Jovo Energy(605090) 中国银河·2024-08-15 07:30Investment Rating - The report maintains a "Recommended" rating for Jiufeng Energy (605090.SH) [3][5]. Core Viewpoints - Jiufeng Energy demonstrates strong and stable financial performance, with a significant net profit increase of 55.23% year-on-year, driven by asset optimization and non-recurring gains [2][3]. - The company is positioned as a "clean energy service provider with value creation capability," focusing on three main business segments: clean energy, energy services, and specialty gases, which are expected to sustain stable growth [3][5]. - The company has implemented a robust incentive plan and a high dividend policy, enhancing its investment value and reflecting confidence in sustained performance growth [3][5]. Financial Performance Summary - For the first half of 2024, Jiufeng Energy reported revenue of 11.267 billion yuan, a year-on-year increase of 1.99%, and a net profit of 1.106 billion yuan, with a non-recurring profit of 336 million yuan contributing to the significant profit growth [2]. - The company's gross profit margin stands at 9.62%, with a stable expense ratio of 2.19% [2]. - The projected net profits for 2024-2026 are 1.836 billion yuan, 1.755 billion yuan, and 2.049 billion yuan, respectively, with corresponding PE ratios of 9.48, 9.92, and 8.50 [5][6]. Business Segment Performance - The clean energy segment continues to show stable growth, supported by steady product sales and effective pricing strategies [2][3]. - The energy services segment is experiencing rapid growth, driven by logistics and operational services, with significant project deliveries and service volumes reported [2][3]. - The specialty gases segment, particularly high-purity helium, is expanding through strategic partnerships, indicating potential for growth in aerospace applications [2][3].