Core Insights - The mechanical industry is experiencing pressure on performance due to a weak macroeconomic recovery in 2024, with total revenue reaching 24,902 billion yuan, a year-on-year increase of 5.18%, while net profit attributable to shareholders decreased by 9.90% to 1,377 billion yuan [1] - In Q1 2025, the overall performance of listed companies in the mechanical industry improved, achieving revenue of 5,630 billion yuan, a year-on-year increase of 9.05%, and net profit of 391 billion yuan, a year-on-year increase of 17.43% [1] Revenue and Profitability - The overall gross margin for the mechanical industry in 2024 is 21.82%, down by 1.09 percentage points year-on-year, while the net profit margin is 5.53%, down by 0.93 percentage points year-on-year [2] - In Q1 2025, the gross margin is 21.96%, down by 0.39 percentage points year-on-year but up by 1.09 percentage points quarter-on-quarter, and the net profit margin is 6.95%, up by 0.50 percentage points year-on-year and up by 4.93 percentage points quarter-on-quarter [2] Sector Performance - The top five sectors in terms of revenue growth in 2024 are semiconductor equipment (+35%), injection molding machines (+22%), shipbuilding and offshore engineering (+20%), photovoltaic equipment (+13%), and machine tools (+5%) [2] - The top five sectors in terms of net profit growth in 2024 are shipbuilding and offshore engineering (+146%), injection molding machines (+23%), semiconductor equipment (+21%), engineering machinery (+14%), and coal machinery and mining machinery (+13%) [2] - In Q1 2025, the top five sectors for revenue growth are semiconductor equipment (+33%), rail transit equipment (+30%), injection molding machines (+20%), lasers (+14%), and shipbuilding and offshore engineering (+11%) [2] - The top five sectors for net profit growth in Q1 2025 are shipbuilding and offshore engineering (+203%), rail transit equipment (+75%), coal machinery and mining machinery (+37%), engineering machinery (+34%), and semiconductor equipment (+33%) [2] Investment Recommendations - The company suggests focusing on infrastructure and real estate chains driven by policy support, recommending engineering machinery and urban rail signaling systems [2] - It also recommends paying attention to cyclical general equipment due to domestic demand recovery, including industrial control, machine tools, industrial gases, and testing services [2] - New technologies and industries emerging from new productive forces, such as humanoid robots and low-altitude economy, are highlighted as new investment opportunities [2] Investment Portfolio - The recommended investment portfolio includes SANY Heavy Industry, Hengli Hydraulic, Jereh Group, Yihada, and Jack [3]

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-040 烟台杰瑞石油服务集团股份有限公司 关于首次回购公司股份的公告 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。 重要提示： 公司首次回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《深圳证券交 易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十八条的相关规定。 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或 者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份符合下列要求： （1）委托价格不得为公司股票当日交易涨幅限制的价格； 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"）于 2025 年 4 月 23 日召开第六届董事会第二十三次会议审议通过了《关于 2025 年度回购股份方案的议 案》。公司拟使用公司自筹资金及股票回购专项贷款，以集中竞价交易方式回购公司发行的 人民币普通股（A 股），用于股权激励或者员工持股计划，资 ...

Core Viewpoint - The company, Jerry Co., announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1] Summary by Relevant Sections Share Buyback Details - The company repurchased 218,000 shares, which represents 0.02% of the total share capital [1] - The highest purchase price was 34.55 yuan per share, while the lowest was 34.13 yuan per share [1] - The total transaction amount was 7.4967 million yuan, excluding transaction fees [1] Funding Sources - The funds for the share buyback were sourced from the company's self-raised funds and a special loan for stock repurchase [1] - The repurchase price did not exceed 48.31 yuan per share [1]

