Jovo Energy(SH:605090) Guoxin Securities·2025-08-20 03:16Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company has shown stable performance in its core business despite a year-on-year decline in overall revenue due to a decrease in LNG spot sales. The non-recurring asset disposal gains from the previous year are absent in the current period, leading to a decline in net profit [6][12] - The company has increased its helium production capacity to 1.5 million cubic meters per year, with ongoing projects in the aerospace sector [24][25] - The company has a robust cash dividend plan, with a mid-term dividend of 0.4079 CNY per share, contributing to a projected dividend yield of 4.4% for 2025 [25][3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 10.428 billion CNY, a year-on-year decrease of 7.45%, primarily due to reduced LNG spot sales. However, the second quarter saw a revenue of 4.944 billion CNY, a slight increase of 0.2% year-on-year [6][12] - The net profit attributable to the parent company for the first half of 2025 was 861 million CNY, down 22.17% year-on-year, while the non-recurring net profit increased by 2.92% to 811 million CNY [6][12] - The company’s gross margin for the first half of 2025 was 10.77%, an increase of 1.15 percentage points year-on-year, while the net margin decreased to 8.28%, down 1.61 percentage points due to the absence of previous asset disposal gains [12][21] Production Capacity and Projects - The company has completed the construction of a 1 million cubic meters per year helium project in Sichuan, raising its total helium production capacity to 1.5 million cubic meters per year [24][25] - The company is developing a dual-resource pool of "marine gas + land gas" to stabilize the profitability of its clean energy business, with a focus on LNG and LPG [21][24] Dividend Policy - The company has set a cash dividend plan for 2024-2026, with fixed dividends of 750 million CNY, 850 million CNY, and 1 billion CNY respectively, along with special dividends based on conditions [25][3] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits for 2025-2027 at 1.73 billion CNY, 2.01 billion CNY, and 2.24 billion CNY respectively, reflecting a growth rate of 2.6%, 16.2%, and 11.3% [3][25]