Jovo Energy(605090) 东吴证券·2024-04-23 05:30Investment Rating - The report maintains a "Buy" rating for Jiufeng Energy (605090) [3] Core Views - Jiufeng Energy achieved a revenue of 6.333 billion yuan in Q1 2024, a decrease of 2.17% year-on-year, while the net profit attributable to shareholders increased by 6.32% to 480 million yuan [1][13] - The company is implementing a share buyback plan of 100 to 150 million yuan, demonstrating confidence and aiming to enhance shareholder returns [2] - The profit forecast for Jiufeng Energy is set at 1.52 billion yuan, 1.74 billion yuan, and 2.04 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16%, 15%, and 17% [3] Financial Performance - In Q1 2024, Jiufeng Energy's operating cash flow was 683 million yuan, a decrease of 1.05% year-on-year, while the net cash flow from investment activities was -924 million yuan, an increase of 1.88% [15] - The company's asset-liability ratio stood at 41.42%, a decrease of 1.68 percentage points year-on-year [15] - The company reported a weighted average ROE of 5.95%, down by 0.37 percentage points [13] Business Segments - Jiufeng Energy operates in three main segments: 1. Clean Energy: Focus on LNG procurement and stable LPG sales [14] 2. Energy Services: Natural gas recovery services with stable pricing [14] 3. Specialty Gases: Increased production of high-purity helium, expanding into retail markets [14]