Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2% increase in net profit attributable to shareholders for the first three quarters of 2024, indicating an upcoming performance inflection point [2] - The company achieved total revenue of 8.05 billion yuan in the first three quarters, a year-on-year decrease of 8%, while net profit attributable to shareholders was 1.6 billion yuan, reflecting a 2% increase [2] - The increase in profit growth outpaced revenue growth due to a higher proportion of overseas and equipment orders, enhancing profitability [2] - The company has significantly increased its contract liabilities to 1.49 billion yuan, up 99% from the beginning of the year, indicating a backlog of high-profit orders waiting to be released [2] - The gross profit margin for the first three quarters was 35.0%, up 1.51 percentage points year-on-year, while the net profit margin was 20.5%, up 2.2 percentage points [2] - The company is deepening its cooperation in the "Belt and Road" initiative, with significant contracts signed in the Middle East, showcasing its capabilities in high-end oil service projects [2] - The company is committed to advancing its globalization strategy by establishing a manufacturing base in the Middle East, which will enhance its production and service capabilities in the region [2] - The company is considered a high-quality target in the machinery sector with low valuation and confirmed growth potential, maintaining profit forecasts of 2.7 billion, 3.3 billion, and 3.7 billion yuan for 2024-2026 [2] Financial Summary - Total revenue forecast for 2024 is 14.42 billion yuan, with a year-on-year growth of 3.64% [1] - Net profit attributable to shareholders is projected to be 2.725 billion yuan in 2024, reflecting an 11.02% year-on-year increase [1] - The company’s earnings per share (EPS) is expected to be 2.66 yuan in 2024, with a price-to-earnings (P/E) ratio of 12.06 based on the current price [1]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 8.047 billion RMB for the first three quarters of 2024, a year-on-year decrease of 8.10%, with Q3 revenue at 3.09 billion RMB, down 7.38% year-on-year. However, the net profit attributable to shareholders for the same period was 1.598 billion RMB, an increase of 2.21% year-on-year [2]. - The company has signed new orders worth 7.18 billion RMB in H1 2024, reflecting an 18.9% year-on-year increase, indicating strong demand in the downstream market [2]. - The company's overseas revenue accounted for 48.0% of total revenue in H1 2024, with a gross margin of 37.2%, which is higher than the domestic gross margin of 34.6% [2]. - The management team has collectively increased their holdings in the company, demonstrating confidence in its long-term development [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a net profit of 1.598 billion RMB, with a Q3 net profit of 510 million RMB, down 2.04% year-on-year [2]. - The company expects revenue growth to recover as orders are executed, with projected revenues of 14.286 billion RMB, 16.916 billion RMB, and 19.164 billion RMB for 2024, 2025, and 2026 respectively [3][6]. Operational Analysis - The company has improved cash flow management, resulting in a net cash flow from operating activities of 1.468 billion RMB, a significant increase of 288.4% year-on-year [2]. - The company has secured significant overseas contracts, including a 2.2 billion RMB EPC order in Bahrain, which is expected to enhance overall profitability [2]. Management Confidence - The management's decision to increase their shareholding indicates a strong belief in the company's future prospects [2].

证券代码：002353 证券简称：杰瑞股份 烟台杰瑞石油服务集团股份有限公司投资者关系活动记录表 编号：20241024 | --- | --- | --- | |----------------|---------------------|---------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | | 其他 （电话会议） | | | --- | --- | |--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.00 CNY, based on a 15x PE ratio for 2024 [2][5]. Core Insights - The company's revenue for the first three quarters of 2024 is 8.047 billion CNY, a decrease of 8.1% year-on-year, while the net profit attributable to shareholders is 1.598 billion CNY, an increase of 2.2% year-on-year [1][2]. - The gross margin improved to 33.7% in Q3 2024, up 3.74 percentage points year-on-year, indicating a positive shift in business structure [1]. - Contract liabilities surged to 1.495 billion CNY by the end of September 2024, reflecting a 68% year-on-year increase and a 46% quarter-on-quarter increase, suggesting a robust order backlog [1][2]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 11,409 - 2023A: 13,912 - 2024E: 13,931 - 2025E: 16,781 - 2026E: 19,321 - Year-on-year growth rates for revenue: - 2022A: 30.0% - 2023A: 21.9% - 2024E: 0.1% - 2025E: 20.5% - 2026E: 15.1% [4][6]. - Net profit attributable to shareholders (in million CNY): - 2022A: 2,245 - 2023A: 2,454 - 2024E: 2,660 - 2025E: 3,204 - 2026E: 3,858 - Year-on-year growth rates for net profit: - 2022A: 41.5% - 2023A: 9.3% - 2024E: 8.4% - 2025E: 20.5% - 2026E: 20.4% [4][6].

