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：2024-076 江西九丰能源股份有限公司 关于 2024 年限制性股票与股票期权激励计划 首次授予登记完成的公告 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： 2024 年 6 月 21 日，江西九丰能源股份有限公司（以下简称"公司"）分别召开第 三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于向 2024 年限制 性股票与股票期权激励计划激励对象首次授予限制性股票与股票期权的议案》，董事 会认为公司本次激励计划规定的授予条件已经成就，同意确定以 2024 年 6 月 21 日作为 首次授予日/授权日，向 134 名激励对象授予 234.85 万股限制性股票，向 134 名激励对 象授予 234.85 万份股票期权。 根据《上市公司股权激励管理办法》、上海证券交易所及中国证券登记结算有限 责任公司上海分公司（以下简称"中登公司"）的有关规定，公司已办理完成首次授 予所涉及的限制性股票和股票期权的登记工作，并收 ...

本次担保金额：合计人民币 60,000.00 万元（其中 20,000.00 万元纳入现有的担 保额度内，不会增加公司新增担保发生额及总担保金额）。 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：2024-075 江西九丰能源股份有限公司 关于公司及子公司为子公司提供担保的公告 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： 被担保人名称：东莞市九丰能源有限公司（以下简称"东九能源"）、天津元 拓贸易有限公司（以下简称"天津元拓"）、宁波良盈贸易有限公司（以下简称"宁 波良盈"），均为江西九丰能源股份有限公司（以下简称"公司"、"上市公司"或 "九丰能源"）合并报表范围内子公司。 已实际为上述被担保人提供的担保金额：截至 2024 年 7 月 22 日，公司及子公 司分别为东九能源、天津元拓、宁波良盈实际担保余额分别为人民币 46,693.17 万元、 20,000.00 万元、311.45 万元。 本次担保是否有反担保：无。 对外担保逾期的累计数量：无。 特别风险提示： ...

Investment Rating - The report maintains an "Outperform the Market" investment rating for the company [7][13]. Core Views - The report highlights that the company, Jiufeng Energy, is a significant comprehensive energy service provider in China, particularly in the clean energy sector, where it plays a crucial role in the LPG and LNG industries. The company is accelerating its market layout in energy services and special gases, enhancing its influence in auxiliary production services and advancing its special gas business, particularly in helium technology [7][12][26]. Summary by Sections 1. Business Structure and Growth - Jiufeng Energy operates under a "one main, two wings" business model, focusing on clean energy, energy services, and special gases. The LNG and LPG businesses are the primary revenue sources, accounting for 88.44% of total revenue in 2023, with significant gross profits [12][19]. - The company has established a strong LNG receiving station in Dongguan, with an annual turnover capacity of 1.5 million tons for both LNG and LPG, and is expanding its infrastructure with new projects [12][34]. 2. Auxiliary Production Services - The report notes an increase in low-yield and inefficient gas wells in China, creating a substantial market opportunity for auxiliary production services. The auxiliary production market is projected to reach 5.369 billion yuan by 2025 [11][12][76]. - Jiufeng Energy has acquired Henan Zhongneng to enhance its auxiliary production services, currently operating over 110 gas wells, contributing to its revenue growth [41][72]. 3. Helium Production and Strategic Development - The company is actively expanding its helium production capabilities, which are critical given China's high dependence on imported helium. In 2023, Jiufeng Energy produced over 300,000 cubic meters of helium, representing 10% of domestic production [26][48]. - The report emphasizes the importance of helium in various industries, including medical and aerospace, and the company's efforts to establish a dual resource pool of domestic and imported helium [26][48]. 4. Financial Performance and Projections - Jiufeng Energy's revenue for 2023 was 26.566 billion yuan, a year-on-year increase of 10.91%, with a net profit of 1.306 billion yuan, up 19.82% from the previous year. The company expects steady revenue growth in the coming years [27][38]. - The report forecasts net profits of 1.652 billion yuan, 1.777 billion yuan, and 1.922 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.61 yuan, 2.81 yuan, and 3.04 yuan [13][27].