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Financial Performance - In Q1 2025, the company achieved a revenue of 2.687 billion CNY, representing a year-on-year growth of 26.07% [2] - The net profit attributable to shareholders was 466 million CNY, with a year-on-year increase of 24.04% [2] Major Contracts and Projects - The company signed a formal contract with ADNOC Onshore for a digital transformation EPC project, valued at an estimated 920 million USD, with a project duration of 42 months [2] - The minimum contract amount guaranteed by the owner is 50% of the total amount after deducting provisional sums [2] Shareholder Returns and Market Value - The company has consistently implemented cash dividends since its listing, with a 2024 dividend plan of 6.9 CNY per 10 shares [3] - The company has conducted share buybacks for three consecutive years and management has increased their shareholdings, indicating confidence in future growth [3] Global Market Strategy - The company has established production capabilities in the U.S. to meet local market demands and is enhancing localization in the Middle East and Central Asia [4] - A new production and office base is being developed in Dubai to improve service delivery and responsiveness to overseas markets [4] Market Opportunities and Bidding - The company is actively pursuing various market opportunities and is focused on securing new orders [4] - The procurement situation for PetroChina in 2025 will be monitored closely, with updates provided as necessary [4] Compliance and Market Entry - The company emphasizes compliance in its operations and will engage with legal institutions to navigate international regulations [5]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 38.22 to 47.04 CNY per share [6][4]. Core Insights - The company is a global leader in oil and gas field equipment manufacturing and oilfield services, with a revenue of 133.55 billion CNY in 2024, reflecting a CAGR of approximately 20.83% from 2010 to 2024 [1][13]. - The company has a strong competitive position in high-end equipment, maintaining the top market share in domestic fracturing, cementing, and coiled tubing sectors, and is the only Chinese company providing a full set of fracturing equipment to the North American high-end market [2][50]. - The international strategy is progressing smoothly, with significant breakthroughs in the Middle East and North America, leading to rapid growth in overseas revenue from 13.77 billion CNY in 2017 to 60.37 billion CNY in 2024, a CAGR of about 23.51% [3][41]. Financial Performance - In 2024, the company reported a revenue of 133.55 billion CNY, a year-on-year decrease of 4.01%, while the net profit attributable to shareholders was 26.27 billion CNY, an increase of 7.03% year-on-year [1][25]. - The gross margin and net margin for 2024 were 33.70% and 20.11%, respectively, showing improvements of 0.65 and 2.19 percentage points year-on-year [1][28]. - The company expects net profits for 2025 to reach 30.15 billion CNY, with a projected growth of 14.8% [54]. Business Segments - The high-end equipment manufacturing segment is expected to grow, with revenues projected to increase from 91.80 billion CNY in 2024 to 104.76 billion CNY in 2025, reflecting a growth rate of 14.11% [53][50]. - The oil and gas engineering and technical services segment is anticipated to recover, with revenues expected to grow from 32.93 billion CNY in 2024 to 38.25 billion CNY in 2025, a growth rate of 16.16% [51][53]. - Other business segments, including renewable energy and oilfield development, are expected to see modest growth, with revenues projected to increase by 5% annually [51]. Market Position - The company has established a strong foothold in both domestic and international markets, with overseas business revenue accounting for approximately 45.20% of total revenue in 2024 [41][3]. - The company has successfully completed several key projects in the Middle East, enhancing its reputation and market presence [3][4]. Future Outlook - The company is well-positioned to benefit from the increasing demand for unconventional oil and gas, with expectations of continued revenue and profit growth driven by equipment expansion, self-research advancements, and international market share increases [4][50]. - The projected revenue for 2025-2027 is expected to grow steadily, with net profits anticipated to reach 34.22 billion CNY in 2026 and 38.92 billion CNY in 2027 [54][55].

从中证油气产业指数持仓的市场板块来看，上海证券交易所占比70.91%、深圳证券交易所占比 29.09%。 从中证油气产业指数持仓样本的行业来看，能源占比61.44%、原材料占比20.57%、工业占比15.14%、 金融占比1.77%、公用事业占比1.08%。 金融界5月15日消息，上证指数低开低走，中证油气产业指数 (油气产业，H30198)下跌1.04%，报 1751.37点，成交额139.48亿元。 数据统计显示，中证油气产业指数近一个月上涨4.60%，近三个月下跌1.07%，年至今下跌4.38%。 据了解，中证油气产业指数从沪深市场中选取业务涉及石油与天然气的开采、设备制造、运输、销售、 炼制加工，以及初级石油化工产品生产等领域的上市公司证券作为指数样本，以反映油气产业相关上市 公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证油气产业指数十大权重分别为：中国石油（10.46%）、中国海油（9.96%）、中 国石化（9.54%）、广汇能源（5.02%）、杰瑞股份（3.89%）、招商轮船（3.83%）、恒力石化 （3.14%）、卫星化学（3.12%）、 ...

