Jovo Energy(SH:605090) Tebon Securities·2024-06-07 02:00Investment Rating - The report maintains a "Buy" investment rating for the company [6][20]. Core Insights - The company has announced a cash dividend plan for 2024-2026, which includes fixed and special cash dividends, with a projected dividend yield exceeding 4.5% in 2024 [4]. - The second phase of the employee stock ownership plan targets the core management team and is aligned with the company's development plan for 2025-2027, aiming for a 15% annual profit growth [5]. - The company's main clean energy business shows resilience, with stable revenue per ton and an expected increase in downstream demand due to falling natural gas prices [5]. Financial Projections - Revenue projections for 2024-2026 are estimated at RMB 29.44 billion, RMB 31.63 billion, and RMB 33.00 billion, with growth rates of 10.8%, 7.4%, and 4.3% respectively [6]. - Net profit forecasts for the same period are RMB 1.51 billion, RMB 1.76 billion, and RMB 2.02 billion, with growth rates of 15.5%, 17.6%, and 14.7% respectively [6]. - The company’s price-to-earnings (PE) ratios are projected to be 12X, 10X, and 9X for 2024, 2025, and 2026 respectively [6]. Dividend Policy - The fixed cash dividends for 2024-2026 are set at RMB 750 million, RMB 850 million, and RMB 1 billion respectively, with special dividends contingent on achieving a net profit growth exceeding 18% year-on-year [4]. Employee Stock Ownership Plan - The second phase of the employee stock ownership plan has a funding scale of up to RMB 98.775 million, with performance targets for net profit set at RMB 1.725 billion, RMB 1.984 billion, and RMB 2.281 billion for 2025-2027 [5]. Market Position - The company is positioned in a "one main, two wings" strategy, focusing on clean energy while expanding into energy service and specialty gases, which are expected to provide further growth opportunities [5].