Summary of Conference Call on Jiufeng Energy Industry Overview - The gas sector is currently viewed as having both absolute and relative investment value. The absolute value is supported by pricing policies and cash flow, indicating that the sector is undervalued. The expected return on equity (ROE) is projected to be between 13% and 14% with a price-to-profit (PP) level expected to rise above 2 times in the public utility sector [2][6]. - Relative value comparison shows that gas industry cash flow quality is not reflected in current stock prices, indicating a significant undervaluation compared to other sectors like water and waste management, which are valued at 1.3 to 1.4 times [3][4]. - The gas sector is expected to experience a growth rate of 8% to 9% in gas volume due to increasing clean energy penetration and national policy requirements [5][6]. Company Insights: Jiufeng Energy - Jiufeng Energy's interim report indicates a better-than-expected growth in revenue, attributed to a shift in business structure towards more stable profit models such as energy logistics and services [7][8]. - The company has a strong commitment to dividends, with a planned cash dividend of 7.5 million, 8.5 million, and 10 million over the next three years, representing a dividend payout ratio of approximately 50% based on projected profits [17][18]. - Jiufeng Energy's operational capabilities and growth potential are highlighted, with a focus on energy services expected to drive future growth [7][8]. Competitive Positioning - The gas industry is segmented into upstream, midstream, and downstream players. Jiufeng Energy is positioned in the downstream segment, with a focus on urban gas companies and gas import capabilities [8][9]. - The company is transitioning from being primarily an importer to engaging in upstream activities, which is expected to stabilize its profitability [10][11]. - The overall industry trend indicates a shift towards integrated companies that can manage resources effectively across the supply chain [12]. Financial Performance and Projections - Jiufeng Energy's financial health is robust, with a cash flow of 21.6 billion and a capital expenditure of 11.9 billion, resulting in a free cash flow surplus of approximately 10 billion [21][22]. - The company anticipates a net profit growth of 15% to 18% over the next four years, supported by a strong asset base and operational efficiency [24][25]. - The company’s dividend strategy is designed to provide a stable return to investors, with a projected dividend yield of 4% to 4.5% based on current market capitalization [18][19]. Market Dynamics - The international gas market is expected to remain soft, which may provide Jiufeng Energy with opportunities to secure low-cost resources [33][34]. - The company is optimizing its midstream assets, including LNG and LPG shipping capabilities, to enhance operational efficiency [34][35]. - The downstream market in Guangdong is characterized by high demand and pricing, positioning Jiufeng Energy favorably for growth in gas sales [37][38]. Conclusion - Jiufeng Energy is well-positioned within the gas sector, with a strong focus on cash flow generation, dividend commitments, and growth in energy services. The company’s integrated approach across the supply chain enhances its competitive advantage and financial stability, making it an attractive investment opportunity in the current market environment [59][60].

各位投资者大家晚上好我是动物证券袁李这场是我们再论燃气系列的关于九峰能源的一个深度报告的汇报所以我邀请到了九峰能源的主覆盖的分析师任一川老师来给他详细讲讲在此之前我会从三个方面给大家再谈一谈关于板块和公司的观点我会讲三点第一就是行业的观点为什么在这个位置上面要强控然后第二就是九峰 作为我们长期覆盖的一家公司在这些年发生了什么在这个位置上面我们的观点是什么然后第三就是讲一下行业的理念各公司之间的比较和定位首先第一点就是我们认为在这个位置上面燃气板块的投资价值是既具有绝对价值又具有相对价值的怎么去理解首先从绝对价值的角度来看我们认为从无论是从剩价政策对 ROA的支撑作用来看还是说从现金流的价值角度来看都是低估的举几个具体的数字比如说生产政策对配置费的定价标准是有效资产回报率7个点这意味着合理杠杆率之下ROE是13-14那么作为一个优质的地线比常年在1.5倍以上自由现金流持续增长的行业那么优质的现金流最高稳定的13-14这点的ROE我们认为PP水平 在公用行业里面应该能回升到两倍以上然后这是第一就绝对价值第二什么叫做相对价值我认为有几个做标准首先比如说我们看二级市场上面的雪屋顾费这些资产基本上估值也运行到1.3到1 ...

