Jovo Energy(SH:605090) Soochow Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 26.566 billion yuan in 2023, representing a year-on-year growth of 10.91%. The net profit attributable to shareholders was 1.306 billion yuan, up 19.81% year-on-year, while the net profit excluding non-recurring items reached 1.335 billion yuan, growing by 26.25% [5]. - The growth in revenue and profit is attributed to the contributions from energy services and specialty gases. The clean energy segment generated 24.565 billion yuan in revenue with a gross margin increase of 0.61 percentage points to 6.60% [5]. - The company has a stable gross margin in clean energy, with LNG sales reaching 2.28 million tons, a 56% increase year-on-year, and a gross margin of 470 yuan per ton, despite a 16% decrease year-on-year [5]. - The energy services segment reported revenue of 1.56 billion yuan with a gross margin of 19%, while the specialty gases segment achieved revenue of 160 million yuan and a gross margin of 40.85% [5]. - The company is actively expanding its helium resources and aims to enhance its production capacity for domestic helium, targeting the aerospace industry [5]. - Operating cash flow increased by 27% to 2.158 billion yuan, with a planned cash dividend distribution of 434 million yuan, accounting for 33% of the net profit attributable to shareholders [5]. - The profit forecast for 2024-2025 has been adjusted downwards, with net profit estimates of 1.52 billion yuan and 1.74 billion yuan, respectively, while the net profit for 2026 is projected to be 2.04 billion yuan, reflecting growth rates of 16%, 15%, and 17% [5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 26.566 billion yuan, a 10.91% increase from the previous year. The net profit attributable to shareholders was 1.306 billion yuan, up 19.81% year-on-year [5]. - The clean energy segment's revenue was 24.565 billion yuan, with a gross margin of 6.60%, while energy services and specialty gases contributed significantly to the overall growth [5]. Business Segments - The clean energy business saw a gross profit of 1.621 billion yuan, although its gross profit share decreased from 90% in 2022 to 78% in 2023. The energy services and specialty gases segments have increased their gross profit share [5]. - LNG sales reached 2.28 million tons, with a gross margin of 470 yuan per ton, while LPG sales were 1.91 million tons with a gross margin of 256 yuan per ton [5]. - The specialty gases segment, particularly helium, saw a sales increase of over 60%, with a gross margin of 84% [5]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of 2.158 billion yuan, a 27% increase, and plans to distribute cash dividends of 434 million yuan [5]. Profit Forecast - The profit forecast for 2024-2025 has been revised, with net profit estimates of 1.52 billion yuan and 1.74 billion yuan, while 2026 is projected at 2.04 billion yuan [5].