Jovo Energy(605090) 长江商报·2025-04-21 00:21Core Viewpoint - Jiufeng Energy (605090.SH) is steadily enhancing its business scale and pricing power through the synergistic development of its three main business segments: clean energy, energy services, and specialty gases [1][3]. Financial Performance - In 2024, Jiufeng Energy achieved operating revenue of 22.047 billion yuan, a year-on-year decrease of 17.01%. However, net profit attributable to shareholders increased by 28.93% to 1.684 billion yuan, and net profit excluding non-recurring gains and losses rose by 1.12% to 1.35 billion yuan [1][3]. - The decline in revenue is attributed to a decrease in the sales price of clean energy products compared to the previous year, while the growth in net profit is due to stable pricing power in the clean energy business and increased profitability in energy services and specialty gases [3][9]. Business Segments - Jiufeng Energy operates under a "one main, two wings" business development structure, with clean energy as the core business, supported by energy services and specialty gases [1][8]. - In 2024, the clean energy segment generated revenue of 19.657 billion yuan, down 19.98% year-on-year, but with a gross margin of 7.64%, an increase of 1.04 percentage points [9]. - The energy services segment saw revenue of 2.153 billion yuan, up 17.04% year-on-year, with a gross margin of 22.63%, an increase of 1.39 percentage points [9]. - The specialty gases segment achieved revenue of 235 million yuan, a significant increase of 46.62%, although its gross margin decreased by 12.04 percentage points to 28.81% [9]. Dividend and Share Buyback Plans - Jiufeng Energy has implemented a cash dividend and share buyback strategy, with a total dividend amount of 780 million yuan for 2024, representing 46.33% of the net profit [5][4]. - The company plans to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 38.13 yuan per share, with all repurchased shares to be canceled [2][7]. Resource Management - Jiufeng Energy has established a "sea gas + land gas" dual resource pool to enhance resource security and improve cost competitiveness, maintaining stable gross margins despite international price fluctuations [8][9]. - The company has a strong presence in the clean energy market in South China, with significant LNG and LPG storage and receiving capabilities [8][9].