeng Energy achieved a revenue of 11.267 billion yuan in the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.106 billion yuan, up 55.23% year-on-year [1] - The company has set a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million, 850 million, and 1 billion yuan, and a special dividend plan if net profit growth exceeds 18% for three consecutive years [1] - The company benefits from dual gas source advantages and strong pricing power, with LNG production exceeding 330,000 tons and significant sales growth in industrial terminals and gas power plant users [1][2] - Jiufeng Energy is actively developing its LPG projects, with a 50,000-ton liquefied hydrocarbon terminal project expected to be completed by 2025 [1] - The company’s energy service and logistics businesses are steadily growing, with a service volume of 180,000 tons in recovery and processing, and the acquisition of new LPG vessels [1] Financial Summary - The forecasted net profit for Jiufeng Energy is expected to be 1.55 billion yuan in 2024, 1.8 billion yuan in 2025, and 2.08 billion yuan in 2026, corresponding to PE ratios of 11.2, 9.7, and 8.4 times respectively [2][3] - The company’s revenue is projected to grow from 26.566 billion yuan in 2023 to 35.329 billion yuan in 2026, with a compound annual growth rate of approximately 9.42% [3] - The net profit attributable to shareholders is expected to increase from 1.314 billion yuan in 2023 to 2.075 billion yuan in 2026, reflecting a growth rate of 15.05% [3] - The company’s return on equity (ROE) is projected to remain stable around 16% over the forecast period [3]

Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company achieved revenue of 11.267 billion yuan in H1 2024, a YoY increase of 1.99%, and net profit of 1.106 billion yuan (non-GAAP 788 million yuan), a YoY increase of 55.23% (non-GAAP 1.79%) [2] - The company's financial indicators are excellent and stable, with a net profit growth significantly higher than revenue growth, mainly due to the optimization and adjustment of LNG and LPG shipping capacity, resulting in 336 million yuan in non-recurring gains [2] - The company's clean energy business showed steady growth, with energy services and special gas businesses achieving rapid growth, supported by the delivery of the "New Bauhinia" LPG transport ship and the acquisition of 2 new LPG ships [3] - The company's "one main, two wings" development strategy, focusing on clean energy, energy services, and special gases, is expected to drive sustained and stable growth [4] Financial Performance - The company's sales gross margin was 9.62%, a slight decrease of 0.18 percentage points YoY, while the expense ratio was 2.19%, an increase of 0.50 percentage points YoY [2] - The asset-liability ratio decreased by 4.20 percentage points YoY to 38.71%, with current and quick ratios remaining stable at 2.77 and 2.45, respectively [2] - The company's cash flow from operations was 1.220 billion yuan, a YoY increase of 72.03%, with a cash dividend payout ratio of 22.47% [2] Business Development - The company's clean energy business maintained stable pricing power, with product sales achieving steady growth, serving as the core support for overall performance growth [3] - In energy services, the company actively provided infrastructure window services and external shipping services, with LNG ships completing 17 voyages and LPG ships completing 24 voyages [3] - The company's special gas business, particularly high-purity helium, achieved sales of 150,000 cubic meters, with a strategic cooperation agreement signed with the Aerospace Academy for a 15-year helium supply [3] Growth Prospects - The company's clean energy business, primarily LNG and LPG, is expected to maintain stable growth due to global low-carbon development needs [4] - The energy services business is entering a rapid growth phase, driven by energy logistics and operations, while the special gas business, centered on helium, is expected to open new growth opportunities in the aerospace sector [4] Dividend and Incentive Plans - The company announced a fixed cash dividend + special cash dividend plan, with fixed annual dividends of 750 million yuan, 850 million yuan, and 1 billion yuan for 2024-2026, respectively, with dividend yields of 4.31%, 4.88%, and 5.74% based on the closing price on August 14, 2024 [5] - The company's equity incentive plan sets performance targets for 2024-2026, with net profit targets of 1.5 billion yuan, 1.725 billion yuan, and 1.984 billion yuan, respectively [4]

Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) [3][5]. Core Viewpoints - Jiufeng Energy demonstrates strong and stable financial performance, with a significant net profit increase of 55.23% year-on-year, driven by asset optimization and non-recurring gains [2][3]. - The company is positioned as a "clean energy service provider with value creation capability," focusing on three main business segments: clean energy, energy services, and specialty gases, which are expected to sustain stable growth [3][5]. - The company has implemented a robust incentive plan and a high dividend policy, enhancing its investment value and reflecting confidence in sustained performance growth [3][5]. Financial Performance Summary - For the first half of 2024, Jiufeng Energy reported revenue of 11.267 billion yuan, a year-on-year increase of 1.99%, and a net profit of 1.106 billion yuan, with a non-recurring profit of 336 million yuan contributing to the significant profit growth [2]. - The company's gross profit margin stands at 9.62%, with a stable expense ratio of 2.19% [2]. - The projected net profits for 2024-2026 are 1.836 billion yuan, 1.755 billion yuan, and 2.049 billion yuan, respectively, with corresponding PE ratios of 9.48, 9.92, and 8.50 [5][6]. Business Segment Performance - The clean energy segment continues to show stable growth, supported by steady product sales and effective pricing strategies [2][3]. - The energy services segment is experiencing rapid growth, driven by logistics and operational services, with significant project deliveries and service volumes reported [2][3]. - The specialty gases segment, particularly high-purity helium, is expanding through strategic partnerships, indicating potential for growth in aerospace applications [2][3].

