Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Oil and Gas Equipment and Engineering Key Points Project Acquisition - Jerry Holdings secured a natural gas booster EPC project in Algeria worth 6.1 billion RMB, expected to sign a formal contract in August 2025 with a 36-month execution period [2][3][4] - The project consists of 75% design and procurement and 25% construction, with over 70% of core equipment produced in-house [2][3] Financial Projections - Expected gross margin over 20% and net margin over 10% from the Algeria project, contributing over 6 billion RMB in revenue and several hundred million RMB in profit over the next three years [2][4] - Projected net profits for 2025, 2026, and 2027 are 3 billion, 3.4 billion, and 4 billion RMB respectively, with year-on-year growth rates of 15%, 13%, and 17% [3][6] International Business Growth - International revenue is projected to account for 45% of total revenue by 2024, with overseas orders growing at a compound annual growth rate (CAGR) of approximately 50% [2][5][9] - The company has established a strong presence in the Middle East, North America, Central Asia, and North Africa, with the fastest growth in the Middle East and Central Asia [2][5][9] Natural Gas Sector Expansion - Natural gas-related business is rapidly growing, expected to make up about 40% of overseas orders in 2024, with an average annual growth rate exceeding 80% in recent years [2][10] - The company has built a natural gas industrial park to triple production capacity, supporting future equipment production [5][10] Market Positioning - Jerry Holdings has a significant market share in specific products, such as completion equipment in Kuwait, where it reaches 60%-70% [2][11] - The company is strategically addressing tariff risks in North America through local production and capacity layout [3][12] Future Growth Potential - The company’s performance is expected to remain strong against a backdrop of high oil prices, with ongoing expansion in North Africa, the Middle East, and other regions [7][17] - The North American market, while currently only 10% of total revenue, is seen as strategically important, particularly for electric fracturing equipment [12][16] Competitive Advantages - Jerry Holdings' execution capabilities have been recognized through the Algeria project win, enhancing its position in the North African and Middle Eastern integrated oil and gas field development market [8][17] - The Dubai factory, set to be operational by the end of the year, will enhance global competitiveness and address potential tariff issues [13][17] Revenue Streams - The power generation business, while currently small, is expected to grow significantly, with projected revenues reaching 10 billion RMB in the next three to five years [15][16] - The aftermarket for fracturing equipment is anticipated to become a significant growth area starting in 2025 [15][16] Valuation and Investment Opportunity - The company is currently undervalued with a PE ratio of approximately 12-13 times, indicating strong investment potential given the expected growth rates [6][17][18]

行 业 及 产 业 机械设备 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 张婧玮 A0230523090001 zhangjw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230122080001 sumeng@swsresearch.com 2025 年 07 月 15 日 25H1 需求温和复苏，下半年建议 关注设备更新+科技赋能 看好 ——机械行业 2025 年中报业绩前瞻 相关研究 证券分析师 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 - ⚫ 我们对 20 家重点跟踪的机械公司 2025Q2 业绩增速预测如 ...

我们预计广核转债上市首日价格在 126.83~140.94 元之间，我们预计中签 率为 0.0140%。 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-14 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250711：房地产对中国经济的影响已明显减弱 预计随着专项债收购存量商品房的更大规模落地，地产供给端有望继续 "提质缩量"，带动地产供需关系继续改善。 固收金工 [Table_FixedGain] 固收点评 20250710：广核转债：中国核电领域龙头 行业 推荐个股及其他点评 [Table_Recommend] 杰瑞股份（002353）：中标非洲天然气 EPC 订单，海外天然气成长逻辑 逐步兑现 盈利预测与投资评级：我们维持公司 2025-2027 年归母净利润 30.3/34.9/ 39.9 亿元，当前市值对应 PE 估值为 12/10/9 倍，维持"买入"评级。 风 险提示：国际油价波动；国内油气资本开支不及预期；国际关系摩擦。 亚盛医药-B（06855.HK）：APG-2575 国内获批，首款国产 Bcl-2 上市 盈利预测与投资 ...

