Jovo Energy(SH:605090) Guoxin Securities·2024-10-27 08:12Investment Rating - The report maintains an "Outperform the Market" rating for Jiufeng Energy (605090.SH) [1][3][13] Core Views - Jiufeng Energy achieved a revenue of 17.048 billion yuan in the first three quarters of 2024, a year-on-year decrease of 12.75%, primarily due to a decline in clean energy market prices and LNG spot sales [1][4] - The net profit attributable to shareholders reached 1.535 billion yuan, a year-on-year increase of 35.69%, supported by non-recurring asset disposal gains of 336 million yuan [1][4] - The company's "one main and two wings" business model is showing stable development, with significant growth in LNG domestic sales and stable LPG sales [1][12] Financial Performance Summary - Revenue and Profit: In Q3 2024, Jiufeng Energy reported a revenue of 5.781 billion yuan, down 31.93% year-on-year, while the net profit attributable to shareholders was 429 million yuan, up 2.43% year-on-year [1][4] - Profitability Metrics: The gross margin for the first three quarters of 2024 was 10.11%, an increase of 1.07 percentage points year-on-year, while the net margin improved significantly to 9.08%, up 3.24 percentage points [6][12] - Earnings Forecast: The report forecasts net profits of 1.776 billion yuan, 1.790 billion yuan, and 2.011 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 36%, 1%, and 12% [13][15] Shareholder Commitment - The controlling shareholders, Zhang Jianguo and Cai Lihong, have committed not to reduce their holdings for 12 months after the shares become tradable on November 25, 2024 [2][12]