Jovo Energy(SH:605090) Soochow Securities·2025-12-25 11:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is focusing on expanding its commercial aerospace special gas market share through the development of its Hainan commercial aerospace launch site and strategic partnerships with rocket companies [7] - The first phase of the Hainan launch site has been completed, with core products undergoing multiple rounds of launch verification, including successful applications of liquid hydrogen in various rocket launches [7] - The company plans to expand its production capacity in the second phase to meet the increasing demand for special gases in commercial aerospace, with an estimated total investment of approximately 300 million yuan [7] - The company aims to establish a professional brand in aerospace special gases, anticipating a continuous increase in market share as demand grows [7] Financial Forecasts - Total revenue is projected to be 22,047 million yuan in 2024, with a growth rate of -17.01%, followed by 24,392 million yuan in 2025, representing a growth of 10.64% [1][8] - The net profit attributable to the parent company is expected to be 1,684 million yuan in 2024, with a growth rate of 28.93%, and is projected to reach 1,557 million yuan in 2025, reflecting a decrease of 7.52% [1][8] - The earnings per share (EPS) is forecasted to be 2.42 yuan in 2024 and 2.24 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is estimated to be 16.67 for 2024 and 18.03 for 2025 [1][8]