上 市 公 司 公 司 研 究 / 公 司 机械设备 2025 年 04 月 30 日 杰瑞股份 (002353) ——24 年及 25Q1 业绩持平向好，在手订单充足 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 31.10 | | 一年内最高/最低（元） | 42.00/25.40 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.96 | | 流通 A 股市值（百万元） | 21,560 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% 0% 20% 40% 杰瑞股份 沪深300指数 (收益率) 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a robust performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%. The net profit attributable to shareholders reached 466 million yuan, up 24.04% year-on-year, while the net profit excluding non-recurring items was 462 million yuan, reflecting a 28.37% increase year-on-year [2][6]. - The change in delivery structure has impacted the gross margin, but the company has effectively controlled its operating expenses. The internationalization strategy is being executed successfully, with significant breakthroughs in overseas markets. The company has a sufficient backlog of orders, and both the company and its controlling shareholders are actively increasing their holdings, indicating confidence in future performance. The domestic demand for unconventional oil and gas extraction is rising, and as a leading provider of fracturing equipment, the company is expected to benefit significantly [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 0.26 percentage points quarter-on-quarter and a decline of 4.29 percentage points year-on-year. The net profit margin was 17.79%, down 1.75 percentage points quarter-on-quarter and 0.2 percentage points year-on-year. The decline in profitability is attributed to the large-scale delivery of lower-margin conventional cementing equipment. However, as higher-margin fracturing equipment is gradually delivered, profitability is expected to normalize [12]. - The company maintained a good control over its operating expenses, with an expense ratio of 10.75% in Q1 2025, a year-on-year decrease of 2.74 percentage points [12]. International Expansion - The company has made significant progress in its internationalization strategy, with core products in the oil and gas field equipment and technology services experiencing sustained demand. Key international contracts include: 1. A preliminary development contract for the Mansuriya gas field in Iraq signed in May 2024. 2. Successful delivery and application of the first set of Chinese electric fracturing equipment in North America, with new orders secured in July 2024. 3. A total engineering contract for seven gas booster stations with BAPCO in Bahrain, valued at approximately 3.16 billion USD (about 22 billion yuan). 4. Winning a digital well site transformation project with ADNOC, with a contract value of approximately 6.555 billion yuan, setting a record for the company [12]. Order Backlog and Shareholder Confidence - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, with overseas orders growing by 65.37%. As of the end of 2024, the backlog of orders stood at 10.155 billion yuan, providing strong support for future operational performance. Additionally, the company announced a stock buyback plan of 150-250 million yuan and the controlling shareholder plans to increase holdings by 50-70 million yuan, reflecting confidence in future growth [12]. Industry Outlook - The demand for unconventional oil and gas extraction in China is expected to increase, supported by the "14th Five-Year Plan" for modern energy systems, which emphasizes the exploration and development of unconventional resources. The company, as a leading provider of fracturing equipment, is well-positioned to benefit from the anticipated growth in the oilfield services market [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Views - The company has demonstrated resilience in its financial performance, with a slight decline in revenue but an increase in net profit, showcasing its ability to manage costs effectively [1][5]. - The overseas market potential is highlighted, with a focus on improving product structure and maintaining high growth in new orders [2][4]. - The company is positioned to benefit from the ongoing recovery in the global oil and gas industry, supported by strategic investments in high-end manufacturing capabilities [4][5]. Financial Performance Summary - In 2024, the company achieved revenue of 133.55 billion yuan, a year-on-year decrease of 4.00%, while net profit attributable to shareholders was 26.27 billion yuan, an increase of 7.03% [1]. - The quarterly performance showed a revenue increase of 2.95% in Q4, with net profit rising by 15.51% [1][2]. - The company’s gross margin for 2024 was 33.70%, reflecting a slight increase of 0.65 percentage points year-on-year [3]. Market and Industry Outlook - The global energy consumption is expected to grow steadily, with fossil fuels remaining the primary supply source, while the domestic clean energy proportion is anticipated to increase marginally [4]. - The company is actively expanding its presence in overseas markets, with significant investments aimed at enhancing its influence in the global oil and gas sector [4]. - The report forecasts revenue growth for the company, projecting revenues of 154.78 billion yuan, 177.97 billion yuan, and 204.00 billion yuan for 2025, 2026, and 2027 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Views - The company achieved a revenue of 13.355 billion yuan in 2024, a year-on-year decrease of 4.00%, while the net profit attributable to shareholders increased by 7.03% to 2.627 billion yuan [1][5]. - The overseas market potential is highlighted, with a focus on stable growth and improved product structure in international sales [2][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 5.308 billion yuan, a year-on-year increase of 2.95%, and a net profit of 1.029 billion yuan, up 15.51% [1][2]. - The company’s gross margin for 2024 was 33.70%, an increase of 0.65 percentage points year-on-year [3]. - Research and development expenses were 506 million yuan, a slight decrease of 1.07% compared to the previous year [3]. Market and Industry Outlook - The global energy consumption is expected to grow steadily due to moderate economic recovery, with fossil fuels remaining the primary supply source [4]. - The company is positioned to benefit from the increasing activity in the oil and gas market, with new orders and profits showing growth [4]. - A significant investment of 120 million USD was made to enhance the company's influence in the global oil and gas sector by establishing a high-end equipment manufacturing base in Dubai [4]. Earnings Forecast - The company is projected to achieve revenues of 15.478 billion yuan, 17.797 billion yuan, and 20.400 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.948 billion yuan, 3.471 billion yuan, and 4.017 billion yuan [5][7]. - The expected earnings per share (EPS) for the same years are 2.88 yuan, 3.39 yuan, and 3.92 yuan, with corresponding price-to-earnings (P/E) ratios of 10.42, 8.85, and 7.65 [5][7].

