公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 机械设备 ＃investSuggestion＃ ＃ ＃d 杰yCo 瑞mp 股any＃份 （ 002353 ） investSug 增持 ( 维ges持tion ）Ch 000 海00 外9 市场 布局顺利 ＃ ，tit 压le＃ 裂 技 术护城河高筑 ange＃ ＃ createTime1＃ 2024年 4月 11日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ s公um司m发ary布＃ 2023年年报：2023年公司实现营收139.12亿元，同比增长21.94%； 司 归母净利润24.54亿元，同比增长9.33%；扣非后归母净利润23.87亿元，同比 日期 2024-04-10 增长12.27%；整体毛利率为33.05%，同比减少0.18pct；归母净利率为17.64%， 点 收盘价（元） 31.46 同比减少2.03pct。2023年第四季度，公司实现营收51.56亿元，同比增加20.02%； 评 总股本（百万股） 1023.86 归母净利润8.90亿元，同比增加18.78%；毛利率32.28%，同比增加0.74p ...

[Table_Main] 公司研究|能源|能源Ⅱ 证券研究报告 杰瑞股份(002353)公司点评报告 2024年04月09日 [TablQe_T4itle业] 绩略超预期，海外业绩增长亮眼 [Table_Inves 买t] 入|维持 ——杰瑞股份 2023 年度报告点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布 2023 年度报告：2023 年公司实现营收 139.12 亿元，同比增长 21.94%；对应实现归母净利润24.54亿元，同比增长9.33%；实现扣非归 [基Ta本bl数e_据Ba se] 母净利润23.87亿元，同比增长12.27%。其中第四季度公司实现收入51.56 52周最高/最低价（元）： 33.16 / 23.11 亿元，同比上升20.02%，实现归母净利润8.90亿元，同比上升18.78%。 A股流通股（百万股）： 693.44  油气工程及设备增长迅速，海外市场表现亮眼 A股总股本（百万股）： 1023.86 2023年Q1-Q4公司分别实现营收22.80/31.40/33.36/51.56亿元，同比分 流通市值（百万元）： 221 ...

证券研究报告 机械 报告日期：2024年04月 08日 上游景气业绩稳增，海外业务亮眼、结构持续优化 ——杰瑞股份（002353.SZ）2023 年报点评报告 华龙证券研究所 事件： 2024 年 4 月 2 日，公司发布 2023 年年报：2023 年，公司实现营 投资评级：买入（首次覆盖） 业收入 139.12亿元，同比增长 21.94%；实现归母净利润 24.54 亿元， 最近一年走势 同比增长9.33%。 观点：  上游高景气，油气工程板块带动收入高增，资产减值大幅减少。2023 年国际原油价格小幅下滑，但仍高位震荡，国际油气巨头资本开支 持续向上游业务倾斜，油气资产并购持续升温，上游景气度较高。 公司报告期内实现营收139.12亿元，同比增长 21.94%，实现归母 净利润 24.54 亿元，同增9.33%。收入增速显著高于归母净利润增 速，我们判断主要系 2021 年签订的科威特油气工程项目于年内完 成机械竣工、确认收入，带动油气板块收入同比大增104.81%，油 气工程板块毛利率 27.05%显著低于油气服务毛利率36.02%。报告 市场数据 期内，公司资产减值大幅下降，实现扣非归母净利润23 ...

[Table_MainInfo] 公司研究/机械工业/其他专用机械 证券研究报告 杰瑞股份（002353）公司年报点评 2024年04月07日 [Table_InvestInfo] 投资评级 优于大市 维持 新签订单稳步增长，海外战略取得突破 股票数据 [Table_Summary] 0[4Ta月b0le3_日S收to盘ck价（In元fo）] 32.89 投资要点： 52周股价波动（元） 23.04-33.36 总股本/流通A股（百万股） 1024/693 总市值/流通市值（百万元） 33675/22807  公司披露2023年年报。公司2023年营业收入为139.12亿元，同比+21.94%， 相关研究 归母净利润为24.54亿元，同比+9.33%，扣非归母净利润为23.87亿元，同 [《Ta海b外le布_R局e成p效or显tIn著fo，] 期待新签订单改善》 比+12.27%；其中，公司 2023Q4 单季度营业收入为 51.56 亿元，同比 +20.02%，归母净利润为 8.9 亿元，同比+18.78%，扣非归母净利润为 8.57 2023.09.19 《业绩增长快速，合同负债同比提升印证订单 亿元， ...

