Jovo Energy(SH:605090) Guoxin Securities·2025-10-28 12:08Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company's performance is under short-term pressure due to occasional events, with a revenue of 15.608 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.45%. The net profit attributable to shareholders decreased by 19.13% to 1.241 billion yuan [5][24]. - The company plans to invest up to 3.455 billion yuan in the second phase of the Xinjiang coal-to-gas project, which is expected to generate an average annual profit of 1.477 billion yuan and an internal rate of return of 8.20% [2][24]. - The company is expanding its resource pool with a focus on both marine and land gas, aiming to enhance its diversified resource system [2][24]. Financial Performance Summary - For 2025, the company expects net profits of 1.56 billion yuan, 1.96 billion yuan, and 2.16 billion yuan for the years 2025, 2026, and 2027 respectively, with a year-on-year growth rate of -7.5%, 25.9%, and 10.2% [24][26]. - The company's revenue for 2023 is projected at 26.566 billion yuan, with a growth rate of 10.9%, followed by a decline of 17.0% in 2024 [3][26]. - The company's gross profit margin for the first three quarters was 10.38%, an increase of 0.27 percentage points year-on-year, while the net profit margin was 8.03%, a decrease of 1.05 percentage points [9][13]. Project Development Summary - The second phase of the Xinjiang coal-to-gas project is currently in the detailed design phase and is expected to take three years to complete [2][24]. - The company is also enhancing its LNG and LPG supply chain capabilities, with new projects expected to improve service capacity in the southern China market [18][21].