[Table_StockInfo] 买入 2024年 04月 02日 （维持） 证券研究报告•2023年年报点评 当前价： 31.15元 杰瑞股份（002353） 机械设备 目标价： ——元（6个月） 业绩实现稳健增长，海外市场持续向好 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，2023年实现营收139.1亿，同比+21.9%；实现 [分Ta析bl师e_：Au邰th桂or龙] 归母净利润 24.5 亿，同比+9.3%。Q4 单季度来看，实现营收 51.6 亿，同比 执业证号：S1250521050002 +20.0%，环比+54.6%；实现归母净利润8.9亿元，同比+18.8%，环比+71.0%。 电话：021-58351893 公司业绩增长稳健。 邮箱：tgl@swsc.com.cn  油气板块快速推进，海外业务持续向好。2023年，油气装备制造及技术板块营 联系人：杨云杰 收 117.6亿元，同比+28.8%；维修改造板块营收 18.6亿，同比+14.2%；环保 电话：021-58351893 服务板块营收 2.5亿，同比-58.6%。2023年， ...

Financial Performance - The company's operating revenue for 2023 was ¥13,912,093,668.10, representing a 21.94% increase compared to ¥11,409,012,145.44 in 2022[15]. - The net profit attributable to shareholders for 2023 was ¥2,454,377,699.43, a 9.33% increase from ¥2,244,949,636.01 in 2022[15]. - The net profit excluding non-recurring gains and losses for 2023 was ¥2,386,687,958.86, up 12.27% from ¥2,125,853,888.23 in 2022[15]. - The net cash flow from operating activities for 2023 was ¥1,048,774,539.31, a 4.06% increase from ¥1,007,867,907.21 in 2022[15]. - The total assets at the end of 2023 were ¥31,776,572,493.51, an 8.73% increase from ¥29,225,829,417.05 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥19,321,272,001.38, an 11.90% increase from ¥17,266,314,727.44 at the end of 2022[15]. - The company achieved total revenue of 1,391,209.37 million yuan, a year-on-year increase of 21.94%[32]. - The net profit attributable to shareholders was 245,437.77 million yuan, reflecting a year-on-year growth of 9.33%[32]. - The company reported a significant increase in oil and gas exploration and development investment in China, amounting to approximately ¥390 billion, a 10% increase year-on-year[23]. Shareholder Returns - The total share capital as of December 31, 2023, is 1,023,855,833 shares, with a cash dividend of 4.9 RMB per 10 shares proposed for distribution[4]. - The company has a total of 1,021,016,177 shares eligible for dividend distribution after excluding shares held in the repurchase account[4]. - The company distributed a cash dividend of 4.9 CNY per 10 shares, totaling 500,297,926.73 CNY (including tax) to shareholders[101]. - The profit distribution plan for 2023 includes cash dividends based on a total share capital of 1,023,855,833 shares, excluding 2,839,656 shares held in the company's repurchase account[100]. Risk Management - The company reported significant risks including fluctuations in oil and gas prices, intensified market competition, and the development of low-carbon energy systems[3]. - The company emphasizes the importance of investor awareness regarding the uncertainties associated with forward-looking statements and potential risks[3]. - The company has outlined its future development outlook, which includes addressing various risk factors that could impact its operations[3]. - The company acknowledges risks from fluctuating oil and gas prices, which could impact its service demand, and is actively exploring opportunities in the renewable energy sector to mitigate these risks[94]. - The company faces international operational risks due to geopolitical instability and currency fluctuations, which could affect its overseas business performance[95]. Technological Innovation - The company has a strong commitment to environmental responsibility, focusing on technologies related to oil sludge treatment and soil remediation[7]. - The company has a total of 1,825 valid authorized patents, including 354 invention patents, with 169 new invention patents granted during the reporting period[30]. - The company successfully developed and applied the world's first electric-driven intelligent continuous tubing equipment, marking a significant advancement in