Core Viewpoint - The company is expected to maintain steady growth in 2024, with improving profitability and ongoing overseas strategic expansion, supported by high order growth and domestic and international capacity expansion [1]. Financial Performance - In 2024, the company is projected to achieve operating revenue of 13.355 billion yuan, a year-on-year decrease of 4.01%, with a net profit attributable to shareholders of 2.627 billion yuan, an increase of 7.03%. The non-recurring net profit is expected to be 2.402 billion yuan, up 9.06% [2]. - For Q4 2024, the company anticipates operating revenue of 5.308 billion yuan, a year-on-year increase of 2.95%, with a net profit of 1.029 billion yuan, up 15.51%, and a non-recurring net profit of 1.005 billion yuan, an increase of 17.24% [2]. Profitability - The company's gross margin and net margin for 2024 are projected to be 33.70% and 20.11%, respectively, representing increases of 0.65 percentage points and 2.19 percentage points year-on-year. For Q4 2024, the gross margin and net margin are expected to be 31.69% and 19.54%, showing a year-on-year decrease of 0.58 percentage points and an increase of 2.23 percentage points [3]. Business Segments - The high-end equipment manufacturing segment is expected to generate revenue of 9.180 billion yuan in 2024, reflecting a year-on-year increase of 12.71%, with strong performance in natural gas-related businesses and rapid growth in new orders [3]. Order Growth and Strategic Expansion - The company secured new orders worth 18.232 billion yuan in 2024, marking a year-on-year growth of 30.64% [3]. - The overseas strategy continues to deepen, with revenue from overseas operations reaching 6.037 billion yuan in 2024, accounting for 45.20% of total revenue, although this represents a year-on-year decline of 7.39% due to the absence of comparable project deliveries in 2024 [3]. - In October 2024, the company launched the Jerry Natural Gas Industrial Park, tripling its natural gas production capacity, and is expanding production facilities in the U.S. and planning new bases in the Middle East [3].

Core Viewpoint - The company, Jerry Co., is focusing on global development strategies and technological innovation to maintain its leading position in the oil and gas market, achieving significant revenue and profit growth in 2024 [1][2]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 13.355 billion yuan, marking three consecutive years of revenue exceeding 10 billion yuan, and a net profit attributable to shareholders of 2.627 billion yuan, representing a year-on-year growth of 7.03% [1]. - In the first quarter of 2025, the company reported an operating income of 2.687 billion yuan, a year-on-year increase of 26.07%, and a net profit of 466 million yuan, up 24.04% year-on-year [3]. Group 2: Market Opportunities - The global oil and gas exploration and development activities remain robust, driving growth in the oil and gas service market, with increasing domestic oil and gas production due to strategic energy security initiatives [1]. - The demand for unconventional oil and gas resources, such as shale oil and gas, is expected to rise, providing more business opportunities for related oil and gas extraction equipment and services [1]. Group 3: Business Development - The company’s high-end equipment manufacturing business saw growth in revenue, gross margin, and new orders, with new orders reaching 18.232 billion yuan, a year-on-year increase of 30.64% [2]. - The company has made significant progress in expanding its overseas market presence, despite a 7.39% decline in overseas revenue due to the absence of comparable project deliveries from the previous year [2]. - The company is actively integrating resources to enhance its overseas market capabilities and brand influence, achieving a 65.37% year-on-year growth in new orders [2]. Group 4: Strategic Response to Trade Environment - In response to ongoing global trade tensions, the company has established diversified procurement channels and has proactively stocked raw materials and major components to mitigate potential impacts [3].

