Jovo Energy(605090) 中国银河·2024-08-15 08:03Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company achieved revenue of 11.267 billion yuan in H1 2024, a YoY increase of 1.99%, and net profit of 1.106 billion yuan (non-GAAP 788 million yuan), a YoY increase of 55.23% (non-GAAP 1.79%) [2] - The company's financial indicators are excellent and stable, with a net profit growth significantly higher than revenue growth, mainly due to the optimization and adjustment of LNG and LPG shipping capacity, resulting in 336 million yuan in non-recurring gains [2] - The company's clean energy business showed steady growth, with energy services and special gas businesses achieving rapid growth, supported by the delivery of the "New Bauhinia" LPG transport ship and the acquisition of 2 new LPG ships [3] - The company's "one main, two wings" development strategy, focusing on clean energy, energy services, and special gases, is expected to drive sustained and stable growth [4] Financial Performance - The company's sales gross margin was 9.62%, a slight decrease of 0.18 percentage points YoY, while the expense ratio was 2.19%, an increase of 0.50 percentage points YoY [2] - The asset-liability ratio decreased by 4.20 percentage points YoY to 38.71%, with current and quick ratios remaining stable at 2.77 and 2.45, respectively [2] - The company's cash flow from operations was 1.220 billion yuan, a YoY increase of 72.03%, with a cash dividend payout ratio of 22.47% [2] Business Development - The company's clean energy business maintained stable pricing power, with product sales achieving steady growth, serving as the core support for overall performance growth [3] - In energy services, the company actively provided infrastructure window services and external shipping services, with LNG ships completing 17 voyages and LPG ships completing 24 voyages [3] - The company's special gas business, particularly high-purity helium, achieved sales of 150,000 cubic meters, with a strategic cooperation agreement signed with the Aerospace Academy for a 15-year helium supply [3] Growth Prospects - The company's clean energy business, primarily LNG and LPG, is expected to maintain stable growth due to global low-carbon development needs [4] - The energy services business is entering a rapid growth phase, driven by energy logistics and operations, while the special gas business, centered on helium, is expected to open new growth opportunities in the aerospace sector [4] Dividend and Incentive Plans - The company announced a fixed cash dividend + special cash dividend plan, with fixed annual dividends of 750 million yuan, 850 million yuan, and 1 billion yuan for 2024-2026, respectively, with dividend yields of 4.31%, 4.88%, and 5.74% based on the closing price on August 14, 2024 [5] - The company's equity incentive plan sets performance targets for 2024-2026, with net profit targets of 1.5 billion yuan, 1.725 billion yuan, and 1.984 billion yuan, respectively [4]