Jovo Energy(SH:605090) GOLDEN SUN SECURITIES·2025-08-19 00:49Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a breakthrough in its specialty gas business and shows growth potential in its clean energy sector [2][3] - The company plans to distribute a mid-year cash dividend of 266 million yuan for 2025, continuing its high dividend commitment [3] - The projected net profit for the company from 2025 to 2027 is estimated at 1.75 billion, 1.98 billion, and 2.14 billion yuan, corresponding to P/E ratios of 11.5X, 10.2X, and 9.4X respectively [3] Financial Performance Summary - In the first half of 2025, the company reported revenue of 10.428 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 861 million yuan, down 22.17% year-on-year [1] - The second quarter of 2025 saw revenue of 4.944 billion yuan, a slight increase of 0.2% year-on-year, but a decrease of 9.8% quarter-on-quarter [1] - The company’s net profit for Q2 2025 was 355 million yuan, reflecting a year-on-year decline of 43.1% and a quarter-on-quarter decline of 29.9% [1] Business Development Summary - The clean energy business is steadily expanding, with significant developments in the specialty gas sector, particularly in commercial aerospace [2][3] - The company has successfully established a dual resource pool for LNG, enhancing its resource security and cost competitiveness [3] - The company is actively developing its LPG business and has plans for a liquefied hydrocarbon terminal project to enhance its service capabilities in Southern China [3]