Jovo Energy(SH:605090) Soochow Securities·2024-04-23 03:30Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits for 2024-2026 at 15.2 billion, 17.4 billion, and 20.4 billion yuan, representing year-on-year growth of 16%, 15%, and 17% respectively, corresponding to P/E ratios of 11x, 10x, and 8x for the same period [5]. Core Insights - The company reported a total revenue of 6.333 billion yuan in Q1 2024, a decrease of 2.17% year-on-year, while the net profit attributable to shareholders was 480 million yuan, an increase of 6.32% year-on-year [3][14]. - The company is focusing on a dual strategy of clean energy and energy services, enhancing its integrated advantages in LNG procurement and maintaining stable LPG sales [2][14]. - The company has initiated a share buyback plan of 100 to 150 million yuan, reflecting confidence in its future performance and commitment to increasing shareholder returns [4]. Financial Performance Summary - Total revenue for 2022 was 23.954 billion yuan, with a year-on-year growth of 29.56%. For 2023, the revenue is projected at 26.566 billion yuan, reflecting a growth of 10.91% [1]. - The net profit attributable to shareholders for 2022 was 1.09 billion yuan, with a significant year-on-year increase of 75.87%. The forecast for 2023 is 1.306 billion yuan, indicating a growth of 19.81% [1]. - The latest diluted EPS for 2023 is projected at 2.06 yuan per share, with a P/E ratio of 13.01 [1]. Cash Flow and Financial Health - In Q1 2024, the company reported a net cash flow from operating activities of 683 million yuan, a decrease of 1.05% year-on-year [15]. - The asset-liability ratio for Q1 2024 was 41.42%, showing a decrease of 1.68 percentage points year-on-year, indicating improved financial stability [15].