zero-carbon technology[36]. - The company’s R&D efforts in high-end equipment led to the successful application of the world's first continuous working 8000 electric-driven fracturing unit, achieving a flow rate of 3.4 cubic meters per minute[36]. - The company is currently developing high-performance surface-coated artificial graphite anode materials, enhancing its competitiveness in the high energy density market[51]. - The company is also working on a high-capacity, high-density, fast-charging artificial graphite product, which is expected to significantly improve profit margins upon mass production[51]. Market Expansion - The company plans to expand into lithium battery anode materials and resource recycling related to new energy industries[23]. - The company achieved a breakthrough in the North American market with the sale and delivery of the second 35MW gas turbine generator set, establishing a solid foundation for high-end power generation business[34]. - The company plans to invest $120 million to enhance its Middle East subsidiary, establishing a new production and office base in Dubai to strengthen its brand presence and resource allocation in the region[88]. - The company aims to increase its overseas market revenue share, focusing on innovation and breakthroughs in the oil and gas sector, while optimizing its customer structure and competitive environment[89]. Environmental Responsibility - The company has a strong focus on environmental protection, with compliance to various environmental protection laws and standards during its daily operations[161]. - The company has implemented a comprehensive air pollution control system, including low-nitrogen combustion technology for its natural gas boilers[170]. - The company achieved compliance with wastewater discharge standards for industrial and domestic wastewater through processes like biological degradation and advanced oxidation[171]. - The company reported a total hazardous waste generation of 28.807 tons in 2023, all of which was disposed of by qualified hazardous waste disposal companies[168]. - The company has established a chromium wastewater treatment system and a water reuse treatment system to manage wastewater effectively[168]. Corporate Governance - The company has established a complete internal governance structure, including a shareholder meeting, board of directors, and supervisory board, in compliance with relevant laws and regulations[108]. - The company has maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a clear delineation of ownership and operational capabilities[109]. - The company has a complete and independent financial accounting system, with dedicated financial personnel and separate bank accounts, ensuring compliance with legal requirements[109]. - The company has established a risk management system for foreign exchange hedging to mitigate market risks[70]. - The company has committed to fulfilling measures to compensate for dilution of immediate returns, ensuring compliance with regulations[181]. Employee Engagement - The company has a total of 1,273 technical personnel, highlighting its emphasis on technical expertise within its workforce[131]. - The company has established a performance-oriented compensation management system, linking fixed and variable pay to performance results[133]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management amounted to CNY 1,208.26 million in 2023[123]. - The company aims to enhance its training management system in 2024, focusing on systematic training for management and operational decision-making[134]. Strategic Initiatives - The company has implemented a "Quality Return Dual Improvement" action plan to enhance investor returns[99]. - The company continues to focus on its core business and drive development through innovation[100]. - The company has actively engaged with institutional investors through multiple communication channels, including online meetings and on-site research[98]. - The company is committed to maximizing shareholder value and contributing positively to market stability and investor confidence[107].