Jovo Energy(SH:605090) GOLDEN SUN SECURITIES·2024-08-14 06:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 11.27 billion yuan in the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.11 billion yuan, representing a growth of 55.2% [1] - The company has a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million yuan, 850 million yuan, and 1 billion yuan respectively, along with special cash dividends [2] - The company is expected to achieve net profits attributable to shareholders of 1.64 billion yuan, 1.91 billion yuan, and 2.22 billion yuan for 2024-2026, corresponding to P/E ratios of 11.1, 9.6, and 8.2 [2] Business Performance Summary Clean Energy Business - The clean energy business maintained stable pricing power, with product sales steadily increasing [2] - The LPG resources are primarily matched with domestic customers, with over 80% used for residential gas [2] - LNG sales to industrial end-users grew by 20% year-on-year [2] - The company is advancing the construction of the Huizhou liquefied hydrocarbon terminal project and associated LPG storage base, aiming for completion in 2025 [2] Energy Services Business - The company operates three natural gas recovery and processing service projects with a processing capacity of approximately 1.72 million cubic meters per day [2] - The company has expanded its auxiliary production services in key areas and launched pilot projects in the Sichuan-Chongqing region [2] - The company completed the construction and delivery of the "New Zijinghua" LPG transport vessel and acquired two new LPG vessels [2] Specialty Gases Business - The company produced and sold 150,000 cubic meters of high-purity helium and signed a strategic cooperation agreement with the Chinese Academy of Sciences for helium supply [2] - Hydrogen production reached 54.34 million cubic meters, with significant growth in bottled hydrogen retail [2] Financial Metrics Summary - Revenue is projected to grow from 26.57 billion yuan in 2023 to 29.58 billion yuan in 2024, with a year-on-year growth rate of 11.3% [3] - Net profit is expected to increase from 1.31 billion yuan in 2023 to 1.64 billion yuan in 2024, reflecting a growth rate of 25.8% [3] - The latest diluted EPS is projected to rise from 2.05 yuan in 2023 to 2.58 yuan in 2024 [3] - The company’s P/E ratio is expected to decrease from 14.0 in 2023 to 11.1 in 2024, indicating improved valuation [3]