国元证券8月11日发布研报称，给予杰瑞股份（002353.SZ，最新价：45.82元）买入评级。评级理由主 要包括：1）上半年业绩持续增长，海外市场产品结构边际改善；2）盈利能力基本稳定，研发维持高投 入；3）海外市场持续发力，技术创新实现突破。风险提示：原材料价格波动风险，原油天然气价格波 动加剧风险，汇率波动风险。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Views - The company has shown strong growth in revenue and profit in the first half of 2025, with revenue reaching 6.901 billion yuan, a year-on-year increase of 39.21%, and net profit attributable to the parent company at 1.241 billion yuan, up 14.04% year-on-year [1][3]. - The integration of equipment, engineering, and services is driving a strong turning point for the company, with significant growth in both domestic and international markets [2][3]. - The company has successfully entered the Middle East and North Africa oil and gas EPC projects, which opens up growth opportunities for its integrated services [3][2]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 6.901 billion yuan, with a net profit of 1.241 billion yuan, and a significant increase in operating cash flow by 196.36% to 3.144 billion yuan [1]. - The company’s new orders and existing orders reached 9.881 billion yuan and 12.386 billion yuan, respectively, reflecting a year-on-year growth of 37.65% and 34.76% [1]. - The revenue from high-end equipment manufacturing and oil and gas engineering services was 4.224 billion yuan and 2.069 billion yuan, showing year-on-year increases of 22.42% and 88.14% respectively [2]. Market Outlook - The domestic market revenue grew by 39.97% to 3.605 billion yuan, while the international market revenue increased by 38.38% to 3.295 billion yuan [2]. - The natural gas business, covering both equipment and engineering, saw a revenue increase of 112.69% year-on-year, with new orders growing by 43.28% [2]. - The company is expected to benefit from the European market's demand for gas supply following the reduction of Russian gas imports and the needs of AI data centers [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025 is adjusted to 3.163 billion yuan, with further projections of 3.795 billion yuan in 2026 and 4.445 billion yuan in 2027 [3][5]. - The estimated price-to-earnings ratio (PE) for 2025 is projected at 14, with a reasonable valuation range adjusted to 52.53-61.79 yuan [3][5].

Core Viewpoint - The report highlights that Jerry Co., Ltd. has experienced significant revenue and profit growth in the first half of 2025, driven by concentrated orders and strong performance in overseas and natural gas businesses [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion, a year-on-year increase of 39.21% [1]. - The net profit attributable to shareholders reached 1.241 billion, up 14.04% year-on-year, while the net profit excluding non-recurring items was 1.231 billion, reflecting a growth of 33.9% [1]. - The high-end equipment manufacturing business generated revenue of 4.224 billion, growing 22.42% year-on-year, although the gross margin slightly declined by 5.25% [2]. Business Segments - The natural gas business saw a remarkable revenue increase of 112.69%, with a gross margin improvement of 5.61%, contributing to an 88.14% revenue growth in oil and gas engineering and technical services [2]. - The overall gross margin of the company decreased by 3.46% due to the lower margin in oil and gas engineering [2]. - The company executed cash collection measures, resulting in a significant year-on-year increase of 196.36% in operating cash flow net [2]. Order Growth and Quality - New orders signed during the reporting period amounted to 9.881 billion, a year-on-year increase of 37.65%, with existing orders at 12.386 billion, up 34.76% [2]. - The natural gas segment's new orders grew by 43.28%, outpacing the overall order growth rate [2]. - The quality of overseas orders improved, contributing to a steady increase in overseas business gross margins [2]. Profit Forecast and Investment Rating - The company's performance exceeded expectations, with the natural gas business driving over 88% growth in oil and gas engineering [3]. - Forecasted net profits for 2025-2027 are 3.021 billion, 3.463 billion, and 4.149 billion, respectively, with corresponding P/E ratios of 15.0, 13.1, and 10.9 [3]. - The company is considered undervalued compared to peers such as CNOOC Engineering, Petrochemical Machinery, and China Oilfield Services, maintaining a "buy" rating [3]. Analyst Ratings - In the last 90 days, 13 institutions provided ratings for the stock, with 11 recommending "buy" and 2 recommending "hold" [4]. - The average target price from institutions over the past 90 days is 50.02 [4].

