Jovo Energy(SH:605090) Guotou Securities·2025-08-20 02:01Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 32.04 CNY for the next six months [6][9]. Core Views - The company reported a revenue of 10.428 billion CNY for the first half of 2025, a year-on-year decrease of 7.45%, primarily due to a reduction in the sales volume of clean energy products [1]. - The net profit attributable to shareholders was 861 million CNY, down 22.17% year-on-year, but the non-recurring net profit increased by 2.92% to 811 million CNY [1]. - The company is expected to achieve revenues of 22.865 billion CNY, 25.18 billion CNY, and 27.138 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 3.7%, 10.1%, and 7.8% [9]. Summary by Sections Business Performance - LNG production exceeded 330,000 tons in the first half of 2025, achieving 106% of the planned target, with ongoing efforts to expand into the transportation fuel and gas-to-power markets [2]. - The company acquired 100% of Huakai Petroleum Gas in Guangzhou, enhancing its leadership in the South China market [2]. - In the specialty gas sector, the company supported three rocket launches for Hainan Commercial Launch, validating product quality and expanding its business scope [3]. Dividend Policy - The company announced a cash dividend plan for the next three years, with a total cash dividend of 780 million CNY for 2024 and a proposed fixed dividend of 850 million CNY for 2025, of which 266 million CNY will be distributed in the first half of 2025 [4]. Financial Projections - The company is projected to achieve net profits of 1.763 billion CNY, 1.966 billion CNY, and 2.104 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 4.7%, 11.5%, and 7.1% [9].