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]

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-067 烟台杰瑞石油服务集团股份有限公司 关于公司董事长、总裁、副总裁增持股份计划的公告 李慧涛先生、李志勇先生、路伟先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、基于对公司经营发展的信心及对公司长期投资价值和未来持续发展前景的充分认 可，烟台杰瑞石油服务集团股份有限公司（以下简称"杰瑞股份"或"公司"）董事长李慧 涛先生、总裁李志勇先生、副总裁路伟先生计划自 2024 年 9 月 19 日起 6 个月内，使用自筹 资金通过深圳证券交易所交易系统以集中竞价方式增持公司股票，增持金额合计不低于 700 万元（人民币，下同）且不超过 900 万元。 2、本次增持计划不设价格区间，上述增持主体将根据公司股票价格情况，依法依规择 机实施增持计划。 公司于近日收到公司董事长李慧涛先生、总裁李志勇先生、副总裁路伟先生关于增持股 份计划的通知，现将有关情况公告如下： 一、 计划增持主体的基本情况 1、计划增持主体： （1）董事长李慧涛先 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price relative to the benchmark index of over 20% [8]. Core Insights - The company reported a revenue of 4.957 billion yuan for the first half of 2024, a decrease of 8.54% year-on-year, while the net profit attributable to shareholders increased by 4.33% to 1.088 billion yuan [5][6]. - The decline in revenue is primarily attributed to the oil and gas engineering services segment, with oilfield services and equipment revenue slightly increasing by 0.01% to 4.163 billion yuan, while oilfield engineering and equipment revenue decreased by 36.86% to 794 million yuan [5]. - The company is actively pursuing international expansion, with overseas revenue accounting for over 48% of total revenue, and has signed significant new orders in various regions [5][6]. - Cash flow from operating activities showed a significant improvement, with a net cash flow of 1.061 billion yuan, representing a year-on-year increase of 307.74% [5]. Financial Summary - The company’s total share capital is 1.024 billion shares, with a market capitalization of 27.1 billion yuan [5]. - The projected revenue for 2024-2026 is expected to be 14.292 billion, 16.959 billion, and 19.160 billion yuan, with corresponding growth rates of 2.73%, 18.65%, and 12.98% respectively [6][7]. - The projected net profit attributable to shareholders for the same period is estimated at 2.654 billion, 3.207 billion, and 3.596 billion yuan, with growth rates of 8.14%, 20.84%, and 12.13% respectively [6][7]. - The company’s price-to-earnings (P/E) ratio for 2024-2026 is projected to be 10.21, 8.45, and 7.54 times [6][7].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned to benefit from the expansion of oil and gas capital expenditures, particularly in the fracturing equipment sector [1][3] - The global oil service market is projected to reach USD 328 billion in 2023, a year-on-year increase of 12.4%, driven by high demand in the oil and gas industry and unconventional oil and gas development [1][3] - The company has a strong competitive advantage in equipment and technical services, aiming to become a leading provider in the oil and gas equipment manufacturing and engineering services [1][3] Summary by Sections Company Overview - The company, established in 1999, is a diversified group focused on oil and gas equipment manufacturing and technical services, with a significant presence in environmental engineering and new energy sectors [1][12] - The company has achieved a revenue of CNY 139.12 billion in 2023, with oil and gas equipment manufacturing and technical services contributing CNY 117.56 billion, accounting for 84.5% of total revenue [1][28] Market Dynamics - The oil and gas industry is experiencing a capital expenditure expansion, with oil companies showing strong investment intentions due to high oil prices [39] - The domestic oil production has increased from 189 million tons in 2018 to 209 million tons in 2023, while natural gas production is expected to reach 246 billion cubic meters by 2024 [39][42] Financial Performance - The company forecasts revenue growth from CNY 153.55 billion in 2024 to CNY 191.51 billion in 2026, with net profits projected to rise from CNY 27.71 billion to CNY 38.29 billion during the same period [3][5] - The company has maintained a stable gross margin of around 35% and a net margin above 15% over the past five years, indicating strong profitability [28][32] Innovation and R&D - The company invested CNY 511.20 million in R&D in 2023, a year-on-year increase of 39.33%, and has received 372 new patents, enhancing its technological capabilities [17][20] - Key innovations include the world's first electric-driven fracturing equipment and high-capacity gas compression systems, which significantly improve operational efficiency [20][21] Order and Market Expansion - The company secured new orders worth CNY 139.56 billion in 2023, reflecting a year-on-year growth of 9.66%, with a strong focus on expanding its overseas market presence [36][39] - The overseas revenue accounted for 46.85% of total revenue in 2023, with a compound annual growth rate of 26.82% from 2018 to 2023 [28][36]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 5.0 billion yuan in the first half of 2024, a year-on-year decrease of 8.5%, while the net profit attributable to shareholders was 1.09 billion yuan, an increase of 4.3% [7][8] - The company has made significant progress in domestic and international market expansion, with a backlog of orders amounting to 9.191 billion yuan, which supports future operational performance [8] - The demand