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 08 月 14 日 九丰能源 (605090) ——运力优化助力利润高增 高分红凸显长期价值 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 13 日 | | 收盘价（元） | 28.70 | | 一年内最高 / 最低（元） | 31.52/22.00 | | 市净率 | 2.2 | | 息率（分红/股价） | 2.44 | | 流通 A 股市值（百万元） | 7,715 | | 上证指数/深证成指 | 2,867.95/8,409.22 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 13.47 | | | | | 资产负债率 % ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 36.45 CNY, compared to the current price of 28.70 CNY [1]. Core Views - The company's core business shows stable incremental contributions, and asset optimization enhances profit margins. The second quarter of 2024 saw revenues of 49.34 billion CNY, a year-on-year increase of 7.89% but a quarter-on-quarter decrease of 22.08%. The net profit attributable to shareholders reached 6.26 billion CNY, marking a significant year-on-year increase of 139.89% and a quarter-on-quarter increase of 30.33% [1]. - The company plans to distribute a mid-term cash dividend of 0.4 CNY per share, totaling approximately 2.49 billion CNY, which represents 33.14% of the fixed cash dividend amount for 2024 [1]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of 6.26 billion CNY, with a significant year-on-year growth of 139.89%. The adjusted net profit was 3.26 billion CNY, showing a slight year-on-year increase of 0.51% [1]. - The company’s total revenue for 2024 is projected to be 28.637 billion CNY, with a year-on-year growth rate of 7.8%. The net profit for 2024 is expected to be 1.537 billion CNY, reflecting a growth rate of 17.7% [3][4]. Business Segment Analysis - In the clean energy sector, the company has effectively allocated resources, maintaining stable pricing power and achieving steady sales growth. The LNG segment has a controlled production capacity of 700,000 tons, with over 330,000 tons produced in the first half of the year. Sales to industrial end-users increased by 20% year-on-year [1]. - The LPG segment is expanding its market presence in domestic chemical raw materials and Southeast Asia, with ongoing construction of a 50,000-ton LPG terminal project expected to be completed by 2025 [1]. - The special gases segment has seen rapid profit growth, with sales of high-purity helium and hydrogen reaching approximately 150,000 cubic meters and 5.434 million cubic meters, respectively [1]. Future Outlook - The company forecasts net profits for 2024, 2025, and 2026 to be 1.537 billion CNY, 1.776 billion CNY, and 2.006 billion CNY, respectively, with corresponding EPS of 2.43 CNY, 2.81 CNY, and 3.17 CNY. The current market capitalization corresponds to PE ratios of 12x, 10x, and 9x for the respective years [1][3].

Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) with a current price of 27.40 CNY [1]. Core Views - The company achieved a revenue of 11.267 billion CNY in the first half of 2024, representing a year-on-year growth of 1.99%. The net profit attributable to shareholders increased significantly by 55.23% to 1.106 billion CNY [2]. - The company plans to distribute a mid-year dividend of 249 million CNY, with a dividend rate of 22.47% and a dividend yield of 1.46% based on the closing price on August 14, 2024 [2]. - The clean energy business showed stable performance, with a slight revenue decline of 0.28% to 10.824 billion CNY in the first half of 2024, while maintaining a gross margin of 8.86% [2]. - The energy services segment experienced rapid growth, with revenue increasing by 131.50% to 310 million CNY and a gross margin of 25.97% [2]. - The specialty gas business also saw significant growth, with revenue rising by 125.08% to 133 million CNY and a gross margin of 33.23% [2]. - The report forecasts net profits for 2024-2026 to be 1.844 billion CNY, 1.880 billion CNY, and 2.016 billion CNY respectively, with corresponding EPS of 2.90 CNY, 2.96 CNY, and 3.17 CNY [2]. Financial Summary - For 2023A, the total revenue is projected at 26.566 billion CNY, with a growth rate of 10.91%. The net profit attributable to shareholders is expected to be 1.306 billion CNY, reflecting a growth rate of 19.81% [6]. - The company’s financial metrics indicate a PE ratio of 13 for 2023A, decreasing to 9 for the following years, and a PB ratio starting at 2.2 in 2023A and declining to 1.5 by 2026E [7]. - The total assets are expected to grow from 14.409 billion CNY in 2023A to 18.915 billion CNY in 2026E, while total liabilities are projected to increase from 6.255 billion CNY to 6.958 billion CNY over the same period [7].