Jovo Energy(605090) 光大证券·2024-10-24 23:37Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has shown significant improvement in LNG profitability, with Q3 performance reflecting a year-on-year revenue growth driven by clean energy and stable LPG sales [3]. - The company is actively pursuing stock repurchase plans, demonstrating confidence in its development and maintaining investment value [3]. - The integrated "sea gas + land gas" resource pool strategy is enhancing the company's competitive edge in clean energy [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 17 billion yuan, a year-on-year decrease of 12.8%, while the net profit attributable to shareholders was 1.535 billion yuan, an increase of 35.7% [3]. - In Q3 alone, the company reported a revenue of 5.78 billion yuan, down 32% year-on-year but up 17% quarter-on-quarter, with a net profit of 429 million yuan, a year-on-year increase of 2.4% [3]. - The company expects net profits for 2024-2026 to be 1.713 billion yuan, 1.855 billion yuan, and 2.1 billion yuan respectively, with corresponding EPS of 2.68, 2.90, and 3.29 yuan [4][5]. Business Segment Performance - LNG business saw a notable recovery in gross profit per ton, with domestic sales growing rapidly, driven by demand from industrial terminals, transportation fuels, and gas power plants [3]. - The energy services segment reported over 110,000 tons of natural gas recovery services in Q3, with stable service revenue due to price linkage [3]. - The specialty gases segment achieved a steady increase in high-purity helium sales and hydrogen production, with Q3 hydrogen sales reaching 17.68 million cubic meters, reflecting a stable growth trajectory [3]. Market Position and Strategy - The company is solidifying its leading position in the LPG market in South China and is actively exploring opportunities in surrounding regions [3]. - The integrated approach in the energy service and specialty gas sectors is expected to enhance the company's profitability stability [3].