Jovo Energy(605090) INDUSTRIAL SECURITIES·2024-10-23 02:38Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - 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 the net profit attributable to shareholders increased by 35.69% to 1.535 billion yuan [5]. - The three main business segments showed resilience, with significant growth in energy services and specialty gases [5]. - The report highlights the impact of exchange rate fluctuations on profit, noting that excluding these effects, the net profit for Q3 would have increased by 22.35% year-on-year [5]. - The controlling shareholders have committed not to reduce their holdings for 12 months after the shares are listed, which is expected to boost market confidence [5]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 1.7 billion yuan, 1.75 billion yuan, and 2.038 billion yuan respectively, reflecting year-on-year growth rates of 30.2%, 3.0%, and 16.4% [5]. Financial Summary - For 2024E, the company is projected to have a revenue of 25.868 billion yuan, with a year-on-year growth rate of -2.6% [4][8]. - The gross profit margin is expected to improve from 7.8% in 2023A to 8.3% in 2024E [4][8]. - The return on equity (ROE) is forecasted to increase from 16.8% in 2023A to 18.4% in 2024E [4][8]. - Earnings per share (EPS) is projected to rise from 2.04 yuan in 2023A to 2.66 yuan in 2024E [4][8]. Market Data - As of October 21, 2024, the closing price of the company's stock was 27.35 yuan, with a total share capital of 638.77 million shares [3].