Jovo Energy(SH:605090) Xin Lang Cai Jing·2025-08-22 06:31Core Viewpoint - In Q2, the company's net profit attributable to shareholders increased by 5.1% year-on-year, with a mid-term dividend of 266 million yuan. In the first half of 2025, the company achieved operating revenue of 10.428 billion yuan (down 7.4% year-on-year) and a net profit of 861 million yuan (down 22.2% year-on-year), mainly due to high sales of LNG ships in Q2 of the previous year, which generated 336 million yuan. The non-recurring net profit attributable to shareholders for the first half of 2025 was 811 million yuan (up 2.9% year-on-year), with Q1 and Q2 showing year-on-year increases of 1.4% and 5.1%, respectively. As of the first half of 2025, the company's asset-liability ratio was 35.5% (compared to 36.6% at the end of the previous year), with cash and cash equivalents of 4.6 billion yuan accounting for nearly 30% of total assets. The non-recurring ROE for the first half of the year was 8.5% (compared to 9.6% in the first half of 2024), mainly due to high turnover of quality assets such as ships and terminals. The mid-term dividend of 266 million yuan corresponds to a current dividend yield of approximately 4.3% [1] Financial Performance - In the first half of 2025, the company's gross profit was 1.124 billion yuan (up 37 million yuan or 3.7% year-on-year). By business segment, the gross profit from natural gas and operations was 680 million yuan (up 35 million yuan year-on-year). Although LNG sales volume decreased year-on-year due to rising overseas gas prices, the proportion of high-margin long-term contracts and domestic self-produced gas increased, which may improve the gross margin per ton of LNG. The gross profit from LPG and energy logistics was 406 million yuan (up 27 million yuan year-on-year), with increased sales and good performance of charter contracts. The gross profit from specialty gases and other chemical businesses was 38 million yuan (down 22 million yuan year-on-year), possibly due to maintenance impacts [2] Industry Development - The company has made progress in its industrial layout, particularly in LNG, LPG, and aerospace specialty gases. Key developments include: (1) Expansion of low-cost LNG sources: New long-term contracts for offshore gas are being advanced, while self-produced gas construction and acquisition of new gas sources are being accelerated, aiming to reduce costs and increase supply for downstream gas power plants and transportation fuel markets; (2) Completion of LPG terminal acquisition: The acquisition of Guangzhou Huakai LPG terminal was completed in May, enhancing LPG market share in Guangzhou and Dongguan, contributing to both volume and margin growth; (3) Acceleration of specialty gases and rocket launches: The completion of the 1 million cubic meters/year helium project in Luzhou, Sichuan, and the acceleration of commercial rocket launches at the Wenchang base in Hainan in the second half of this year, enhancing valuation flexibility for aerospace specialty gases [2] Profit Forecast and Investment Recommendation - The company is expected to achieve net profits of 1.58 billion yuan, 1.81 billion yuan, and 2.16 billion yuan for the years 2025 to 2027, corresponding to PE valuations of 12.2, 10.7, and 8.9 times. With growth and dividends, a PE of 15 times for 2025 is suggested, corresponding to a reasonable value of 35.67 yuan per share, maintaining a "buy" rating [3]