Jovo Energy(SH:605090) Huachuang Securities·2024-06-07 05:01Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 36.45 CNY, compared to the current price of 28.70 CNY [11][12]. Core Views - The company has announced a cash dividend plan for 2024-2026, with fixed cash dividends of 750 million, 850 million, and 1 billion CNY respectively, and a special cash dividend if the net profit exceeds a year-on-year growth of 18% [11][12]. - The second phase of the employee stock ownership plan aims to enhance performance and align management incentives with company growth, with profit targets set for 2025-2027 [11][12]. - The company has demonstrated strong growth, exceeding profit targets in the previous three-year plan, and is expected to maintain a growth rate of approximately 15% in net profit from 2024 to 2027 [12]. Financial Summary - The company's total revenue is projected to grow from 26.57 billion CNY in 2023 to 38.38 billion CNY in 2026, with a compound annual growth rate (CAGR) of 17.6% [13]. - The net profit is expected to increase from 1.31 billion CNY in 2023 to 2.01 billion CNY in 2026, reflecting a CAGR of 12.9% [13]. - Earnings per share (EPS) are forecasted to rise from 2.06 CNY in 2023 to 3.17 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 14 to 9 [13].