Core Insights - Pension accounts have shown a significant investment presence in the capital market during the second quarter, appearing in the top ten shareholders of six stocks with a total holding of 51 million shares valued at 1.344 billion yuan [1][3]. Pension Holdings Distribution and Scale Characteristics - The holding structure of pension accounts at the end of the second quarter displayed a clear concentration, with Hongfa Co., Ltd. being the most held stock, where two pension fund combinations held a total of 28.22 million shares, accounting for 1.93% of the circulating shares [3]. - Other notable stocks favored by pension accounts include Jerry Holdings, Dongmu Co., Ltd., Hisense Home Appliances, Rongzhi Rixin, and Guomai Culture, with holdings of 6.27 million shares, 4.60 million shares, 3.50 million shares, and 1.93 million shares respectively [3]. - Five stocks held by pension accounts had a market value exceeding 100 million yuan, indicating a preference for sectors related to the real economy, such as power equipment, machinery, and home appliances [3]. Investment Strategy Adjustments and Changes in Holdings - Pension accounts demonstrated an active strategy of adjusting holdings in the second quarter, with three new entries and two increased holdings among the six stocks [4]. - New entries included Jerry Holdings, Hisense Home Appliances, and Guomai Culture, reflecting a positive outlook on these companies' growth prospects [4]. - Increased holdings were noted in Hongfa Co., Ltd. and Dongmu Co., Ltd., with share quantities growing by 64.93% and 43.23% respectively, indicating confidence in their long-term value [4]. - Rongzhi Rixin, the longest-held stock by pension accounts, maintained a holding of 3.50 million shares despite a 5.41% decrease from the previous quarter, representing the highest holding ratio at 4.04% of circulating shares [4]. - The distribution of the six stocks held by pension accounts included four from the main board and one each from the Sci-Tech Innovation Board and the Growth Enterprise Market, showcasing a balanced approach between stability and growth potential [4].

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by its integrated business model in high-end equipment manufacturing, oil and gas engineering, and technical services [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% [1] - The second quarter alone saw revenue of 4.214 billion yuan, a 49.12% increase year-on-year, with a net profit of 777.5 million yuan, growing 8.78% [1] - Operating cash flow reached 3.144 billion yuan, reflecting a significant increase of 196.36% year-on-year, indicating strong cash discipline [1] Business Segments - Revenue from high-end equipment manufacturing and oil and gas engineering and technical services reached 4.224 billion yuan and 2.069 billion yuan, respectively, representing increases of 22.42% and 88.14% year-on-year [2] - The domestic market generated 3.605 billion yuan in revenue, up 39.97%, while the international market contributed 3.295 billion yuan, a 38.38% increase [2] - The natural gas business, encompassing both equipment and engineering, saw a remarkable revenue growth of 112.69% year-on-year, with new orders increasing by 43.28% [2] Market Expansion - The company successfully entered the Middle East and North Africa oil and gas EPC project market, securing a contract worth approximately 6.126 billion yuan for a gas booster station project in Algeria [3] - This project enhances the company's growth potential in integrated gas equipment, engineering, and services, marking a significant milestone towards becoming a leader in the oil and gas EPC sector [3] Investment Outlook - The company is positioned as a leader in the integrated oil and gas equipment, engineering, and services sector, with a clear growth trajectory and substantial market opportunities [3] - Profit forecasts for 2025-2027 have been revised upwards, with net profits projected at 3.163 billion yuan, 3.795 billion yuan, and 4.445 billion yuan, respectively [3] - The reasonable valuation range for the company has been adjusted to 52.53-61.79 yuan, reflecting a positive outlook for future performance [3]