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in orders and accelerated overseas business expansion, with 2023 revenue reaching 13.912 billion yuan, a year-on-year growth of 21.94% [3][4] - The company’s performance met expectations, with a robust order backlog and strong growth in overseas markets, particularly in North America and the Middle East [4][6] - The company is expected to maintain steady growth in profitability due to its overseas expansion and the increasing demand for unconventional oil and gas development in the domestic market [5][11] Financial Performance Summary - In 2023, the company achieved total revenue of 13.912 billion yuan, a 22% increase year-on-year, and a net profit attributable to shareholders of 2.454 billion yuan, up 9.3% [3][4] - The company’s gross profit margin and net profit margin were 33.0% and 17.9%, respectively, showing slight declines compared to the previous year [5] - The company’s overseas revenue reached 6.52 billion yuan, a remarkable growth of 60.6% year-on-year, accounting for 46.9% of total revenue [4][6] Order and Market Expansion - The company secured a total of 13.956 billion yuan in new orders in 2023, reflecting a year-on-year increase of 9.65% [4] - The North American market is identified as a significant growth area, with a strong demand for electric-driven fracturing equipment [6] - The company has established long-term partnerships with major clients in the Middle East, contributing to its increasing market share [6] Future Outlook and Valuation - The company is projected to achieve a net profit of 2.714 billion yuan in 2024, with a corresponding P/E ratio of 11.75 [2][11] - The company’s valuation is expected to remain flexible due to continuous order growth and the potential for increased profitability from its overseas operations [11]

烟台杰瑞石油服务集团股份有限公司 未来三年（2024-2026 年）股东回报规划 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）的持续发展需要股东的大 力支持，因此公司将在关注自身发展的同时高度重视股东的合理投资回报。根据《中华人 民共和国公司法》、中国证券监督管理委员会（以下简称"中国证监会"）《关于进一步 落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上市公司现金分 红》等相关法律、法规、规范性文件以及《公司章程》的规定，并综合考虑企业盈利能 力、经营发展规划、股东回报、社会资金成本以及外部融资环境等因素，特制定《公司未 来三年（2024-2026 年）股东回报规划》（以下简称"本规划"）。 一、本规划制定的基本原则 本规划的制定应符合《中华人民共和国公司法》《中华人民共和国证券法》以及中国证 监会、深圳证券交易所相关法律、法规、规范性文件和《公司章程》的规定，在兼顾公司正 常经营和可持续发展、公司的长远利益、全体股东的整体利益的前提下重视投资者的合理回 报，坚持现金分红优先，并保持利润分配政策的科学性、连续性和稳定性。 二、公司制定本规划考虑的因素 本规划是在考虑公司盈利能力 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-025 烟台杰瑞石油服务集团股份有限公司 关于开展外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 本事项尚需提交公司股东大会审议通过后实施。 公司进行外汇套期保值业务遵循合法、审慎、安全、有效的原则，不进行以投机为目的 的外汇交易，所有外汇套期保值业务均以正常生产经营为基础，以具体经营业务为依托，以 规避和防范汇率或利率风险为目的，但是进行外汇套期保值业务也会存在市场风险、内部控 制风险、客户或供应商违约风险、付款及回款预测风险、法律风险等风险。敬请投资者充分 关注外汇套期保值业务风险，谨慎投资。 一、外汇套期保值业务概述 1、投资目的 鉴于宏观环境及汇率波动的不确定性，公司的外币资产、外币负债，以及未来的外币交 易均将面临汇率波动风险，可能对公司经营及损益将带来一定的影响，为防范汇率及利率波 动风险，实现稳健经营，公司拟开展外汇套期保值业务。 公司的外汇套期保值业务只限于从事与公司生产经营所使用的主要结算货币相同的币 种，主要外币币种有美元、欧元、加元、迪 ...

国信证券股份有限公司关于 烟台杰瑞石油服务集团股份有限公司非公开发行股票 持续督导 2023 年度保荐工作报告 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：杰瑞股份 | | --- | --- | | 保荐代表人姓名：刘雅昕 | 联系电话：021-60933130 | | 保荐代表人姓名：栾小飞 | 联系电话：021-60893312 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | (1)是否督导公司建立健全规章制度(包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度) | | | (2)公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 2次 | | (2)公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4． ...

