Jovo Energy(605090) 新浪财经·2025-04-22 08:29Core Viewpoint - The company reported a decline in revenue for 2024 and Q1 2025, but net profit showed growth, indicating a resilient operational performance despite market challenges [1][2]. Financial Performance - 2024 revenue was 22.047 billion, down 17.01% year-on-year, with net profit at 1.684 billion, a 28.93% increase (non-recurring profit at 1.350 billion) [1]. - Q1 2025 revenue was 5.484 billion, down 13.41% year-on-year, with net profit at 0.506 billion (non-recurring profit at 0.468 billion), reflecting a 5.40% increase (non-recurring profit up 1.38%) [1]. - Gross profit margins for 2024 and Q1 2025 were 9.33% and 11.72%, respectively, showing an upward trend [2]. - Net profit margins for the same periods were 7.65% and 9.21%, also indicating improvement [2]. - The company's asset-liability ratios were 36.56% for 2024 and 32.65% for Q1 2025, both showing a downward trend [2]. - The company reported negative financial expenses for 2024 and only 0.0887 billion for Q1 2025, indicating low debt pressure [2]. - Cash flow was strong, with net cash flows of 2.047 billion and 0.496 billion for 2024 and Q1 2025, respectively [2]. Business Segments - The clean energy segment showed stable growth, with LNG sales of 2.181 million tons in 2024, up 13.12% year-on-year, and LPG sales of 1.8396 million tons, down 3.51% [3]. - The overall gross margin for clean energy was 7.64%, up 1.04 percentage points year-on-year [3]. - The company is expanding its LPG operations with a new liquefied hydrocarbon terminal and storage base expected to be operational by the end of the year [3]. - Special gases, particularly nitrogen, are seeing growth, with plans to enhance production capacity in the southwest region [3]. - Hydrogen production reached approximately 8.768 million cubic meters in 2024, with ongoing projects to support industrial and chemical users [4]. Incentives and Dividends - The company has a robust incentive structure, including a 2025 employee stock ownership plan with performance targets for net profit [4]. - The fixed and special cash dividend plan for 2024-2026 includes annual dividends of 0.75 billion, 0.85 billion, and 1 billion, with additional special dividends if net profit exceeds 18% growth [5]. - The total dividend for 2024 is projected at 0.78 billion, with a dividend rate of 46.33% [5]. - A share buyback plan for 2025 is set between 0.2 billion and 0.3 billion, enhancing long-term investment value [5].