杰瑞股份：前三季度净利润15.98亿元 同比增长2.21% 财联社10月24日电，杰瑞股份发布2024年第三季 度报告，前三季度实现营业收入80.47亿元，同比下降8.1%；净利润15.98亿元，同比增长2.21%。 第三季度实现营业收入30.9亿元，同比下降7.38%；净利润5.1亿元，同比下降2.04%。 查看公告原文 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-074 一、召开会议基本情况 1、股东大会届次：2024 年第三次临时股东大会 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 根据烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）第六届董事会第十九次 会议及第六届监事会第十七次会议提案，公司定于 2024 年 11 月 14 日召开 2024 年第三次 临时股东大会，现将会议具体事项通知如下： 2、会议召集人：公司董事会 3、会议召开的合法、合规性：召集人公司董事会认为本次股东大会会议召开符合有关 法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、现场会议召开日期、时间：现场会 2024 年 11 月 14 日 下午 14:30 开始。 网络投票时间：（1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 14 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；（2）通过深圳证券交易 所互联网投票系统进行网络投票的具体时间为 20 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-071 烟台杰瑞石油服务集团股份有限公司 第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2024 年 10 月 24 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届监事会第十七次会议在公司五楼会议室以现场方式召开。会议通知 已于 2024 年 10 月 13 日通过专人送达、邮件方式送达给监事，会议应到监事 3 人，实到监事 3 人。会议召开符合《公司法》及《公司章程》的规定。会议由监 事会主席史海宁先生召集并主持，全体监事经过审议，以记名投票方式审议通过 了： 一、审议并通过《2024 年第三季度报告》 表决情况：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、审议并通过《关于增加公司及子公司销售业务担保额度的议案》 表决情况：3 票同意，0 ...

烟台杰瑞石油服务集团股份有限公司 关于在控股子公司之间调剂担保额度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：002353 证券简称：杰瑞股份 公告编号：2024-075 一、担保情况概述 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）分别于 2024 年 4 月 1 日、 2024 年 5 月 7 日召开第六届董事会第十五次会议、2023 年度股东大会，审议并通过《关于 公司及子公司向银行申请综合授信额度及担保的议案》，未来十二个月内公司及子公司拟对 公司合并报表范围内的公司（以下统称"担保对象"）向银行申请综合授信及用信事项提供 总额度不超过人民币 45 亿元的担保（含公司对子公司、子公司之间、子公司对公司的担保， 以下简称"本次担保"）。其中，为资产负债率 70%以上的担保对象提供担保的额度不超过 人民币 18.5 亿元，为资产负债率 70%以下的担保对象提供担保的额度不超过人民币 26.5 亿 元。具体担保金额及保证期间按照合同约定执行。任一时点的担保余额不得超过股东大会审 议通过的担保额度。该额度可循环使用，有效期为自股东 ...

第六届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2024 年 10 月 24 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届董事会第十九次会议在公司五楼会议室以现场及通讯表决方式召开。 会议通知已于 2024 年 10 月 13 日通过专人送达、邮件方式送达给董事、监事和 高级管理人员，会议应到董事 9 人，实到董事 9 人，其中董事孙伟杰、王坤晓、 刘贞峰、王继丽因公出差以通讯表决方式出席，监事和高级管理人员列席会议。 会议召开符合《公司法》及《公司章程》的规定。会议由董事长李慧涛先生召集 并主持，全体董事经过审议，以记名投票方式审议通过了： 一、审议并通过《2024 年第三季度报告》 证券代码：002353 证券简称：杰瑞股份 公告编号：2024-070 烟台杰瑞石油服务集团股份有限公司 二、审议并通过《关于增加公司及子公司销售业务担保额度的议案》 表决情况：9 票同意，0 票反对，0 票弃权。 公司监事会发表了明确同意的意见。 本议案尚需提交公司股东大会审议。 议案内容请见巨潮资讯网（http://ww ...