证券简称：杰瑞股份 证券代码：002353 二零二四年四月 烟台杰瑞石油服务集团股份有限公司奋斗者 9 号员工持股计划（草案） 1 声明 烟台杰瑞石油服务集团股份有限公司奋斗者 9 号员工持股计划（草案） 烟台杰瑞石油服务集团股份有限公司 奋斗者 9 号员工持股计划（草案） 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。 1、烟台杰瑞石油服务集团股份有限公司（以下简称"公司"或"杰瑞股份"）奋斗者 9 号员工持股计划（以下简称"本员工持股计划"）须经股东大会批准后方可实施，本员工 持股计划能否获得股东大会批准，存在不确定性； 2、有关本员工持股计划的具体资金来源、出资金额、实施方案等属初步结果，能否完 成实施，存在不确定性； 风险提示 3、若参与本员工持股计划的部分员工放弃认购导致认购资金较低时，本员工持股计划 存在无法成立的风险，或者虽成立但存在低于预计规模的风险。 公司后续将根据进展情况履行信息披露义务，敬请广大投资者谨慎决策，注意投资风险。 2 烟台杰瑞石油服务集团股份有限公司奋斗者 9 号员工持股计划（草案） 特别提示 1、《烟台杰瑞石油服务集团股份有 ...

烟台杰瑞石油服务集团股份有限公司 2023 年度董事会工作报告 2023 年，烟台杰瑞石油服务集团股份有限公司（以下简称"杰瑞股份"或"公司"）董 事会严格遵守《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上 市规则》《上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》以及《董 事会议事规则》等法律法规、规范性文件及监管部门的相关规定和要求，勤勉履职，认真履行 职责，维护公司利益，规范公司运作，科学决策，按照公司既定的发展战略，努力推进全年重 点工作计划，现将公司董事会 2023 年工作情况报告如下： 一、公司经营情况 2023 年，杰瑞股份实现营业收入 139.12 亿元，同比增长 21.94%；归属于上市公司股东 的净利润 24.54 亿元，同比增长 9.33%；经营活动产生的现金流量净额为 10.49 亿元，同比增 长 4.06%。截至 2023 年 12 月 31 日，公司总资产为 317.77 亿元，净资产为 193.21 亿元。加 权平均净资产收益率为 13.45%。 二、董事会日常工作情况 （一）董事会会议情况 本年度全体董事恪尽职守，忠实勤勉地切实履行职 ...

关于烟台杰瑞石油服务集团股份有限公司 募集资金年度存放与使用情况 鉴证报告 中喜特审 2024T00239 号 中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11号新成文化大厦A座11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 中喜会计师事务所(特殊普通合伙 ) ZHONGXI ZHONGXI CPAs（SPECIAL SPECIAL GENERAL GENERAL PARTNERSHIP PARTNERSHIP） 关于烟台杰瑞石油服务集团股份有限公司 募集资金年度存放与使用情况鉴证报告 中喜特审 2024T00239 号 烟台杰瑞石油服务集团股份有限公司全体股东： 我们接受委托，对后附的烟台杰瑞石油服务集团股份有限公司（以下简称杰瑞 股份）董事会编制的2023年度《关于募集资金年度存放与使用情况的专项报告》进 行了合理保证的鉴证业务。 一、对报告使用者和使用目的的限定 本鉴证报告仅供杰瑞股份年度报告披露时使用，不得用作任何其他目的。我们 同意将本鉴证报告作为杰瑞股份年度报告的必备文件，随同其他文 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-028 烟台杰瑞石油服务集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、担保情况概述 为推进子公司设备销售业务开展，保障公司现金流的安全，结合业务市场及公司的实际 情况，烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日分别 召开第六届董事会第十五次会议、第六届监事会第十三次会议，审议通过了《关于为客户购 买公司设备提供担保的议案》，具体情况如下。 公司全资子公司烟台杰瑞石油装备技术有限公司（以下简称"杰瑞装备"）与陕西胜利 高原石油工程技术服务股份有限公司（以下简称"胜利高原"）签署《整机供货合同》，胜 利高原拟向昆仑银行股份有限公司西安分行（以下简称"昆仑银行"）申请借款 5,460 万元 （人民币，下同）并签署《固定资产借款合同》（以下简称"主合同"）。公司董事会同意 杰瑞装备为胜利高原向昆仑银行申请借款提供保证担保，担保最高额为 2,000 万元。 本事项不构成关联交易，不属于《深圳证券交易所上市公司自律监管指引第 1 号——主 板上 ...