Jereh Group(002353) 光大证券·2024-04-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved record high revenues and profits in 2023, with operating income of 13.91 billion yuan, a year-on-year increase of 21.9%, and a net profit of 2.45 billion yuan, up 9.3% year-on-year [2]. - The company's overseas revenue saw significant growth, reaching 6.52 billion yuan, a 60.6% increase year-on-year, accounting for 46.9% of total revenue [3]. - The company is focusing on dual main business strategies in the oil and gas industry and the new energy sector, with ongoing research and development innovations [4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 33.0%, a slight decrease of 0.2 percentage points year-on-year, and a net profit margin of 17.9%, down 2.1 percentage points, primarily due to changes in revenue structure [2]. - The company plans to distribute a dividend of 0.49 yuan per share, with a payout ratio of approximately 20% [2]. Market Expansion - The company secured a total of 13.96 billion yuan in orders in 2023, marking a 9.65% increase year-on-year, with a year-end backlog of 7.55 billion yuan [2]. - The company has established stable partnerships with major clients in the Middle East, including Saudi Aramco and Abu Dhabi National Oil Company, indicating strong future potential [3]. Research and Development - The company has successfully delivered multiple large and medium-sized LNG liquefaction projects domestically and has developed technologies for low-permeability oil fields [4]. - The first set of lithium battery resource recycling equipment has been developed and is in trial production [4].