Jovo Energy(605090)2025-04-21 12:41Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company demonstrated strong resilience in performance despite fluctuations in gas prices, with a reported revenue of 22.05 billion yuan in 2024, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders increased by 28.9% to 1.68 billion yuan [1] - The company is actively implementing cash dividends and share buybacks to protect shareholder interests, with a fixed cash dividend plan for 2024-2026 amounting to 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 22.05 billion yuan, a decrease of 17.01% year-on-year, while the net profit attributable to shareholders was 1.68 billion yuan, an increase of 28.9% [1] - For Q1 2025, the company reported a revenue of 5.48 billion yuan, down 13.4% year-on-year, with a net profit of 506 million yuan, up 5.4% [1] LNG and LPG Business - The total sales volume of LNG and LPG in 2024 was 2.74 million tons, with transportation fuel, industrial terminals, and gas power plants accounting for 37%, 27%, and 16% of sales respectively [2] - The LPG business maintained stability with a sales volume of 1.83 million tons in 2024, and the gross profit per ton showed steady growth [2] Q1 2025 Performance - The company exhibited strong resilience in Q1 2025, with a notable increase in gross profit per ton due to effective resource allocation in response to market demand [3] - The LPG business remained stable, with increased sales and significant growth in revenue from LPG shipping services [3] Shareholder Returns - The company has established a cash dividend plan for 2024-2026, with fixed cash dividends of 7.5 billion yuan, 8.5 billion yuan, and 10 billion yuan, along with a special cash dividend of 30 million yuan in 2024 [4] - The expected dividend yield for 2025 and 2026 is projected at 5.2% and 6.1% respectively [4] Profit Forecast and Valuation - The profit forecast for the company is adjusted to 1.75 billion yuan, 2.05 billion yuan, and 2.29 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.4x, 8x, and 7.2x [4]