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]

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-073 烟台杰瑞石油服务集团股份有限公司 关于增加公司及子公司销售业务担保额度的公告 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。 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日分别 召开第六届董事会第十九次会议、第六届监事会第十七次会议，审议通过了《关于增加公司 及子公司销售业务担保额度的议案》，具体情况如下: 一、担保情况概述 公司于 2024 年 5 月 7 日召开 2023 年度股东大会，审议通过了《关于就公司及子公司销 售业务为客户提供担保的议案》，同意公司及子公司为经过内部审议的自公司及子公司购买 产品的客户，提供商业银行、融资租赁机构等合作金融机构（以下统称"合作金融机构"） 的银行贷款、融资租赁等销售业务相关的融资业务担保，担保总额度不超过 10 亿元（以下 简称"原担保额度"）。额度有效期为自公司 2023 年度股东大会审议通过之日起一年。具 体情况详见公司披露于巨潮资讯网的 2024-029、2024-040 号公告。 根据公司及子公 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-069 烟台杰瑞石油服务集团股份有限公司 2024 年半年度权益分派实施公告 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。 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"）2024年半年 度权益分派实施方案为：以公司2024年6月30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1.2 元（含税），共计派发122,861,961.24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0.1199992元/股计算。（每 股现金红利 = 现 金 分 红 总 额 ÷ 总 股 本 ， 即 0.1199992 元 / 股 =122,861,961.24 元 ÷ 1,023,855,833股）。本次权益分派实施后的除权除息价格=股权登记日收盘价-0.1199992 元/股。 公司2024年半年度权益分派方案已获20 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 36.97 CNY based on a 14x PE for 2024 [2][3]. Core Insights - The company is a leading player in domestic fracturing and cementing equipment, holding over 50% market share in China. In the first half of 2024, new orders increased by 18.9% year-on-year, driven by strong overseas demand and stable domestic capital expenditure from major oil companies [2][6]. - The company achieved revenues of 4.96 billion CNY and a net profit of 1.09 billion CNY in the first half of 2024, with a year-on-year decline in revenue of 8.5% but a profit increase of 6.8% [2][18]. - The report highlights the company's competitive advantage in electric-driven fracturing technology, which is expected to replace traditional diesel-driven systems, enhancing its market position [2][6]. Summary by Sections 1. Company Overview - The company specializes in oil and gas equipment and engineering services, including fracturing and cementing equipment, and has seen significant growth in new orders [11][13]. 2. Domestic Market Dynamics - The capital expenditure from China's "Big Three" oil companies remains robust, with a budget of 561 billion CNY for 2024, supporting the company's growth prospects [2][34]. - The report notes the increasing penetration of electric-driven fracturing technology, which offers significant cost advantages over traditional methods [2][34]. 3. International Expansion - The company has made substantial inroads into overseas markets, particularly in North America and the Middle East, with a notable increase in electric-driven fracturing orders [2][26]. - The overseas revenue has been growing, with a significant contribution to overall profitability, as the company capitalizes on high demand in international markets [2][26]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 14.29 billion CNY, 16.92 billion CNY, and 19.16 billion CNY, respectively, with net profits expected to reach 2.70 billion CNY, 3.21 billion CNY, and 3.73 billion CNY [2][5]. - The report anticipates a continued improvement in profitability, driven by a favorable product mix and increased overseas sales [2][22].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured a significant EPC project with Bahrain Petroleum Company (BAPCO), marking the first large-scale oil and gas EPCC project since the establishment of diplomatic relations between China and Bahrain [3] - The project includes the construction of six gas booster stations and one central compression station, showcasing the company's capabilities in design, manufacturing, and project management [4] - The Middle East market is identified as a key area for the company's overseas operations, with ongoing collaborations and projects enhancing its international presence [5] Financial Forecast and Valuation - The company is projected to achieve total revenue of 14,419 million yuan in 2024, with a year-on-year growth of 3.64% [2] - The net profit attributable to the parent company is expected to reach 2,725 million yuan in 2024, reflecting an 11.02% increase year-on-year [2] - The current market valuation corresponds to P/E ratios of 11, 9, and 8 times for the years 2024, 2025, and 2026 respectively, indicating a low valuation relative to growth potential [5]

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-068 烟台杰瑞石油服务集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2024 年 9 月 26 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 9 月 26 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 2024 年 9 月 26 日上午 9:15 至 2024 年 9 月 26 日下午 15:00 的任意时间。 2、召开地点：山东省烟台市莱山区杰瑞路 5 号公司会议室。 3、召开方式：现场投票表决和网络投票表决相结合。 6、本次会议的召集、召开符合《公司法》等法律法规和《公司章程》的规定。 二、会议出席情况 1、出席本次会议 ...

