Jovo Energy(605090) Minsheng Securities·2024-10-22 04:00Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) [3] Core Views - Jiufeng Energy's revenue for the first three quarters of 2024 was 17.048 billion yuan, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders increased by 35.69% to 1.535 billion yuan, achieving the performance assessment target of 1.5 billion yuan ahead of schedule [1] - The company's clean energy business is steadily recovering, with new terminal projects expected to contribute to growth [1] - The report forecasts net profits for 2024-2026 to be 1.798 billion, 1.848 billion, and 2.033 billion yuan respectively, with corresponding EPS of 2.82, 2.89, and 3.18 yuan per share [1][5] Financial Performance Summary - For Q3 2024, Jiufeng Energy reported revenue of 5.781 billion yuan, a year-on-year decline of 31.93%, but a quarter-on-quarter increase of 17.15% [1] - The net profit for Q3 2024 was 429 million yuan, a year-on-year increase of 2.43% [1] - The company achieved a gross profit margin of 9.07% in 2024E, with a net profit margin of 7.26% [5] - The forecasted revenue for 2024 is 24.776 billion yuan, a decrease of 6.7% from 2023, with expected growth rates of 7.5% and 5.0% for 2025 and 2026 respectively [2][5] Business Development Insights - The clean energy segment is showing signs of recovery, with LNG domestic sales experiencing rapid growth driven by industrial terminals, transportation fuels, and gas power plants [1] - The company is advancing its liquefied hydrocarbon terminal project in Huizhou, expected to be completed by 2025, which will expand its clean energy business scale [1] - Jiufeng Energy's special gas sales are steadily increasing, with ongoing development of the second phase of the special gas project at the Hainan commercial space launch site [1]