Jovo Energy(SH:605090) Tebon Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company is expected to achieve revenues of 29.443 billion, 31.632 billion, and 33.002 billion yuan for the years 2024 to 2026, with growth rates of 10.8%, 7.4%, and 4.3% respectively. The net profit attributable to the parent company is projected to be 1.508 billion, 1.764 billion, and 2.027 billion yuan for the same years, with growth rates of 15.5%, 17%, and 14.9% respectively. The corresponding PE ratios are 11.2X, 9.6X, and 8.3X [2] Financial Performance Summary - In 2023, the company achieved an operating income of 26.566 billion yuan, a year-on-year increase of 10.91%, and a net profit attributable to the parent company of 1.306 billion yuan, up 19.82% year-on-year. The basic earnings per share were 2.11 yuan [19][22] - The LNG business generated revenue of 14.69 billion yuan in 2023, with a year-on-year growth of 18.64% and a gross margin of 7.28% [22] - The special gas segment saw rapid growth, with revenue reaching 160 million yuan in 2023, driven by a significant increase in sales volume [10][22] Revenue and Profitability Forecast - The forecast for operating income and net profit for the years 2024 to 2026 indicates a steady growth trajectory, with operating income expected to reach 29.443 billion yuan in 2025 and 33.002 billion yuan in 2026 [15][22] - The gross margin is projected to improve from 7.8% in 2023 to 9.0% by 2026, reflecting enhanced profitability [15][22] Market Position and Strategy - The company has established a dual-resource pool strategy, which is expected to enhance its market position and operational stability [22] - The energy service business is anticipated to play a stabilizing role in the company's overall profitability, with high gross margins expected to further improve the profit structure [23]