上周共计14家公司获知名机构调研；行业上 靠前，电力设备紧随其后;个股上，中宠股 为全球宠物食品领域多元化品牌运营商，其 (143家）。 知名机构近一周（8.4-8.1 | 机构名称 | 股票名称 | 调研目期 | 调研机 数 | | --- | --- | --- | --- | | 高毅资产 | 杰瑞股份 | 8月6日 | 143 | | | 走瘦线縦 | 8月6日 | 22 | | 重阳 | 塔牌集团 | 8月7日 | 67 | | | 百济神州 | 8月6日 | el | | 星石投资 | 聚光科技 | 8月5日 | 7 | | | 中宠股份 | 8月6日 | 251 | | --- | --- | --- | --- | | 睿远 | 杰瑞股份 | 8月6日 | 143 | | | 泰恩康 | 8月4日 | 92 | | | 塔牌集团 | 8月7日 | 67 | | 盘京投资 | 中宠股份 | 8月6日 | 251 | | | 杰瑞股份 | 8月6日 | 143 | | | 中宠股份 | 8月6日 | 251 | | | 杰瑞股份 | 8月7日 | 143 | | | 杰瑞股份 | 8月6日 | 1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown strong growth in revenue and profit in the first half of 2025, with revenue reaching 6.901 billion yuan, a year-on-year increase of 39.21%, and net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [1] - The integration of equipment, engineering, and services is driving a strong turning point, with both domestic and international markets maintaining high levels of prosperity [2] - The company has successfully entered the Middle East and North Africa oil and gas EPC projects, opening up growth opportunities in equipment, engineering, and services [3] Financial Performance - In the first half of 2025, the company achieved a net operating cash flow of 3.144 billion yuan, a significant increase of 196.36% year-on-year, indicating strong cash discipline [1] - New orders and existing orders reached 9.881 billion yuan and 12.386 billion yuan respectively, with year-on-year growth of 37.65% and 34.76% [1] - The company’s revenue from high-end equipment manufacturing and oil and gas engineering and technical services was 4.224 billion yuan and 2.069 billion yuan, reflecting year-on-year increases of 22.42% and 88.14% respectively [2] Future Outlook - The company is expected to benefit from the European energy market's shift away from Russian gas and the demand for AI data center energy [3] - The profit forecasts for 2025 to 2027 have been adjusted upwards, with net profits projected to be 3.163 billion yuan, 3.795 billion yuan, and 4.445 billion yuan respectively [3] - The reasonable valuation range for the company has been raised to 52.53-61.79 yuan, with a corresponding PE ratio of 14/12/10 for the years 2025 to 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][15]. Core Insights - The company reported a significant revenue growth of 39.21% year-on-year, reaching 6.901 billion yuan in H1 2025, with a net profit increase of 14.04% to 1.241 billion yuan [3][4]. - All business segments showed rapid growth, particularly the oil and gas engineering and technology services, which saw an impressive revenue increase of 88.14% [4]. - The company has effectively managed its cash flow, with a net cash flow from operating activities of 3.144 billion yuan, a year-on-year increase of 20.83% [6]. Financial Performance - The company achieved a gross margin of 32.19% in H1 2025, a decrease of 3.64 percentage points compared to the previous year [4]. - The company’s revenue projections for 2025-2027 are 16.289 billion, 18.973 billion, and 21.508 billion yuan, with expected growth rates of 21.97%, 16.48%, and 13.36% respectively [7][11]. - The estimated PE ratios for 2025-2027 are 15.11, 13.03, and 11.47, indicating a favorable valuation trend [7][11]. Business Development - The natural gas business has shown remarkable growth, with a revenue increase of 112.69% in H1 2025, contributing to the overall expansion of the company [5]. - The company has successfully expanded its overseas market presence, achieving a revenue of 3.295 billion yuan from international operations, a year-on-year increase of 38.38% [5]. - New orders totaled 9.881 billion yuan in H1 2025, reflecting a growth of 37.65%, ensuring a robust order backlog of 12.386 billion yuan [5].

