[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 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company is expected to achieve revenues of 29.443 billion, 31.632 billion, and 33.002 billion yuan for the years 2024 to 2026, with growth rates of 10.8%, 7.4%, and 4.3% respectively. The net profit attributable to the parent company is projected to be 1.508 billion, 1.764 billion, and 2.027 billion yuan for the same years, with growth rates of 15.5%, 17%, and 14.9% respectively. The corresponding PE ratios are 11.2X, 9.6X, and 8.3X [2] Financial Performance Summary - In 2023, the company achieved an operating income of 26.566 billion yuan, a year-on-year increase of 10.91%, and a net profit attributable to the parent company of 1.306 billion yuan, up 19.82% year-on-year. The basic earnings per share were 2.11 yuan [19][22] - The LNG business generated revenue of 14.69 billion yuan in 2023, with a year-on-year growth of 18.64% and a gross margin of 7.28% [22] - The special gas segment saw rapid growth, with revenue reaching 160 million yuan in 2023, driven by a significant increase in sales volume [10][22] Revenue and Profitability Forecast - The forecast for operating income and net profit for the years 2024 to 2026 indicates a steady growth trajectory, with operating income expected to reach 29.443 billion yuan in 2025 and 33.002 billion yuan in 2026 [15][22] - The gross margin is projected to improve from 7.8% in 2023 to 9.0% by 2026, reflecting enhanced profitability [15][22] Market Position and Strategy - The company has established a dual-resource pool strategy, which is expected to enhance its market position and operational stability [22] - The energy service business is anticipated to play a stabilizing role in the company's overall profitability, with high gross margins expected to further improve the profit structure [23]

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Financial Performance - The company's operating revenue for 2023 reached CNY 26,566,154,491.50, representing a year-on-year increase of 10.91% due to growth in clean energy sales and additional revenue from energy services and specialty gases[11]. - Operating costs increased by 9.34% year-on-year to CNY 24,488,755,352.07, primarily driven by higher sales volumes in clean energy and related services[11]. - The net cash flow from operating activities was CNY 2,158,179,146.35, reflecting a 27.27% increase compared to the previous year, attributed to improved profitability and operational efficiency[14]. - The net profit attributable to shareholders reached CNY 1,305,894,015.06, an increase of 19.81% compared to the previous year[68]. - The basic earnings per share (EPS) was CNY 2.11, reflecting a growth of 19.89% year-on-year[66]. - The diluted earnings per share was CNY 1.95, which is a 10.80% increase compared to 2022[66]. - The company reported a net profit of CNY 1,334,654,953.16 after deducting non-recurring gains and losses, a 26.25% increase year-on-year[68]. - The cumulative cash dividend for 2023 is expected to be CNY 0.70 per share, amounting to CNY 434,454,116.00, which represents 33.27% of the net profit attributable to shareholders[34]. Research and Development - Research and development expenses doubled to CNY 4,212,481.36, indicating a strong commitment to innovation in energy and information technology services[14]. - Research and development expenses increased by 30% to RMB 150 million, focusing on advanced gas extraction technologies[50]. Market Expansion and Strategy - The company has established or is constructing specialty gas resource projects, serving over 800 end-users in sectors such as aerospace, high-end manufacturing, and electronics[22]. - The company is exploring strategic acquisitions to enhance its service capabilities, targeting a deal valued at approximately RMB 200 million[50]. - The company is focused on creating value through innovation and aims to drive a low-carbon economy, aligning with its mission to share a prosperous future[9]. - The company actively expanded its market presence in regions such as Guangxi, Jiangxi, and Hunan, while maintaining strong partnerships with international energy service providers[101]. Financial Management - Financial expenses decreased by 84.86% to -CNY 17,453,470.01, mainly due to reduced foreign exchange gains and increased convertible bond interest amortization[14]. - The company successfully issued convertible bonds, resulting in a net cash inflow from financing activities of CNY 1,185,746,361.42[14]. - The company completed a private placement of convertible bonds raising CNY 1.2 billion to enhance its financial position and support high-quality development[92]. Operational Efficiency - The company achieved a 5% reduction in operational costs due to improved efficiency measures implemented in 2023[50]. - The management expenses surged by 78.49% to CNY 297,667,965.08, influenced by increased share-based payment costs and the consolidation of SenTai Energy[14]. Industry Trends and Insights - From 2010 to 2023, China's apparent natural gas consumption compound annual growth rate (CAGR) reached 10.51%, with a total consumption of 394.53 billion cubic meters in 2023, representing a year-on-year growth of 7.6%[120][125]. - The dependency on imported natural gas rose significantly from 10% in 2010 to 42.28% in 2023, indicating a growing reliance on foreign sources to meet domestic demand[125]. - The market for special gases, including helium and hydrogen, is rapidly expanding due to the growth of high-end industries such as semiconductors and aerospace[191]. Safety and Compliance - The company maintained a "zero accident" safety record throughout the year, conducting over 420 safety inspections and 1,690 training sessions[115]. - The implementation of new environmental regulations by the International Maritime Organization (IMO) in 2023 is expected to accelerate the demand for LNG vessel upgrades[186].

利润稳健增长，24 年目标明确彰显发展信心 2024 年 04 月 10 日 销售费用 204 243 259 282 净利润增长率 19.81 16.32 14.29 15.72 EBITDA 1,933 2,193 2,557 2,964 存货周转天数 14.43 13.99 13.94 13.77 上海：上海市浦东新区浦明路 8 号财富金融广场 1 幢 5F； 200120 | --- | --- | --- | --- | --- | |----------------------------------------------------|--------|------------------|------------|--------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 26,566 | 28,001 | 29,799 | 32,514 | | 增长率（%） | 10.9 | 5.4 | 6.4 | 9.1 | | 归属母公司股东净利润（百万元） | 1,306 | 1,519 | 1,736 | 2,009 | | 增 ...

九丰能源（605090.SH） ➢ 氦气业务：2023 年实现收入 4929 万元，毛利率 83.85%。2023 年，高纯度氦气产销量达 30 万方，可比口径下产销量同比增长超过 60%，2024 年继续推进"国产气氦+进口液氦"双资 源池保障，锚定航空航天特气的发展定位，加快海南商业航天发射场特燃特气配套项目建设进 度。 ➢ 氢气业务：2023 年实现收入 1.1 亿元，毛利率 21.79%。2023 年氢气产量 5258 万方，同比 +100%，2023 年公司完成对正拓气体 70%股权收购，有效提升公司制氢技术实力和氢气运营 管理能力，截至 2023 年末，公司氢气现场制气项目在运行产能规模达 2 万方/小时，2024 年 公司将加快湖南艾尔希二期项目建设，推动华东区域（镇江）零售气站项目的签约与建设，预 期进一步增加氢气产销量。 积极维护股东利益，回报市场。2023 年公司通过提高现金分红比例、实施股份回购等方式回馈市场 投资者。2023 年内累计现金分红金额 3.7 亿元，此外公司分别于 2023 年 2 月、12 月完成两次股份 回购，回购金额合计 2.06 亿元；年度累计综合股东回报金额 5. ...