Jereh Group(002353) 国元证券·2025-04-27 00:23Investment 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].