Jovo Energy(SH:605090) Minsheng Securities·2024-08-14 10:09Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) with a current price of 27.40 CNY [1]. Core Views - The company achieved a revenue of 11.267 billion CNY in the first half of 2024, representing a year-on-year growth of 1.99%. The net profit attributable to shareholders increased significantly by 55.23% to 1.106 billion CNY [2]. - The company plans to distribute a mid-year dividend of 249 million CNY, with a dividend rate of 22.47% and a dividend yield of 1.46% based on the closing price on August 14, 2024 [2]. - The clean energy business showed stable performance, with a slight revenue decline of 0.28% to 10.824 billion CNY in the first half of 2024, while maintaining a gross margin of 8.86% [2]. - The energy services segment experienced rapid growth, with revenue increasing by 131.50% to 310 million CNY and a gross margin of 25.97% [2]. - The specialty gas business also saw significant growth, with revenue rising by 125.08% to 133 million CNY and a gross margin of 33.23% [2]. - The report forecasts net profits for 2024-2026 to be 1.844 billion CNY, 1.880 billion CNY, and 2.016 billion CNY respectively, with corresponding EPS of 2.90 CNY, 2.96 CNY, and 3.17 CNY [2]. Financial Summary - For 2023A, the total revenue is projected at 26.566 billion CNY, with a growth rate of 10.91%. The net profit attributable to shareholders is expected to be 1.306 billion CNY, reflecting a growth rate of 19.81% [6]. - The company’s financial metrics indicate a PE ratio of 13 for 2023A, decreasing to 9 for the following years, and a PB ratio starting at 2.2 in 2023A and declining to 1.5 by 2026E [7]. - The total assets are expected to grow from 14.409 billion CNY in 2023A to 18.915 billion CNY in 2026E, while total liabilities are projected to increase from 6.255 billion CNY to 6.958 billion CNY over the same period [7].