油服龙头海外增长亮眼，第二增长极落地可期

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company, Jereh Group, is a leading private oil and gas equipment and service provider in China, with a significant recovery in orders and performance, particularly in overseas markets [2][3]. - The company's main profit source is its fracturing equipment, which benefits from the domestic unconventional oil and gas development and the trend towards electrification [3][30]. - The North American market is identified as a potential second growth engine, with the company successfully entering this market with its electric fracturing equipment [4][30]. Summary by Sections 1. Company Overview - Jereh Group is a prominent player in the oil and gas equipment and service sector, with operations in over 70 countries and a focus on enhancing its export capabilities [11]. - The company has made significant advancements in fracturing technology, including the launch of the world's first electric fracturing equipment [11]. 2. Financial Performance - In the first three quarters of 2023, the company reported revenues of 8.76 billion yuan and a net profit of 1.56 billion yuan, representing year-on-year growth of 23.1% and 4.6%, respectively [14][16]. - The gross margin for the first half of 2023 was 34%, with a net margin of 18% [16]. 3. Market Dynamics - The domestic market for fracturing equipment is projected to grow, driven by unconventional oil and gas development and the electrification trend, with a market size of approximately 83 billion yuan in 2023 [21][32]. - The North American market is expected to see a significant shift towards electric and turbine fracturing technologies, with a market size forecasted at 216 billion yuan for 2023 [4][32]. 4. Growth Potential - The company is well-positioned to capitalize on the increasing demand for electric fracturing equipment, with a projected compound annual growth rate of 24% in the domestic electric fracturing equipment market from 2023 to 2025 [32]. - The successful entry into the North American market is viewed as a bullish indicator for the company's future growth prospects [4][30].