Summary of the Conference Call Transcript Company Overview - **Company Name**: Jerry Corporation (杰瑞股份) - **Industry**: Oilfield Equipment and Services - **Stock Code**: 002353.SZ - **Market Capitalization**: Rmb 41.2 billion / US$ 5.74 billion - **Listing Date**: February 2010 on Shenzhen Stock Exchange - **Main Business**: Manufacturing of oilfield specialized equipment, maintenance and repair of oilfield and mining equipment, and oilfield engineering technical services [10][21] Key Financial Performance - **Revenue**: Rmb 6.9 billion in the first half of the year, a year-on-year increase of 39.2% [1] - **Net Profit**: Rmb 1.24 billion, a year-on-year increase of 14% [1] - **Net Profit Excluding Non-recurring Items**: Rmb 1.23 billion, a year-on-year increase of 34% [1] - **Q2 Net Profit Excluding Non-recurring Items**: Rmb 770 million, a year-on-year increase of 37%, exceeding market expectations [1] - **Gross Margin**: 32.2%, down 3.6 percentage points year-on-year due to changes in revenue structure [1] Business Segments Performance Natural Gas Business - **Revenue**: Nearly Rmb 2 billion, a year-on-year increase of 112.69% [2] - **Gross Margin**: Increased by 5.61 percentage points [2] - **New Orders**: Increased by 43.28% year-on-year, excluding major projects in Mansouria and Algeria [2] Overseas Business - **Revenue**: Rmb 3.295 billion, a year-on-year increase of 38.38% [2] - **New Orders**: Increased by 24.16% year-on-year, excluding major projects [2] Cash Flow - **Operating Cash Flow**: Increased by 196% to Rmb 3.14 billion [2] - **Dividend Proposal**: Rmb 0.15 per share [2] Future Outlook - **Annual Guidance**: No changes; expected double-digit growth in orders, revenue, and profit [3] - **High-end Equipment Segment**: Expected revenue growth with stable gross margin [3] - **New Energy Materials Segment**: Confidence in turning profitable next year [3] - **Natural Gas Business**: Targeting a doubling of revenue this year [3] - **Dubai Factory**: Accelerating construction to match the rapid growth of natural gas orders, expected completion by year-end [3] - **U.S. Tariff Impact**: Core components in the U.S. can be used until mid-next year; future manufacturing will be done in Dubai [3] Valuation and Investment Rating - **Target Price**: Rmb 48 per share, maintaining a "Buy" rating [4] - **Valuation Method**: Based on DCF with WACC of 8.09% [4] Important Metrics - **12-Month Rating**: Buy [5] - **Current Stock Price**: Rmb 40.27 [5] - **52-Week Price Range**: Rmb 41.65 - 25.50 [5] - **Projected Stock Price Increase**: 19.2% [9] - **Projected Dividend Yield**: 1.5% [9] - **Projected Total Return**: 20.7% [9] Risks - **Oil Price Risk**: Demand for oil services and equipment is directly affected by oil company capital expenditures, which are closely tied to oil prices [11] Analyst Information - **Analysts**: Guo Yifan, Wen Ruoxi, Li Weizhen [6] This summary encapsulates the key points from the conference call, highlighting the company's performance, business segments, future outlook, valuation, and associated risks.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in performance and cash flow, with overseas business expected to continue its breakthrough [2][6]. - In the first half of 2025, the company achieved total revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [2][6]. - The second quarter saw total revenue of 4.214 billion yuan, a 49.12% increase year-on-year, and a net profit of 775 million yuan, an 8.78% increase year-on-year [2][6]. Summary by Sections Financial Performance - The company's main business revenue significantly increased, with a notable performance in the first half and Q2 [2][6]. - The high-end equipment manufacturing segment maintained its leading position, with revenue growth of 22.42% [2][6]. - The oil and gas engineering and technical services business saw an 88.14% increase in revenue, with a gross margin improvement of 6.62% [2][6]. Cash Flow and Profitability - The company's gross profit margin for the first half of 2025 was 32.19%, a decrease of 3.64 percentage points year-on-year, while the net profit margin was 18.4%, down 4.07 percentage points year-on-year [2][6]. - Operating cash flow for the first half of 2025 was 3.14 billion yuan, a 196% increase year-on-year, with a cash flow to performance ratio of 253%, up 156% year-on-year [2][6]. International Strategy - The company is actively pursuing an international strategy, with overseas market revenue reaching 3.295 billion yuan, a 38.38% increase year-on-year [2][6]. - New orders from overseas markets increased by 24.16% year-on-year, indicating strong growth momentum [2][6]. Order Backlog and Management Confidence - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a 37.65% increase year-on-year, with a backlog of 12.386 billion yuan, up 34.76% year-on-year [2][6]. - The company has repurchased shares worth 106 million yuan and the controlling shareholder has increased holdings by 6 million yuan, reflecting confidence in future development [2][6].