for unconventional oil and gas extraction is expected to increase, and the company, as a leader in fracturing equipment, is poised to benefit from this trend [8] Summary by Sections Financial Performance - In the first half of 2024, the gross margin was 35.83%, a slight increase of 0.15 percentage points year-on-year, primarily due to changes in the product structure of overseas sales [7] - The operating cash flow improved significantly to 1.06 billion yuan from a negative 510 million yuan in the same period last year, attributed to effective management of the company's financial resources [8] Market Expansion - The company successfully won several key contracts, including a centralized procurement project for electric fracturing equipment with PetroChina and a development contract for the Mansuriya gas field in Iraq [8] - New orders received in the first half of 2024 totaled 7.179 billion yuan, an increase of 18.92% year-on-year [8] Future Outlook - The "14th Five-Year Plan" emphasizes increasing domestic oil and gas exploration and development, which is expected to drive growth in the oilfield services market [8] - The company has initiated a share buyback program and an employee stock ownership plan, reflecting strong confidence in its future performance [8] - Earnings per share (EPS) forecasts for 2024-2026 are 2.65 yuan, 3.16 yuan, and 3.64 yuan, with corresponding price-to-earnings (PE) ratios of 10.4X, 8.7X, and 7.6X [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [11]. Core Views - The company's revenue for the first half of 2024 was CNY 4.957 billion, a year-on-year decrease of 8.54%, while the net profit attributable to shareholders was CNY 1.088 billion, a year-on-year increase of 4.33% [2]. - The company secured new orders worth CNY 7.179 billion in the first half of 2024, representing an 18.92% increase year-on-year, with a total order backlog of CNY 9.191 billion by the end of the first half [2]. - The gross margin for the first half of 2024 was 35.83%, an increase of 0.15 percentage points year-on-year, while the net profit margin was 21.95%, up by 2.71 percentage points year-on-year [2]. Financial Performance Summary - Revenue for Q1 and Q2 of 2024 was CNY 2.131 billion and CNY 2.826 billion, respectively, with year-on-year declines of 6.52% and 10.01% [2]. - The company’s revenue from oil and gas services and equipment was CNY 4.163 billion, showing a slight increase of 0.01%, while revenue from oil and gas engineering and equipment dropped by 36.86% to CNY 0.794 billion [2]. - The company’s R&D expense ratio was 4.09%, reflecting a year-on-year increase of 0.86 percentage points, indicating a stable investment in innovation [2]. Growth and Market Strategy - The company is actively pursuing a global development strategy, having signed a preliminary development contract for the Mansuriya project with the Central Oil Company of Iraq in May 2024 [2]. - In March 2024, the company invested USD 120 million to enhance its Middle East subsidiary's capacity, establishing a high-end oil and gas equipment manufacturing base in Dubai [2]. - The company is expected to achieve revenues of CNY 14.757 billion, CNY 17.048 billion, and CNY 19.256 billion for the years 2024, 2025, and 2026, respectively, with net profits projected at CNY 2.767 billion, CNY 3.234 billion, and CNY 3.758 billion [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][4]. Core Insights - The company reported a significant improvement in cash flow and exceeded profit expectations for Q2 2024, with a net profit of 1.088 billion yuan, representing a year-over-year increase of 4.33% [1][2]. - Revenue for H1 2024 was 4.957 billion yuan, down 8.54% year-over-year, primarily due to the execution of large overseas EPC orders in 2023 and delays in shipping affecting revenue recognition [1][2]. - The company has a strong order backlog, with new orders amounting to 7.179 billion yuan in H1 2024, an increase of 18.92% year-over-year, and a total order value of 9.191 billion yuan, up 21.75% from the beginning of the year [2]. Revenue and Profitability - H1 2024 revenue breakdown shows that oilfield services and equipment accounted for 4.163 billion yuan, maintaining a stable contribution, while oilfield engineering and equipment revenue dropped significantly [1][2]. - The gross margin improved to 35.83% in H1 2024, up 0.15 percentage points year-over-year, contributing to the positive net profit growth despite a decrease in foreign exchange gains [2][4]. Shareholder Returns - The company is committed to shareholder returns, having repurchased 5.8736 million shares, representing 0.57% of total shares, and proposed a cash dividend of 1.2 yuan per 10 shares for the first time as a mid-year dividend [2][4]. Future Outlook - The company is expected to maintain strong profitability with projected net profits of 2.793 billion yuan, 3.263 billion yuan, and 3.827 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 9, and 8, indicating a favorable valuation [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company's profitability is improving, with overseas orders contributing to performance momentum. The company has signed new