分析师声明 法律声明 买入（维持） 证券分析师 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 研究助理 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-04 \n沪深 300 对比 | 2023-08 \n1M | 2023-12 \n2M | 3M | | 绝对涨幅 (%) | -1.76 | -2.36 | 6.13 | | 相对涨幅 (%) | -1.36 | -3.63 | -3.57 | | 资料来源：德邦研究所，聚源数据 | | | | 1.《九丰能源（605090.SH）：一主两 翼持续深化，能服+特气加速成长》， 2024.4.10 2.《九丰能源（605090.SH）：23 年预 计归母净利润符合预期，提升股东回 报彰显长期发展信心》，2024.1.25 3.《九丰能源（605090.SH）：拟投建 海南商发特气项目，特气"自 ...

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [3] Core Views - Jiufeng Energy achieved a revenue of 6.333 billion yuan in Q1 2024, a decrease of 2.17% year-on-year, while the net profit attributable to shareholders increased by 6.32% to 480 million yuan [1][13] - The company is implementing a share buyback plan of 100 to 150 million yuan, demonstrating confidence and aiming to enhance shareholder returns [2] - The profit forecast for Jiufeng Energy is set at 1.52 billion yuan, 1.74 billion yuan, and 2.04 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16%, 15%, and 17% [3] Financial Performance - In Q1 2024, Jiufeng Energy's operating cash flow was 683 million yuan, a decrease of 1.05% year-on-year, while the net cash flow from investment activities was -924 million yuan, an increase of 1.88% [15] - The company's asset-liability ratio stood at 41.42%, a decrease of 1.68 percentage points year-on-year [15] - The company reported a weighted average ROE of 5.95%, down by 0.37 percentage points [13] Business Segments - Jiufeng Energy operates in three main segments: 1. Clean Energy: Focus on LNG procurement and stable LPG sales [14] 2. Energy Services: Natural gas recovery services with stable pricing [14] 3. Specialty Gases: Increased production of high-purity helium, expanding into retail markets [14]

Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits for 2024-2026 at 15.2 billion, 17.4 billion, and 20.4 billion yuan, representing year-on-year growth of 16%, 15%, and 17% respectively, corresponding to P/E ratios of 11x, 10x, and 8x for the same period [5]. Core Insights - The company reported a total revenue of 6.333 billion yuan in Q1 2024, a decrease of 2.17% year-on-year, while the net profit attributable to shareholders was 480 million yuan, an increase of 6.32% year-on-year [3][14]. - The company is focusing on a dual strategy of clean energy and energy services, enhancing its integrated advantages in LNG procurement and maintaining stable LPG sales [2][14]. - The company has initiated a share buyback plan of 100 to 150 million yuan, reflecting confidence in its future performance and commitment to increasing shareholder returns [4]. Financial Performance Summary - Total revenue for 2022 was 23.954 billion yuan, with a year-on-year growth of 29.56%. For 2023, the revenue is projected at 26.566 billion yuan, reflecting a growth of 10.91% [1]. - The net profit attributable to shareholders for 2022 was 1.09 billion yuan, with a significant year-on-year increase of 75.87%. The forecast for 2023 is 1.306 billion yuan, indicating a growth of 19.81% [1]. - The latest diluted EPS for 2023 is projected at 2.06 yuan per share, with a P/E ratio of 13.01 [1]. Cash Flow and Financial Health - In Q1 2024, the company reported a net cash flow from operating activities of 683 million yuan, a decrease of 1.05% year-on-year [15]. - The asset-liability ratio for Q1 2024 was 41.42%, showing a decrease of 1.68 percentage points year-on-year, indicating improved financial stability [15].

九丰能源（605090.SH）2024 年一季报点评 免责声明 民生证券研究院： 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 3 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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：2024-040 经审核，监事会认为：董事会编制和审议的公司《2024 年第一季度报告》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 年第一季度报告》。 江西九丰能源股份有限公司 第三届监事会第三次会议决议公告 表决结果：3 票同意、0 票反对、0 票弃权。 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"）第三届监事会第三次会议于 2024 年 4 月 22 日（星期一）以现场表决方式召开。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监事。本次会议应出席监事 3 人，实际出席监事 3 人，会议 由监事会主席慕长鸿先生召集和主持。本次会议的召集、召开及表决程序符 ...

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：2024-041 江西九丰能源股份有限公司 关于以集中竞价交易方式回购公司股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购股份金额：不低于人民币 10,000.00 万元（含），不超过人民币 15,000.00 万 元（含）。 回购股份资金来源：自有资金或自筹资金。 回购股份用途：全部用于后期实施员工持股计划或股权激励计划。 回购股份价格：不超过人民币 41.60 元/股（含），该价格不高于公司董事会通过 回购决议前 30 个交易日公司股票交易均价的 150%。 回购股份方式：集中竞价交易方式。 回购股份期限：自董事会审议通过回购股份方案之日起 12 个月内。 相关股东是否存在减持计划：截至本公告披露日，公司已收到董事、监事、高级 管理人员、控股股东、实际控制人及其一致行动人、持股 5%以上股东未来 3 个月、未 来 6 个月不存在减持公司股份计划的回复。 相关风险提示： 1、公司股票价格如持续超出回购 ...

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 ...