Jovo Energy(SH:605090) GOLDEN SUN SECURITIES·2025-04-18 10:23Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company has demonstrated strong pricing power, with special gases potentially offering surprises, and a dividend yield of 5.5% [10] - The company reported a revenue of 22.05 billion yuan for 2024, a year-on-year decrease of 17.01%, while the net profit attributable to shareholders increased by 28.93% to 1.684 billion yuan [1][10] - The company is actively expanding its clean energy business and has a robust asset advantage in energy operations and logistics [2][3] Revenue and Profitability - In Q4 2024, the company achieved a revenue of 4.999 billion yuan, down 28.86% year-on-year, with a net profit of 149 million yuan, a decrease of 14.78% [1] - For Q1 2025, the company reported a revenue of 5.484 billion yuan, down 13.41% year-on-year, and a net profit of 506 million yuan, up 5.40% [1] Business Segments - The special gases business saw rapid growth, with production and sales of 8,805 million cubic meters in 2024, a year-on-year increase of 66.5% [4] - The LNG business produced and sold 2.58 million tons in 2024, with a year-on-year increase of 11.1% in production and 12.8% in sales [10] - The LPG business experienced a slight decline, with production and sales of 1.85 million tons, down 3.5% and 3.7% respectively [10] Financial Metrics - The company plans to distribute a total cash dividend of 780 million yuan for 2024, which includes a special cash dividend of 30 million yuan, representing approximately 52% of the net profit attributable to shareholders [10] - The projected net profit for 2025-2027 is estimated at 1.78 billion, 1.99 billion, and 2.18 billion yuan respectively, with corresponding P/E ratios of 9.0X, 8.1X, and 7.4X [10][11]