Jovo Energy(SH:605090)2024-06-06 09:30Investment Rating - The report maintains a "Recommend" rating for Jiufeng Energy (605090) [17] Core Views - Jiufeng Energy has implemented a dual incentive plan combining restricted stock and stock options, targeting 137 employees with a total of 5.657 million shares/options [17] - The company has set ambitious performance targets for 2024-2026, with net profit attributable to parent company projected at 1.5 billion, 1.725 billion, and 1.984 billion yuan respectively [17] - A high dividend policy is introduced, with fixed cash dividends of 750 million, 850 million, and 1 billion yuan planned for 2024-2026, yielding dividend rates of 4.54%, 5.15%, and 6.06% respectively [17] - The company has established a "one main, two wings" development strategy, focusing on clean energy, energy services, and specialty gases [17] Financial Projections - Revenue is expected to grow from 26.566 billion yuan in 2023 to 34.061 billion yuan in 2026, with growth rates of 10.91%, 8.24%, 8.04%, and 9.63% respectively [14][17] - Net profit attributable to parent company is projected to increase from 1.305 billion yuan in 2023 to 2.047 billion yuan in 2026, with growth rates of 19.81%, 16.85%, 14.90%, and 16.76% respectively [14][17] - Gross margin is expected to improve steadily from 7.82% in 2023 to 9.09% in 2026 [14][17] - EPS is forecasted to grow from 2.06 yuan in 2023 to 3.23 yuan in 2026 [14][17] Valuation Metrics - The company's PE ratio is expected to decline from 12.65x in 2023 to 8.07x in 2026 [14][17] - PB ratio is projected to decrease from 2.12x in 2023 to 1.29x in 2026 [14][17] - PS ratio is forecasted to drop from 0.62x in 2023 to 0.48x in 2026 [14][17] Business Strategy - The company positions itself as a "value-creating clean energy service provider" with three main business segments: clean energy, energy services, and specialty gases [17] - The clean energy business, mainly LNG/LPG, is expected to maintain stable growth due to global low-carbon development needs [17] - Energy services business is entering a rapid growth phase, driven by energy logistics and energy operations [17] - Specialty gases business, particularly helium resources, is expected to open new growth opportunities in the aerospace sector [17]