Jovo Energy(SH:605090) Xin Lang Cai Jing·2025-11-01 08:39Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 15.608 billion yuan (down 8.45% year-on-year) and net profit at 1.241 billion yuan (down 19.13% year-on-year) [1] - The decline in performance is attributed to extreme weather impacts, operational costs, and expenses related to employee incentive plans [1] Financial Performance - For Q3 2025, the company achieved revenue of 5.180 billion yuan (down 10.39% year-on-year) and net profit of 0.380 billion yuan (down 11.29% year-on-year) [1] - The total impact on pre-tax profit due to extreme weather and operational issues was approximately 82 million yuan and 15 million yuan, respectively [1] LNG and LPG Business Outlook - The LNG business showed resilience with steady growth in gross profit, despite a challenging market environment characterized by supply surplus and price pressure [2] - The completion of maintenance at the Guangzhou Huakai receiving station and the establishment of a dynamic operation system for LPG are expected to enhance LPG sales [2] - The company anticipates improved profitability in its LPG business following the resolution of weather-related disruptions [2] Investment Plans - The company plans to invest in a coal-to-gas project in Xinjiang, aiming to produce 5.5 billion cubic meters of synthetic natural gas annually, with a total investment of 23.033 billion yuan [3] - This project is expected to fill the company's resource gap and diversify its upstream resource pool [3] Future Revenue and Profit Projections - Revenue projections for 2025-2027 are estimated at 22.865 billion yuan, 25.18 billion yuan, and 27.138 billion yuan, with growth rates of 3.7%, 10.1%, and 7.8% respectively [4] - Net profit projections for the same period are 1.763 billion yuan, 1.966 billion yuan, and 2.104 billion yuan, with growth rates of 4.7%, 11.5%, and 7.1% respectively [4]