Jovo Energy(SH:605090) HTSC·2025-04-18 07:02Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 22.05 billion RMB for 2024, a year-on-year decrease of 17%, while the net profit attributable to shareholders was 1.68 billion RMB, an increase of 29% year-on-year [1] - The company plans to distribute a cash dividend of 780 million RMB in 2024, resulting in a current dividend yield of 4.9% [1] - The natural gas terminal market is expanding, with a projected sales volume of 2.85 million tons in 2025, and the single-ton gross profit is expected to stabilize [2] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 5.48 billion RMB, a decrease of 13% year-on-year, with a net profit of 506 million RMB, an increase of 5.4% year-on-year [1] - The company’s operating cash flow for 2024 was 2.05 billion RMB, reflecting high-quality earnings [4] - The company’s total assets as of Q1 2025 were 54.09 billion RMB, with a debt-to-asset ratio of 32.65% [4] Business Segments - The natural gas business is expected to generate 9.79 billion RMB in revenue for 2024, with a gross margin increase of 2.73 percentage points to 10.01% [2] - The specialty gas business is projected to contribute significantly to long-term performance, with helium sales reaching 380,000 cubic meters in 2024 [3] Profitability and Valuation - The report adjusts the EPS forecast for 2025-2026 down by 4% and 6% to 2.67 RMB and 3.07 RMB, respectively, with a target price set at 32.00 RMB based on a 12x PE ratio [5] - The company’s projected net profit CAGR for 2025-2027 is 11% [5] Market Position - The company’s market capitalization is approximately 16.02 billion RMB, with a closing price of 24.68 RMB as of April 17 [8]