Jovo Energy(605090) ZHONGTAI SECURITIES·2024-10-23 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in profit after excluding foreign exchange losses, demonstrating the commitment of the controlling shareholder not to reduce holdings [1] - The company achieved a revenue of 17.05 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.8% [1] - The net profit attributable to the parent company for the same period was 1.53 billion yuan, reflecting a year-on-year increase of 35.7% [1] Financial Performance Summary - Revenue (million yuan): - 2023A: 26,566 - 2024E: 27,442 (growth rate: 3%) - 2025E: 30,124 (growth rate: 10%) - 2026E: 30,950 (growth rate: 3%) [1] - Net Profit (million yuan): - 2023A: 1,306 - 2024E: 1,707 (growth rate: 31%) - 2025E: 1,805 (growth rate: 6%) - 2026E: 1,976 (growth rate: 9%) [1] - Earnings Per Share (yuan): - 2023A: 2.08 - 2024E: 2.71 - 2025E: 2.87 - 2026E: 3.14 [1] - Cash Flow Per Share: - 2023A: 3.43 - 2024E: 3.00 - 2025E: 3.82 - 2026E: 4.18 [1] - Return on Equity: - 2023A: 16% - 2024E: 18% - 2025E: 16% - 2026E: 15% [1] - Price-to-Earnings Ratio (P/E): - 2023A: 13.3 - 2024E: 10.2 - 2025E: 9.7 - 2026E: 8.8 [1] - Price-to-Book Ratio (P/B): - 2023A: 2.2 - 2024E: 1.9 - 2025E: 1.6 - 2026E: 1.4 [1] Business Outlook - The company is expected to maintain stable operations in its main business, with a focus on resource expansion and special gas business [1] - The controlling shareholder's commitment to not reduce holdings reflects confidence in the company's long-term development prospects [1] - The company plans to distribute fixed cash dividends twice a year, exceeding 18%, indicating a strong commitment to shareholder returns [1]