Financial Performance - Revenue for Q3 2024 was CNY 3,089,662,706.61, a decrease of 7.38% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 510,130,260.41, down 2.04% year-on-year[2] - Total revenue for the period was CNY 8,046,761,536.60, a decrease of 8.06% compared to CNY 8,755,980,833.68 in the previous period[18] - The company's net profit for the period was not explicitly stated, but the decrease in total revenue and operating costs suggests a focus on maintaining profitability[18] - The net profit for Q3 2024 was CNY 1,648,473,417.06, an increase from CNY 1,601,216,597.29 in Q3 2023, representing a growth of approximately 2.9%[19] - The total profit for Q3 2024 was CNY 1,931,922,677.43, compared to CNY 1,901,735,350.66 in Q3 2023, marking an increase of approximately 1.6%[19] Cash Flow - Cash flow from operating activities increased by 288.38% year-to-date, totaling CNY 1,467,767,368.55[2] - Cash flow from financing activities decreased by 58.79% year-on-year, influenced by increased repayments of borrowings and share repurchase payments[8] - The cash flow from operating activities showed a net increase of CNY 1,467,767,368.55, a significant recovery from a negative cash flow of CNY -779,166,061.81 in the same period last year[21] - The company’s investment activities resulted in a net cash outflow of CNY -1,401,520,951.73 for Q3 2024, worsening from CNY -661,289,381.72 in the previous year[22] - The financing activities generated a net cash inflow of CNY 630,169,113.80 in Q3 2024, a decrease from CNY 1,529,068,120.92 in Q3 2023[22] Assets and Liabilities - Total assets as of September 30, 2024, reached CNY 34,889,747,072.04, reflecting a 9.80% increase from the end of the previous year[2] - Total liabilities rose to CNY 13,939,938,954.90, compared to CNY 11,628,726,340.74, marking an increase of 19.88%[17] - Long-term borrowings surged to CNY 3,127,026,130.65, compared to CNY 1,030,444,303.00, reflecting a significant increase of 203.73%[16] - The total equity attributable to shareholders reached CNY 20,126,106,008.64, an increase from CNY 19,321,272,001.38, indicating a growth of 4.16%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 29,689[9] - The largest shareholder, Sun Weijie, holds 18.97% of the shares, totaling 194,232,534 shares[9] - The company plans to repurchase shares using between RMB 150 million and RMB 250 million, with a maximum repurchase price of RMB 40.00 per share[13] - A total of 5,873,600 shares were repurchased, accounting for 0.57% of the total share capital, with an average transaction price of RMB 30.86 per share[13] - The company will distribute a cash dividend of RMB 1.2 per 10 shares to all shareholders, based on a total share capital of 1,023,849,677 shares[14] - The company has a plan for executives to increase their holdings by investing between RMB 7 million and RMB 9 million in the company's stock[13] - The top ten shareholders include significant institutional investors, such as China Agricultural Bank and China Life Insurance, holding 1.04% and 0.88% respectively[11] - The total number of shares held by the top ten shareholders represents a significant portion of the company's equity, indicating concentrated ownership[10] - The company has implemented a plan to maintain stable control among major shareholders through mutual agreements[11] Operational Efficiency and Investments - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[4] - Research and development expenses increased to CNY 318,546,819.86, up from CNY 286,336,409.63, reflecting a growth of 11.24%[18] - Investment income increased by 156.13% compared to the previous year, due to higher gains from the transfer of equity in joint ventures[6] Other Financial Metrics - Financial expenses rose by 161.78% year-on-year, primarily due to a shift from net exchange gains to net losses[6] - Cash and cash equivalents at the end of the period reached CNY 5,569,899,922.72, an increase of 16.01% from CNY 4,798,698,468.15 at the beginning of the period[15] - Inventory increased to CNY 6,138,773,749.96, up from CNY 5,124,366,263.20, indicating a rise of 19.77%[15] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 4,854,951,002.61, an increase from CNY 3,283,461,863.71 at the end of Q3 2023, representing a growth of about 48%[22] - The company reported a total comprehensive income of CNY 1,559,728,463.41 for Q3 2024, down from CNY 1,646,630,192.37 in Q3 2023, a decrease of approximately 5.3%[20] - The company experienced a decrease in other comprehensive income, with a net amount of CNY -88,744,953.65 in Q3 2024 compared to CNY 45,413,595.08 in Q3 2023[19]