九丰能源：上半年扣非业绩同比+1.79%，提出三年分红方案强化股东回报

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a revenue of 11.267 billion yuan for 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 [3] - The company has announced a three-year cash dividend plan, proposing fixed cash dividends of 750 million yuan, 850 million yuan, and 1 billion yuan for the years 2024, 2025, and 2026 respectively [3] - The company’s three main business segments are showing steady growth, with significant contributions from asset disposals [3] Financial Summary - Revenue projections for 2024-2026 are 28.122 billion yuan, 30.320 billion yuan, and 32.214 billion yuan, representing year-on-year growth rates of 5.9%, 7.8%, and 6.2% respectively [2][4] - Net profit attributable to shareholders is forecasted to be 1.511 billion yuan, 1.725 billion yuan, and 1.984 billion yuan for 2024-2026, with year-on-year growth rates of 15.7%, 14.2%, and 15.0% respectively [2][4] - The company’s gross margin is expected to improve from 7.8% in 2023 to 9.3% in 2026 [2][4] - The report indicates a price-to-earnings (PE) ratio of 12.1x, 10.6x, and 9.2x for 2024-2026 based on the closing price as of August 13, 2024 [3][4]