Jovo Energy(605090)2025-04-21 08:57Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a stable clean energy foundation, with both dividends and share buybacks enhancing long-term value [1] - The company reported a revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to the parent company was 1.68 billion yuan, an increase of 28.93% year-on-year [7] - The company aims to maintain a stable growth in sales volume driven by increasing demand for transportation fuels and gas power plants [7] - The company plans to distribute a total of 780 million yuan in dividends for 2024 and aims to increase the buyback scale in 2025 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 23.32 billion yuan, with a year-on-year growth rate of 5.8% [6] - The net profit attributable to the parent company for 2025 is estimated at 1.71 billion yuan, with a year-on-year growth rate of 1.6% [6] - The company’s earnings per share for 2025 is projected to be 2.63 yuan [6] - The company’s dividend yield for 2024 is 4.75%, with expected yields of 5.18% and 6.10% for 2025 and 2026 respectively [6][7] Business Performance - The company’s LNG business revenue for 2024 was 9.79 billion yuan, a decrease of 33.35% year-on-year, while the sales volume reached 2.74 million tons [7] - The company’s LPG sales volume for 2024 was 1.83 million tons, with revenue of 8.82 billion yuan, showing a slight increase of 0.10% year-on-year [7] - The company is expanding its special gas production and sales, with helium sales volume increasing by 40% year-on-year in Q1 2025 [7] Shareholder Returns - The company plans to distribute a fixed cash dividend of 750 million yuan for 2024, along with a special dividend of 30 million yuan [7] - The total buyback scale for 2024 was approximately 100 million yuan, with plans to increase it to 200-300 million yuan in 2025 [7]