Jovo Energy(SH:605090) Southwest Securities·2024-08-15 10:00Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [1] Core Views - Jiufeng Energy achieved a revenue of 11.267 billion yuan in the first half of 2024, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of 1.106 billion yuan, up 55.23% year-on-year [1] - The company has set a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million, 850 million, and 1 billion yuan, and a special dividend plan if net profit growth exceeds 18% for three consecutive years [1] - The company benefits from dual gas source advantages and strong pricing power, with LNG production exceeding 330,000 tons and significant sales growth in industrial terminals and gas power plant users [1][2] - Jiufeng Energy is actively developing its LPG projects, with a 50,000-ton liquefied hydrocarbon terminal project expected to be completed by 2025 [1] - The company’s energy service and logistics businesses are steadily growing, with a service volume of 180,000 tons in recovery and processing, and the acquisition of new LPG vessels [1] Financial Summary - The forecasted net profit for Jiufeng Energy is expected to be 1.55 billion yuan in 2024, 1.8 billion yuan in 2025, and 2.08 billion yuan in 2026, corresponding to PE ratios of 11.2, 9.7, and 8.4 times respectively [2][3] - The company’s revenue is projected to grow from 26.566 billion yuan in 2023 to 35.329 billion yuan in 2026, with a compound annual growth rate of approximately 9.42% [3] - The net profit attributable to shareholders is expected to increase from 1.314 billion yuan in 2023 to 2.075 billion yuan in 2026, reflecting a growth rate of 15.05% [3] - The company’s return on equity (ROE) is projected to remain stable around 16% over the forecast period [3]