Jovo Energy(605090) ZHONGTAI SECURITIES·2024-10-23 06:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a significant increase in profit after excluding foreign exchange losses, with the actual controller committing to not reduce holdings, demonstrating confidence in the company's future [1] - The company reported a total revenue of 170.5 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.8% [1][3] - The net profit attributable to shareholders reached 15.3 billion yuan, reflecting a year-on-year increase of 35.7% [1][3] - The company’s Q3 revenue was 57.8 billion yuan, down 31.9% year-on-year but up 17.2% quarter-on-quarter [1][3] - The net profit for Q3 was 4.3 billion yuan, with a year-on-year increase of 2.4% [1][4] Financial Performance Summary - Revenue Forecasts: - 2023A: 26,566 million yuan - 2024E: 27,442 million yuan (growth rate of 3%) - 2025E: 30,124 million yuan (growth rate of 10%) - 2026E: 30,950 million yuan (growth rate of 3%) [1][5] - Net Profit Forecasts: - 2023A: 1,306 million yuan - 2024E: 1,707 million yuan (growth rate of 31%) - 2025E: 1,805 million yuan (growth rate of 6%) - 2026E: 1,976 million yuan (growth rate of 9%) [1][5] - Earnings Per Share (EPS) Forecasts: - 2023A: 2.08 yuan - 2024E: 2.71 yuan - 2025E: 2.87 yuan - 2026E: 3.14 yuan [1][5] - Financial Ratios: - P/E ratio for 2024E: 10.2 - P/B ratio for 2024E: 1.9 [1][5] Business Insights - The company maintains a stable operational performance, with a focus on expanding its core business and special gas services [1] - The company is actively developing its hydrogen project, which has shown steady growth in production capacity [1] - The actual controller's commitment to not reduce holdings is seen as a positive signal for investor confidence [1]