九丰能源：汇兑损益影响Q3业绩，一主两翼稳健增长

Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090.SH) [1] Core Views - Jiufeng Energy reported a Q3 revenue of 17.048 billion yuan, a year-on-year decrease of 12.75%, while the net profit attributable to shareholders was 1.535 billion yuan, an increase of 35.69% year-on-year [3][4] - The company experienced a foreign exchange loss of approximately 54.57 million yuan in Q3, but excluding this impact, the net profit growth rate for Q3 reached 21.17% year-on-year [4] - The clean energy segment showed steady improvement in gross profit per ton, with LNG domestic sales performing well [4] - The company’s energy services maintained stable growth, with a significant increase in natural gas recovery and processing service volumes [4] Summary by Sections Financial Performance - For Q3, Jiufeng Energy achieved a revenue of 5.781 billion yuan, down 31.93% year-on-year, and a net profit of 429 million yuan, up 2.43% year-on-year [3] - The average gross profit per ton in the clean energy business improved year-on-year, with LNG demand from industrial terminals, transportation fuels, and gas power plants continuing to grow [4] - The company’s revenue projections for 2024-2026 are 29.443 billion yuan, 31.632 billion yuan, and 33.002 billion yuan, with corresponding net profits of 1.508 billion yuan, 1.760 billion yuan, and 2.018 billion yuan [4][5] Business Segments - The special gas production steadily increased, with high-purity helium sales reaching approximately 110,000 cubic meters in Q3, up from 96,000 cubic meters in the same period last year [4] - The company is actively expanding its special gas retail market and has made progress in its commercial aerospace project, expected to be completed by February 1, 2025 [4] Management and Strategy - The actual controllers of the company have committed not to reduce their holdings within 12 months, reflecting confidence in the company's long-term development [4] - The report emphasizes the company's focus on optimizing assets and enhancing operational efficiency to support sustainable growth [4]