orders worth 7.179 billion yuan, an increase of 18.92% year-on-year, and has a backlog of 9.191 billion yuan as of June [1][2]. - The company is actively pursuing a globalization strategy, enhancing its market competitiveness through various initiatives, including significant investments in high-end oil and gas equipment manufacturing bases in the Middle East and partnerships in energy projects [2][6]. - The oil and gas industry is experiencing a recovery, supported by national policies encouraging exploration efforts, which bodes well for the company's product demand [2][6]. Financial Summary - For the first half of 2024, the company reported revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%, while net profit attributable to shareholders was 1.088 billion yuan, an increase of 4.33% [1]. - The company’s revenue is projected to grow from 13.912 billion yuan in 2023 to 14.538 billion yuan in 2024, with a compound annual growth rate of 4.5% [1][7]. - The net profit attributable to shareholders is expected to increase from 2.454 billion yuan in 2023 to 2.704 billion yuan in 2024, reflecting a year-on-year growth of 10.2% [1][7]. Research and Development - The company invested 203 million yuan in R&D in the first half of 2024, a year-on-year increase of 15.68%, focusing on innovative products that enhance its competitive edge [6]. - New product developments include a next-generation integrated fracturing truck and advanced hazardous waste treatment equipment, which significantly improve operational efficiency and environmental sustainability [6]. Market Position - The company achieved overseas revenue of 2.381 billion yuan in the first half of 2024, accounting for 48.04% of total revenue, with a gross margin of 37.19% [2][6]. - The average price of Brent crude oil was 83.42 USD per barrel in the first half of 2024, indicating a year-on-year increase of 4.56%, which supports the overall recovery of the oil and gas sector [2].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has experienced continuous profit growth, with a slight decline in revenue expected to recover significantly in the future [2]. - The company is actively expanding both domestic and international markets, with a robust order backlog ensuring future growth [3]. - The overseas market shows rapid growth in orders, indicating substantial future potential [4]. - The company focuses on a dual main business strategy in the oil and gas industry and the new energy sector, achieving multiple R&D breakthroughs [5]. Financial Summary - In the first half of 2024, the company achieved operating revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%, while net profit attributable to the parent company was 1.088 billion yuan, an increase of 4.33% [2]. - The gross margin for the first half of 2024 was 35.83%, up 0.15 percentage points year-on-year, and the net margin was 22.47%, up 2.71 percentage points year-on-year [2]. - The company secured orders totaling 7.179 billion yuan in the first half of 2024, a year-on-year increase of 18.92%, with a backlog of 9.191 billion yuan at the end of the period [3]. - The overseas revenue for the first half of 2024 was 2.381 billion yuan, a year-on-year decrease of 5.37%, but the proportion of overseas revenue increased to 48.04% [4]. - The company has adjusted its net profit forecasts for 2024-2026 to 2.8 billion, 3.31 billion, and 3.81 billion yuan, respectively, with corresponding EPS of 2.74, 3.23, and 3.72 yuan [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][4]. Core Views - The company's profitability remains robust, with a global layout continuously deepening. Despite a short-term revenue decline due to high base effects, the net profit has shown a slight increase year-on-year [3][4]. - The company maintains its leading position in domestic fracturing services while making breakthroughs in the offshore engineering sector [3][4]. - There is a rapid growth in overseas orders, indicating a deepening global presence, with significant contracts signed in various international markets [3][4]. Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%. The net profit attributable to shareholders was 1.088 billion yuan, an increase of 4.33% year-on-year [3]. - The gross profit margin for 2024H1 was 35.83%, up by 0.15 percentage points year-on-year, while the net profit margin was 22.47%, an increase of 2.71 percentage points year-on-year [3]. - The company reported a total of 7.179 billion yuan in new orders for 2024H1, representing a year-on-year growth of 18.92%, with total backlog orders reaching 9.191 billion yuan, up 21.75% from the end of 2023 [3]. Future Earnings Forecast - The company is projected to achieve operating revenues of 15 billion yuan, 17.4 billion yuan, and 19.6 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8%, 16%, and 13% [4][5]. - The net profit attributable to shareholders is expected to be 2.7 billion yuan, 3.2 billion yuan, and 3.7 billion yuan for the same years, with growth rates of 10%, 18%, and 15% [4][5]. - The latest closing price corresponds to a price-to-earnings (P/E) ratio of 11, 9, and 8 times for the years 2024, 2025, and 2026, respectively [4][5].