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.687 billion CNY, a year-on-year increase of 26.07% [2] - The net profit attributable to shareholders was 466 million CNY, reflecting a year-on-year growth of 24.04% [2] Group 2: Growth Strategies - The company will focus on developing both oil and non-oil industries to support dual business growth [2] - There is a commitment to enhance the overseas market share, aiming for a robust dual-market development structure [2] Group 3: Industry Outlook - The demand for unconventional oil and gas resources is expected to rise due to the gradual depletion of conventional resources and increasing global energy needs [3] - The company anticipates more business opportunities in oil and gas extraction equipment and services [3] Group 4: Supply Chain Management - The company has established diversified procurement channels globally to mitigate the impact of trade tensions, particularly regarding the import of turbine engines from the U.S. [3] - Proactive measures have been taken to stockpile essential raw materials and major components to ensure supply chain stability [3] Group 5: Market Orders and R&D - As of the end of Q1, the company reported a year-on-year increase in overseas orders [3] - Continuous attention is being given to new technology research and development, with timely disclosures planned for significant advancements [3]

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-032 烟台杰瑞石油服务集团股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要提示： 1、基于对公司经营发展的信心及对公司长期投资价值和未来持续发展前景的充分认可， 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，公司董事长李慧涛先生 于 2025 年 4 月 8 日提议公司通过深圳证券交易所集中竞价交易方式回购部分公司股票，用 于股权激励或者员工持股计划。 2、根据董事长提议内容，公司本次回购资金总额不低于人民币 15,000 万元（含）且不 超过人民币 25,000 万元，回购价格不超过 49.00 元/股。按回购金额上限人民币 25,000 万 元、回购价格上限 49.00 元/股测算，预计可回购股数约 510.20 万股，约占公司总股本的 0.50%；按回购金额下限人民币 15,000 万元、回购价格上限 49.00 元/股测算，预计可回购 股数约 306.12 万股，约占公司总股本的 0.30%；具体回购股份的数量以回购方案实施完毕 时实际回购的股 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-031 烟台杰瑞石油服务集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于2025年4月23日召开第六 届董事会第二十三次会议审议通过了《关于2025年度回购股份方案的议案》，具体内容详见 公司于2025年4月24日披露在巨潮资讯网的2025-029、2025-030号公告。 2025 年 4 月 24 日 单位：股 序号 股东名称 持股数量 持股数量占总股数 比例（%） 1 孙伟杰 194,232,534 18.97 2 王坤晓 133,154,889 13.01 3 刘贞峰 109,353,535 10.68 4 香港中央结算有限公司 54,048,227 5.28 5 中国工商银行股份有限公司－富国天惠精选成长 混合型证券投资基金（LOF） 15,000,000 1.47 6 全国社保基金一一八组合 11,417,192 1.12 7 中国农业银行股份有限公 ...

Summary of Jerry Corporation's Q1 2025 Earnings Call Company Overview - **Company**: Jerry Corporation - **Period**: Q1 2025 Key Financial Metrics - **Revenue**: 2.686 billion CNY, up 26.07% year-over-year [2] - **Net Profit**: 462 million CNY, up 28.37% year-over-year [2] - **Operating Cash Flow**: 1.067 billion CNY, up 409.68% year-over-year [3] Core Insights - **Cash Flow Improvement**: Significant increase in cash flow attributed to enhanced management of inventory and receivables, increased overseas orders, and effective domestic debt collection [1][3] - **Overseas Orders**: The prepayment model for overseas orders is more favorable compared to domestic state-owned enterprises, leading to improved cash flow as overseas revenue exceeds 60% [1][4][5] - **Gross Margin Decline**: The decline in gross margin is due to product mix changes, with a higher proportion of lower-margin solidification products delivered in Q1, and delays in high-margin electric drive systems [1][7] - **Negative Material Business**: The negative performance in the anode material business is expected to improve due to new processes and production lines, with capacity release anticipated in the second half of the year [1][8] - **EPC Revenue Growth**: EPC revenue doubled, driven by projects in Bahrain and Inpex [9] Market Dynamics - **North American Market**: The number of active pressure units in North America has increased from a historical low, indicating a rise in development willingness, although full capacity is not yet reached [16] - **Gas Equipment Orders**: Orders for gas equipment grew over 200% year-over-year, but revenue growth was limited due to long production cycles [18] - **Environmental Business Outlook**: The environmental business is expected to recover with improved project selection and overseas orders, showing over 100% revenue growth in Q1 [20] Strategic Initiatives - **Cost Management**: The company aims to control the expense ratio despite increased costs from overseas strategic expansion [1][11] - **Foreign Exchange Management**: The depreciation of the RMB is beneficial, and the company is actively managing foreign exchange risks [21] - **Production Capacity**: The U.S. and Middle East bases are expected to meet market demands, with ongoing expansion plans [6] Additional Considerations - **Future Dividend Plans**: The company plans to gradually increase dividend payouts, with a potential 30% increase by 2026, contingent on cash flow improvements [23] - **Local Workforce Development**: The company is focusing on localizing its workforce in overseas markets to mitigate costs and enhance operational efficiency [14] This summary encapsulates the key points from Jerry Corporation's Q1 2025 earnings call, highlighting financial performance, market dynamics, strategic initiatives, and future outlook.