Jovo Energy(SH:605090) Guoxin Securities·2024-08-19 13:30Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][11] Core Views - The company achieved a significant increase in net profit, reaching 1.11 billion yuan in the first half of 2024, a year-on-year growth of 55.2%, primarily due to stable sales in clean energy and gains from asset disposals [1][4] - The clean energy business is developing steadily, forming a "dumbbell" business structure that integrates marine and land gas resources [1][10] - The company has set a cash dividend plan for 2024-2026, with a total cash dividend of 7.50 billion, 8.50 billion, and 10.00 billion yuan respectively, reflecting a commitment to shareholder returns [1][11] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 11.267 billion yuan, a 1.99% increase year-on-year, driven by stable sales in clean energy and growth in energy services and specialty gases [1][4] - The net profit attributable to shareholders reached 1.106 billion yuan, up 55.23% year-on-year, aided by non-recurring asset disposal gains of 336 million yuan [1][4][11] - The company expects net profit for 2024-2026 to be 1.78 billion, 1.79 billion, and 2.01 billion yuan respectively, with growth rates of 36%, 1%, and 12% [1][11] Business Structure - The clean energy segment has established a dual-resource pool, integrating marine and land gas through key assets like ships, receiving stations, and storage tanks [1][10] - The company has a controlled LNG capacity of 700,000 tons, with production exceeding 330,000 tons in H1 2024 [1][10] - The specialty gas segment, particularly high-purity helium, has seen a production increase, with sales reaching approximately 150,000 cubic meters, up by about 20,000 cubic meters year-on-year [1][10] Dividend Policy - The company has announced a cash dividend of 0.40 yuan per share for H1 2024, which constitutes 33.1% of the total planned dividends for the year [1][11] - The dividend plan for 2024-2026 includes two distributions per year, alongside special cash dividends [1][11]