Investment Rating - The report assigns an "Outperform the Market" rating to the company [7]. Core Views - The company is a global leader in oil and gas field equipment manufacturing and oilfield services, with a revenue CAGR of approximately 20.83% from 2010 to 2024 [1]. - The company is benefiting from the growing demand for unconventional oil and gas, with expected continuous revenue and profit growth due to equipment/service expansion and technological innovations [4]. - The international strategy is progressing smoothly, with significant breakthroughs in the Middle East and North America markets [3]. Summary by Sections Business Overview - In 2024, the company achieved revenues of 133.55 billion yuan, with a slight decline of 4.01% year-on-year, while net profit increased by 7.03% to 26.27 billion yuan [1][25]. - The high-end equipment manufacturing segment accounted for 69% of total revenue in 2024, with a growth rate of 12.71% [14][51]. Financial Analysis - The company has maintained a strong profitability profile, with a gross margin of 33.70% and a net margin of 20.11% in 2024, reflecting improvements in operational efficiency [29][25]. - The company’s net profit is projected to grow to 30.15 billion yuan in 2025, with a corresponding PE ratio of 12 [4][55]. International Expansion - The company’s overseas revenue grew from 13.77 billion yuan in 2017 to 60.37 billion yuan in 2024, with a CAGR of approximately 23.51% [3][42]. - Key contracts signed in 2024 include a 22 billion yuan project with Bahrain National Oil Company and a 6 billion USD investment in Iraq [3]. Investment Recommendations - The report forecasts that the company will benefit from trends such as increased equipment self-research, expansion of service categories, and technological advancements in electric and turbine fracturing equipment [4][51]. - The estimated reasonable valuation range for the company is between 38.22 and 47.04 yuan per share [4].

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"）于 2025 年 4 月 23 日召开第六届董事会第二十三次会议审议通过了《关于 2025 年度回购股份方案的议 案》。公司拟使用不低于人民币 15,000 万元（含）且不超过人民币 25,000 万元的自筹资金 及股票回购专项贷款，以集中竞价交易方式回购公司发行的人民币普通股（A 股），用于股 权激励或者员工持股计划，回购价格不超过 49.00 元/股，实施期限为自公司董事会审议通 过本次回购方案之日起 12 个月内。具体情况详见公司披露于巨潮资讯网的《回购报告书》 （2025-032 号公告）。 二、2024 年年度权益分派实施情况 本公司2024年年度权益分派方案为：以公司 2024年 12 月 31 日的总股本1,023,855,833 股剔除存放于公司回购专用证券账户 6,156 股后的 1,023,849,677 股为基数，向全体股东每 10 股派发现金红利 6.9 元（含税），共计派发 706,456,277.13 元（含税），送红股 0 股（含 税），不以公积金转增股本。本次权益分派股权登记日为：2025 年 5 月 22 日， ...

公司2024年年度权益分派方案已获2025年5月7日召开的2024年度股东大会审议通过，现 将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 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。 特别提示： 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"）于本利润分 配方案披露至分配实施期间，正在进行2025年度回购股份计划，回购专用证券账户最新持有 的股份为6,156股。因回购股份不参与分红，公司2024年年度权益分派实施方案为：以公司 2024年12月31日的总股本1,023,855,833股剔除存放于公司回购专用证券账户6,156股后的 1,023,849,677股为基数，向全体股东每10股派发现金红利6.9元（含税），共计派发 706,456,277.13元（含税），送红股0股（含税），不以公积金转增股本。 本次权益分派实施后除权除息价格计算时，每股现金红利应以0.6899958元/股计算。（每 股现金红利 = 现 金 分 红 总 额 ÷ 总 股 本 ， 即 0.6899958 元 / 股 =706,456,277.13 元 ...