Jovo Energy(SH:605090) Tianfeng Securities·2025-08-26 07:14Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 10.43 billion yuan in the first half of 2025, a year-on-year decrease of 7.5%, while the net profit attributable to shareholders was 860 million yuan, down 22.2%. However, the net profit excluding non-recurring items increased by 2.9% to 810 million yuan [1] - The company is expanding its LPG business through the acquisition of 100% equity in Huakai Petroleum Gas in Nansha District, Guangzhou, which is expected to enhance its operational capabilities and profitability in the LPG sector [2] - The helium gas production capacity has been increased to 1.5 million cubic meters per year following the completion of a project in Luzhou, Sichuan, supporting the company's growth in the specialty gas market [3] - The company has set fixed cash dividends of 850 million yuan and 1 billion yuan for 2025 and 2026, respectively, with a planned dividend of 266 million yuan for the first half of 2025 [4] Financial Performance and Forecast - The company expects to achieve net profits attributable to shareholders of 1.61 billion yuan, 1.91 billion yuan, and 2.22 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11.9x, 10x, and 8.6x [5] - Revenue is projected to decline by 17.01% in 2024, followed by a slight increase of 0.68% in 2025, and then grow by 7.21% and 10.79% in 2026 and 2027, respectively [10] - The company’s total assets are expected to reach 16.16 billion yuan by 2025, with a debt-to-asset ratio of 32.08% [11]