Jovo Energy(SH:605090) Soochow Securities·2024-07-11 23:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 999-1,069 million yuan for the first half of 2024, representing a year-on-year increase of 40%-50%, which exceeds market expectations [2] - The growth is driven by the stable development of clean energy, energy services, and specialty gases [2][3] - The company plans to significantly increase fixed cash dividends from 2024 to 2026, with a special cash dividend to be initiated if net profit growth exceeds 18% during these years [3] - The profit forecast for 2024-2026 is set at 1,520/1,740/2,040 million yuan, with corresponding P/E ratios of 13/11/9 times [3] Summary by Sections Earnings Forecast and Valuation - Total revenue is projected to grow from 26,566 million yuan in 2023 to 28,872 million yuan in 2024, reflecting a year-on-year growth of 8.68% [1] - Net profit attributable to shareholders is expected to rise from 1,306 million yuan in 2023 to 1,518 million yuan in 2024, indicating a growth of 16.27% [1] - The latest diluted EPS is forecasted to be 2.40 yuan per share in 2024, with a P/E ratio of 12.55 [1] Financial Performance - The company anticipates stable cash flow from operating activities, with an expected increase from 2,158 million yuan in 2023 to 2,207 million yuan in 2024 [6] - The total assets are projected to grow from 14,409 million yuan in 2023 to 16,483 million yuan in 2024 [10] - The company aims to maintain a healthy return on equity (ROE) of approximately 15.88% in 2024 [6][10]