JAHB(SH:603822) Minsheng Securities·2024-12-29 01:23Investment Rating - The report maintains a "Recommended" rating for the company [10] Core Viewpoints - The company has successfully introduced BP Global Investments Limited as an investor in its subsidiary, Lianyungang Jiaao New Energy Co., Ltd., with an investment of 353 million RMB, increasing the subsidiary's registered capital from 2 billion RMB to 2.353 billion RMB [1][2] - The SAF project, which aims to produce 500,000 tons of sustainable aviation fuel annually, is progressing well and is expected to be completed by December 2024, aligning with China's carbon neutrality goals [2][3] - The entry of BP, a major player in the oil and gas industry, into the SAF project indicates strong confidence in the future of sustainable aviation fuel [2][3] Financial Forecasts and Indicators - The company is projected to generate revenues of 1.306 billion RMB in 2024, with a significant increase to 6.811 billion RMB in 2025, reflecting a growth rate of 421.7% [11] - The net profit attributable to shareholders is expected to recover from a loss of 146 million RMB in 2024 to a profit of 244 million RMB in 2025, and further to 358 million RMB in 2026 [11] - The earnings per share (EPS) is forecasted to improve from -1.91 RMB in 2024 to 3.18 RMB in 2025 and 4.66 RMB in 2026 [11]