Jovo Energy(605090) GOLDEN SUN SECURITIES·2024-10-22 00:10Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1][3]. Core Views - Jiufeng Energy's main business is steadily positioned, with exchange rate losses impacting quarterly profits. The company reported a revenue of 17.048 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.75%, while net profit attributable to shareholders reached 1.535 billion yuan, a year-on-year increase of 35.69% [1]. - In Q3 2024, the company achieved a revenue of 5.781 billion yuan, down 31.93% year-on-year, with a net profit of 429 million yuan, up 2.43% year-on-year. Excluding exchange rate losses, the net profit would have been 483 million yuan, reflecting a 21.17% year-on-year growth [1]. - The clean energy business shows a robust layout, with a year-on-year increase in gross profit per ton [1]. Summary by Sections Business Performance - LNG business saw a rapid growth in domestic sales, driven by demand from industrial terminals, transportation fuels, and gas power plants, although spot trading volumes slightly decreased due to price fluctuations [1]. - LPG sales remained stable year-on-year [1]. - The energy service business continued to develop, with over 110,000 tons of natural gas recovery and processing services in Q3 2024, showing steady growth [1]. Special Gases Business - The company reported a steady growth in high-purity helium sales, reaching approximately 110,000 cubic meters in Q3 2024, while actively expanding into the retail market [1]. - The hydrogen project has an operational capacity of 20,000 cubic meters per hour, with Q3 2024 hydrogen production and sales reaching 17.68 million cubic meters, showing steady growth and improved profitability [1]. Financial Projections - The company is expected to achieve net profits of 1.78 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for the years 2024 to 2026, corresponding to P/E ratios of 9.8, 9.1, and 7.9 respectively [1][2].