7月11日，山东省人民政府新闻办举办新闻发布会，介绍山东布局"天空之城"，打造低空产业新标杆的有关情况。 山东省工业和信息化厅副厅长王茂庆介绍，当前，山东低空产业呈现制造和服务一体化发展态势，经营服务规模大于生产制造。目前，山东拥有经营性无人 机企业达到1400余家，居全国第3位。从制造环节来看，主要以综合集成为主，涵盖了工业级无人机、通航飞机、电动垂直起降飞行器（eVTOL）及关键系 统等主要领域，培育通用飞机和无人机整机、发动机、零部件和航空材料研发制造企业400余家，展现出强劲的发展势头。 下一步，山东将牢牢把握低空经济发展的战略窗口期，从加强产业链建设、提升产品创新能力、深化场景应用推广、构建完善产业生态等方面发力，努力将 低空产业打造成山东高质量发展的强劲引擎和闪亮名片。 1，山东计划到2027年机器人制造产业规模突破500亿元 7月10日，山东省人民政府新闻办举行政策例行吹风会，解读《山东省机器人产业高质量发展行动计划（2025-2027年）》（下称《行动计划》）的有关情 况。 山东省工业和信息化厅副厅长王茂庆介绍，《行动计划》共包括18条措施，既包含技术创新、产业培育的政策，又包含财金支持、标准 ...

杰瑞股份全资子公司中标阿尔及利亚8.50亿美元天然气增压站项目，股价应声大涨，彰显中国能源企业在北非市场的强劲 竞争力。 2025年7月9日晚间，杰瑞股份（002353.SZ）发布公告，其全资子公司杰瑞油气工程有限公司收到阿尔及利亚国家石油公司 （Sonatrach SPA）发出的项目授标函，成功中标Rhourde Nouss天然气增压站总承包工程（EPC）项目，授标金额总计约 8.50亿美元（约合人民币61.26亿元），包括6.291亿美元及293.58亿阿尔及利亚第纳尔。 消息公布后，杰瑞股份股价当日大幅上涨，盘中一度涨停，收盘涨幅约8%，市值突破300亿元人民币，反映市场对公司在 国际能源领域布局的强烈信心。 本文是阿中产业研究院"阿尔及利亚生意经"系列第41篇，深度介绍中阿投资、贸易和工程建设领域的产业政策、法律法 规、产业趋势、市场需求、竞争格局和潜在交易机会。 该项目位于阿尔及利亚东南部Illizi省的Rhourde Nouss气田，气源主要来自Rhourde Nouss和Gassi Touil气田。 据公告介绍，为保障天然气以稳定压力进入处理设施，Sonatrach计划在Rhourde Nous ...

证券研究报告·公司点评报告·专用设备 杰瑞股份（002353） 中标非洲天然气 EPC 订单，海外天然气成长 逻辑逐步兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,912 | 13,355 | 15,564 | 17,911 | 20,195 | | 同比（%） | 21.94 | (4.00) | 16.54 | 15.08 | 12.75 | | 归母净利润（百万元） | 2,454 | 2,627 | 3,027 | 3,492 | 3,990 | | 同比（%） | 9.33 | 7.03 | 15.23 | 15.37 | 14.25 | | EPS-最新摊薄（元/股） | 2.40 | 2.57 | 2.96 | 3.41 | 3.90 | | P/E（现价&最新摊薄） | 14.70 | 13.73 | 11.92 | 10.33 | 9.04 | [Table_Tag] [投资要点 ...

中标非洲 61 亿元天然气增压站项目，海 外拓张持续加速 杰瑞股份中标天然气增压站项目点评 | | | | [当前价格： Table_CurPrice] | 35.09 | | --- | --- | --- | --- | --- | | [table_Authors] 肖群稀(分析师) | 021-38676666 登记编号 S0880522120001 | 赵玥炜(分析师) 021-38676666 S0880525040040 | | | 本报告导读： 公司中标非洲阿尔及利亚国家石油公司 61 亿元天然气增压站总承包项目，有利于公 司在中东、非洲等重要海外区域加速拓展，对经营业绩有所提振。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,912 | 13,355 | 16,001 | 18,906 | 22,149 | | (+/-)% | 21.9% | -4.0% | 19.8% | 18.2% ...