山东鑫福来源律师事务所 山东鑫福来源律师事务所 关于烟台杰瑞石油服务集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 山东鑫福来源律师事务所 山东鑫福来源律师事务所 关于烟台杰瑞石油服务集团股份有限公司 2024 年第二次临时股东大会的法律意见书 致：烟台杰瑞石油服务集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股东大会规则》、《上市公司治理准则》、《深圳证券交易所上 市公司股东大会网络投票实施细则》（以下简称"《深交所网络投 票实施细则》等我国现行法律、行政法规、部门规章、规范性文件 （以下简称法律、法规）的规定以及《烟台杰瑞石油服务集团股份 有限公司章程》（以下简称"《公司章程》"）、《烟台杰瑞石油服 务集团股份有限公司股东大会议事规则》（以下简称"《股东大会 议事规则》"）的规定，山东鑫福来源律师事务所（以下简称"本所"） 作为在中国取得律师执业资格的律师事务所，接受委托，指派本所 高强律师、滕晓峰律师就烟台杰瑞石油服务集团股份有限公司(以下 简称"公司")于 2024 年 9 月 26 日召开的 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has signed a large natural gas project with BAPCO, marking a breakthrough in the Middle East market [5] - The total contract amount is approximately $316 million, equivalent to about 2.2 billion RMB [5] - The project includes six booster stations and one central compression station, with a total gas processing capacity of nearly 900 MMSCFD [5] - The project is significant as it is the first large-scale natural gas EPCC cooperation project since the establishment of diplomatic relations between China and Bahrain [5] - The company has successfully entered the high-end oil and gas engineering market in the Middle East, following previous contracts with major oil companies in the region [5] Financial Performance - For the first half of 2024, the company achieved overseas revenue of 2.381 billion RMB, accounting for 48.04% of total revenue [5] - The gross profit margin for overseas markets increased by 1.25 percentage points year-on-year [5] - The company signed new orders worth 7.179 billion RMB in the first half of 2024, representing a year-on-year increase of 18.92% [5] - The total backlog of orders at the end of the first half of 2024 was 9.191 billion RMB, indicating a strong order pipeline [5] Profit Forecast - The company is expected to achieve net profits of 2.76 billion RMB, 3.28 billion RMB, and 3.73 billion RMB for the years 2024, 2025, and 2026, respectively [5] - The corresponding price-to-earnings ratios (PE) are projected to be 10.7, 9.0, and 7.9 times for the same years [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 27.07 CNY and a target price not specified for the next six months [1]. Core Views - The company's chairman and key executives plan to increase their shareholding by investing between 7 million and 9 million CNY, reflecting their confidence in the company's long-term development and investment value [2]. - The company has successfully expanded its domestic and international markets, securing significant new orders, including a 1.2 billion USD investment in a high-end oil and gas equipment manufacturing base in Dubai and various contracts in North America and Iraq [2]. - The oil service industry is experiencing upward momentum, with unconventional oil and gas development highlighting the advantages of electric fracturing technology. Global oil demand is expected to continue growing, with upstream capital expenditure projected to increase by 5.7% in 2024 [2]. - The company is expected to benefit from the ongoing increase in unconventional oil and gas extraction efforts in China, with a forecasted compound annual growth rate of 14% in net profit from 2024 to 2026 [2]. Summary by Sections Financial Performance - The company's projected net profit for 2024-2026 is 26.8 billion, 32.2 billion, and 36.3 billion CNY, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [2][3]. - Revenue is expected to grow from 13.91 billion CNY in 2023 to 19.16 billion CNY in 2026, with a compound annual growth rate of 14% [3][8]. Market Expansion - The company has made significant strides in international markets, including major contracts in the Middle East and North America, which are expected to enhance its revenue streams [2]. - The domestic market remains strong, with successful bids for major projects from state-owned enterprises like China National Petroleum Corporation [2]. Industry Outlook - The global oilfield service market is projected to reach 328 billion USD in 2024, reflecting a year-on-year growth of 7.1% [2]. - The report emphasizes the ongoing investment in oil and gas exploration and development in China, which is expected to support the company's growth trajectory [2].

Investment Rating - Buy (Maintained) [1] Core Views - Management's share purchase plan demonstrates confidence in the company's development, with the chairman, president, and vice president planning to purchase shares worth 70-90 million RMB over the next 6 months [2] - The domestic oil service industry is influenced by oil prices and policies, with limited short-term impact from oil price fluctuations [3] - Recent stable bidding for CNPC oil and gas projects, with the company winning multiple large contracts totaling over 400 million RMB [3] - Domestic business remains stable, while overseas business in the Middle East, Central Asia, and North America is rapidly expanding [3] Financial Forecasts and Valuation - Revenue is expected to grow from 13,912 million RMB in 2023 to 19,682 million RMB in 2026, with a CAGR of 12.2% [2] - Net profit attributable to the parent company is projected to increase from 2,454 million RMB in 2023 to 3,707 million RMB in 2026, with a CAGR of 14.7% [2] - EPS is forecasted to rise from 2.40 RMB in 2023 to 3.62 RMB in 2026 [2] - The current P/E ratio is 10.17x for 2024E, 8.43x for 2025E, and 7.48x for 2026E, representing the lowest 1% percentile valuation since listing [3] Market Data - Closing price: 27.07 RMB [4] - 52-week low/high: 23.99/37.67 RMB [4] - P/B ratio: 1.40x [4] - Market capitalization: 27,715.78 million RMB [4] Financial Highlights - Total assets are expected to grow from 31,777 million RMB in 2023 to 45,695 million RMB in 2026 [7] - Net profit margin is forecasted to increase from 17.64% in 2023 to 18.83% in 2026 [7] - ROE is projected to remain stable around 12.5% from 2023 to 2026 [8] Industry Analysis - The domestic oil service industry has decoupled from oil price fluctuations since 2020, with CNPC's capital expenditure budget for 2024 at 561 billion RMB, down 3% YoY [3] - The company's main product, fracturing equipment, is closely related to unconventional oil and gas development, which is a key focus for China's future development [3]