Jovo Energy(SH:605090) Haitong Securities·2024-08-22 03:09Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 11.267 billion yuan for the first half of 2024, representing a year-on-year growth of 1.99%, primarily due to stable sales in the clean energy sector and growth in energy services and specialty gases [4] - The net profit attributable to shareholders reached 1.106 billion yuan, a significant increase of 55.23%, driven by stable pricing power in clean energy and growth in energy services and specialty gases [4] - The company is focusing on three main business segments: clean energy, energy services, and specialty gases, with each segment showing positive developments [4] Summary by Sections Clean Energy Business - The LNG production exceeded 330,000 tons in the first half of 2024, with a focus on self-controlled projects [4] - The company is actively expanding upstream supplier resources for LPG and ensuring cost competitiveness through flexible procurement strategies [4] Energy Services Business - The company established a new operational center in Chengdu to enhance management and operations in energy services [4] - The LNG and LPG vessels provided a total of 41 voyages for external capacity services, receiving positive feedback from clients [4] Specialty Gases Business - The helium business achieved a sales volume of approximately 150,000 cubic meters, with ongoing efforts to establish a dual-resource pool for helium [4] - The hydrogen production projects in Shandong, Hebei, and Hunan are performing well, with a total hydrogen sales volume of 54.34 million cubic meters in the first half of 2024 [4] Financial Forecast - The company expects net profits of 1.501 billion yuan, 1.909 billion yuan, and 2.214 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.36 yuan, 3.00 yuan, and 3.48 yuan [6][8] - The projected revenue for 2024 is 30.303 billion yuan, reflecting a year-on-year growth of 14.1% [6][8] Valuation - The company is assigned a PE ratio of 12-13 times for 2024, leading to a reasonable value range of 28.32-30.68 yuan per share [4]