Core Viewpoint - Jerry Holdings has won a significant project in Algeria worth approximately 6.126 billion yuan, marking an expansion of its oil and gas engineering services in North Africa, aligning with its strategic focus on the Middle East and North Africa [1][2][4]. Group 1: Project Details - The project awarded to Jerry Holdings involves the EPC realization of the Rhourde Nouss Boosting Project, located in the Illizi province of Algeria, with a total value of about 8.50 billion USD [2]. - The project aims to enhance the production efficiency and gas processing capacity of the Rhourde Nouss gas field by constructing a gas booster station and upgrading the gas collection pipeline network [2][3]. Group 2: Previous Contracts - Earlier in February, Jerry Holdings signed a contract with ADNOC Onshore for an estimated total amount of approximately 9.2 billion USD (about 65.55 billion yuan) for digital transformation projects in the Bab, Bu Hasa, and South East blocks [4][6]. - The ADNOC Onshore operates in a significant oil field area and has a strong financial standing, indicating a robust partnership for Jerry Holdings [6]. Group 3: Financial Performance - Jerry Holdings reported a substantial increase in revenue and net profit for Q1 2025, with revenues of 2.687 billion yuan and a net profit of 466 million yuan, reflecting year-on-year growth of 26.07% and 24.04% respectively [10]. - The company’s overseas business has shown significant results, with 45.20% of its revenue coming from international markets in 2024 [8]. Group 4: Strategic Expansion - To further its business in the Middle East and North Africa, Jerry Holdings has made preparations, including a recent decision to invest 12 million USD in its Middle Eastern subsidiary to establish a high-end oil and gas equipment manufacturing base in Dubai [7]. - The Middle East is identified as a key strategic market for Jerry Holdings, with a comprehensive business layout and significant revenue generation potential [7].

Core Viewpoint - Jereh Corporation has secured a significant overseas project order worth approximately $850 million, marking a strategic expansion in the North African oil and gas engineering services market [2][3][4]. Group 1: Project Details - The order was awarded to Jereh Oil & Gas Engineering Corporation, a wholly-owned subsidiary, by Sonatrach SPA for the EPC Realization of The Rhourde Nouss Boosting Project [3]. - The total contract value includes $629.1 million and 29.358 billion Algerian Dinars, equating to about $850 million or 6.126 billion RMB [3]. Group 2: Financial Performance - Jereh Corporation's net profit attributable to shareholders has shown steady growth, with a year-on-year increase of 24.04% in Q1 2025 [2][4]. - In 2024, the company achieved a total revenue of 13.35 billion RMB, maintaining over 10 billion RMB in revenue for three consecutive years [8]. - The net profit for 2024 reached a historical high of 2.627 billion RMB, continuing a three-year growth trend [8]. Group 3: Global Strategy and Market Position - The project win aligns with Jereh's strategic focus on expanding its presence in the Middle East and North Africa [4]. - The company operates in over 70 countries, with the Middle East being its largest overseas market [5]. - In 2024, nearly half of the new orders were from overseas, reflecting a 65.37% year-on-year growth [5]. Group 4: Research and Development - Jereh's R&D expenses exceeded 500 million RMB in both 2023 and 2024, with a 28.79% increase in Q1 2025 [6]. - The company holds a total of 1,914 effective patents, including 503 invention patents [5][6]. Group 5: Financial Health and Stock Buyback - As of March 2025, Jereh's debt-to-asset ratio stood at 39.48%, with cash reserves of 6.817 billion RMB [9]. - The company announced a stock buyback plan of up to 250 million RMB, with 953,800 shares repurchased by June 30, 2025 [9].

Summary of Key Points Core Viewpoint - The company intends to use self-raised funds to pay for investment project expenses and subsequently replace these with raised funds, ensuring efficient use of capital and smooth project implementation [1][7][8]. Group 1: Fundraising and Allocation - The company successfully raised a total of RMB 2,499,999,974.82 through a non-public issuance of 69,098,949 shares at RMB 36.18 per share, with a net amount of RMB 2,487,483,821.84 after deducting issuance costs [1]. - As of November 30, 2023, the remaining balance for the original investment project was RMB 758.205 million, which will be redirected to a new oil and gas technology service project [2]. Group 2: Project Management and Adjustments - The company held a temporary shareholders' meeting on January 18, 2024, to approve the change of use for the remaining funds from the original project to the new project [2]. - The company has extended the deadline for the digital transformation phase one project and the oil and gas technology service project to December 31, 2027, without changing the investment amounts [3]. Group 3: Use of Self-raised Funds - The company plans to use self-raised funds for initial payments on investment projects, which will later be replaced by raised funds to enhance efficiency [4][5]. - The rationale for using self-raised funds includes compliance with banking regulations, operational efficiency, and cost reduction in procurement [4][5]. Group 4: Operational Procedures - A detailed operational process has been established for using self-raised funds, including contract signing, payment applications, and monthly reporting to the sponsor institution [6]. - The financial department will maintain a special ledger to track the replacement of self-raised funds with raised funds, ensuring transparency and accountability [6]. Group 5: Approval and Oversight - The board of directors and the supervisory board have approved the use of self-raised funds, confirming that the process adheres to legal and regulatory requirements [7]. - The sponsor institution has conducted a review and found no issues with the company's plan to use self-raised funds, ensuring that shareholder interests are protected [7][8].