欢迎参加动物环保共用战乱燃气 救工能源三盐分红大幅提升普全基地锁定成长会议目前所有餐馆均处于静态下面开始播放片段声明声明播放完毕后主讲人可直接开始发言 谢谢 动物证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的 我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位投资者大家晚上好我是动物证券原理那这场呢是我们再论燃气系列的关于九峰能源的一个深度报告的汇报所以我邀请到了九峰能源的主覆盖的分析师任一宣老师来给他详细讲讲 那在此之前呢我会从三个方面给大家再谈一谈关于板块和公司的观点我会讲三点第一就是行业的观点为什么在这个位置上面要长空然后第二呢就是酒疯作为我们长期覆盖的一家公司在这些年发生了什么在这个位置上面我们的观点是什么然后第三呢就是 讲一下行业的里面各公司之间的比较和定位首先第一点就是我们认为在这个位置上面燃气板块的投资价值是既具有绝对价值又具有相对价值的怎么去理解首先从绝对价值的角度来看我们认为从无论是从涉嫁政策对ROA的支撑 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 999-1,069 million yuan for the first half of 2024, representing a year-on-year increase of 40%-50%, which exceeds market expectations [2] - The growth is driven by the stable development of clean energy, energy services, and specialty gases [2][3] - The company plans to significantly increase fixed cash dividends from 2024 to 2026, with a special cash dividend to be initiated if net profit growth exceeds 18% during these years [3] - The profit forecast for 2024-2026 is set at 1,520/1,740/2,040 million yuan, with corresponding P/E ratios of 13/11/9 times [3] Summary by Sections Earnings Forecast and Valuation - Total revenue is projected to grow from 26,566 million yuan in 2023 to 28,872 million yuan in 2024, reflecting a year-on-year growth of 8.68% [1] - Net profit attributable to shareholders is expected to rise from 1,306 million yuan in 2023 to 1,518 million yuan in 2024, indicating a growth of 16.27% [1] - The latest diluted EPS is forecasted to be 2.40 yuan per share in 2024, with a P/E ratio of 12.55 [1] Financial Performance - The company anticipates stable cash flow from operating activities, with an expected increase from 2,158 million yuan in 2023 to 2,207 million yuan in 2024 [6] - The total assets are projected to grow from 14,409 million yuan in 2023 to 16,483 million yuan in 2024 [10] - The company aims to maintain a healthy return on equity (ROE) of approximately 15.88% in 2024 [6][10]

具有价值创造力的清洁能源服务商 江西九丰能源股份有限公司 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。 江西九丰能源股份有限公司（以下简称"公司"）预计2024年半年度实现归属 于母公司所有者的净利润为 99,738.86 万元到 106,863.06 万元，与上年同期相比，将增 加 28,496.82 万元到 35,621.02 万元，同比增长 40.00%到 50.00%。 一、本期业绩预告情况 2024 年 1 月 1 日至 2024 年 6 月 30 日。 1、经公司财务部门初步测算，预计2024年半年度实现归属于母公司所有者的净利 润为 99,738.86 万元到 106,863.06 万元，与上年同期相比，将增加 28,496.82 万元到 35,621.02 万元，同比增长 40.00%到 50.00%。 二、上年同期经营业绩和财务状况 1、公司上年同期实现归属于母公司所有者的净利润为71,242.04万元；归属于母公 司所有者的扣除非经常性损益的净利润为 77,414.90 万元； 1、报告期内，公司清洁能源 ...

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：2024-073 江西九丰能源股份有限公司 被担保人名称：广东九丰能源集团有限公司（以下简称"九丰集团"）、东莞 市九丰能源有限公司（以下简称"东九能源"）、天津元拓贸易有限公司（以下简称 "天津元拓"），均为江西九丰能源股份有限公司（以下简称"公司"、"上市公司" 或"九丰能源"）合并报表范围内子公司。 本次担保金额：合计人民币 45,000.00 万元。 已实际为上述被担保人提供的担保金额：截至 2024 年 7 月 1 日，公司及子公司 分别为九丰集团、东九能源、天津元拓实际担保余额分别为人民币 9,802.00 万元、 50,957.40 万元、0 万元。 本次担保是否有反担保：无。 对外担保逾期的累计数量：无。 特别风险提示：截至 2024 年 7 月 1 日，公司对外担保事项均为合并报表范围内 的公司对子公司、子公司与子公司之间相互提供的担保，实际担保余额折合人民币共 计 172,333.32 万元（含借款、保函、信用证等），占 2023 年末经审计的归属于上市公 司股东净资产的 22.16%。敬请广大投资者注意 ...

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：2024-072 | | --- | --- | --- | --- | | 转债代码：110815 | 转债简称：九丰定 | 01 | | | 转债代码：110816 | 转债简称：九丰定 | 02 | | 江西九丰能源股份有限公司 关于可转债转股结果暨股份变动的公告 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： 累计转股情况：公司可转债"九丰定 01"自 2023 年 6 月 29 日起开始转股，"九 丰定 02"尚未开始转股。截至 2024 年 6 月 30 日，可转债"九丰定 01"累计转股的金 额为 173,616,500 元，累计转股股数为 7,814,856 股，占可转债转股前公司已发行股份总 额（625,414,024 股）的 1.25%。 未转股可转债情况：截至 2024 年 6 月 30 日，公司未转股的可转债金额合计为人 民币 2,106,380,800 元（其中："九丰定 01"金额为 ...