上 市 公 司 机械设备 2024 年04月 08 日 杰瑞股份 (002353) 公 司 研 究 ——业绩略超预期，估值低位，看好海外市场拓展 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件：公司发布 2023 年年报，业绩略超预期。2023年公司实现营业收入 139.12亿元，同比 （维持） 增长 21.94%，归母净利润 24.54亿元，同比增长 9.33%，扣非归母净利润 23.87亿元，同比 增长 12.27%。2023Q4公司实现营业收入 51.56亿元，同比增长 20.02%；归母净利润 8.90 证 亿元，同比增长18.78%；扣非归母净利润8.58亿元，同比增长22.09%。 市场数据： 2024年04月03日 券 收盘价（元） 32.89 研 一年内最高/最低（元） 33.36/23.04 公司点评： 究 市净率 1.7 报 息率（分红/股价） -  2023年各项业务稳健成长，油气工程服务贡献较大增量。行业层面，2023年国际原油价 告 流通A股市值（百万元） 22807 格高位震荡，布伦特原油和WTI原油期货均价分别为82.05、77.63美元/桶，同比下滑但 上证指数/深 ...

公司研究 | 年报点评 杰瑞股份 002353.SZ 买入 （维持） 23 年收入快速增长，海外市场实现突破 股价（2024年04月03日） 32.89元 目标价格 40.20元 52周最高价/最低价 33.36/22.73元 ——杰瑞股份23年报点评 总股本/流通A股（万股） 102,386/69,344 A股市值（百万元） 33,675 核心观点 国家/地区 中国 行业 机械设备 ⚫ 23年收入快速增长。23年公司实现收入139.12亿元，同比增长21.94%，实现归 报告发布日期 2024年04月07日 母净利润24.54亿元，同比增长9.33%。其中23Q4实现收入51.56亿元，同比增 长20.02%，实现归母净利润8.90亿元，同比增长18.78%。根据年报，2023年我 1周 1月 3月 12月 国油气勘探开发投资同比增长10%，而杰瑞23年实现更快增长，其中Q4的收入与 绝对表现% 12.18 10.63 15.61 18.39 业绩均实现约20%的增速水平； 相对表现% 10.32 9.78 10 31.17 ⚫ 23年海外收入增长60.57%。从业务分类看，23年公司油气装备制造及技术服务 ...

[Table_StockInfo] 买入 2024年 04月 02日 （维持） 证券研究报告•2023年年报点评 当前价： 31.15元 杰瑞股份（002353） 机械设备 目标价： ——元（6个月） 业绩实现稳健增长，海外市场持续向好 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，2023年实现营收139.1亿，同比+21.9%；实现 [分Ta析bl师e_：Au邰th桂or龙] 归母净利润 24.5 亿，同比+9.3%。Q4 单季度来看，实现营收 51.6 亿，同比 执业证号：S1250521050002 +20.0%，环比+54.6%；实现归母净利润8.9亿元，同比+18.8%，环比+71.0%。 电话：021-58351893 公司业绩增长稳健。 邮箱：tgl@swsc.com.cn  油气板块快速推进，海外业务持续向好。2023年，油气装备制造及技术板块营 联系人：杨云杰 收 117.6亿元，同比+28.8%；维修改造板块营收 18.6亿，同比+14.2%；环保 电话：021-58351893 服务板块营收 2.5亿，同比-58.6%。2023年， ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved record high revenues and profits in 2023, with operating income of 13.91 billion yuan, a year-on-year increase of 21.9%, and a net profit of 2.45 billion yuan, up 9.3% year-on-year [2]. - The company's overseas revenue saw significant growth, reaching 6.52 billion yuan, a 60.6% increase year-on-year, accounting for 46.9% of total revenue [3]. - The company is focusing on dual main business strategies in the oil and gas industry and the new energy sector, with ongoing research and development innovations [4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 33.0%, a slight decrease of 0.2 percentage points year-on-year, and a net profit margin of 17.9%, down 2.1 percentage points, primarily due to changes in revenue structure [2]. - The company plans to distribute a dividend of 0.49 yuan per share, with a payout ratio of approximately 20% [2]. Market Expansion - The company secured a total of 13.96 billion yuan in orders in 2023, marking a 9.65% increase year-on-year, with a year-end backlog of 7.55 billion yuan [2]. - The company has established stable partnerships with major clients in the Middle East, including Saudi Aramco and Abu Dhabi National Oil Company, indicating strong future potential [3]. Research and Development - The company has successfully delivered multiple large and medium-sized LNG liquefaction projects domestically and has developed technologies for low-permeability oil fields [4]. - The first set of lithium battery resource recycling equipment has been developed and is in trial production [4].

Financial Performance - The company's operating revenue for 2023 was ¥13,912,093,668.10, representing a 21.94% increase compared to ¥11,409,012,145.44 in 2022[15]. - The net profit attributable to shareholders for 2023 was ¥2,454,377,699.43, a 9.33% increase from ¥2,244,949,636.01 in 2022[15]. - The net profit excluding non-recurring gains and losses for 2023 was ¥2,386,687,958.86, up 12.27% from ¥2,125,853,888.23 in 2022[15]. - The net cash flow from operating activities for 2023 was ¥1,048,774,539.31, a 4.06% increase from ¥1,007,867,907.21 in 2022[15]. - The total assets at the end of 2023 were ¥31,776,572,493.51, an 8.73% increase from ¥29,225,829,417.05 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were ¥19,321,272,001.38, an 11.90% increase from ¥17,266,314,727.44 at the end of 2022[15]. - The company achieved total revenue of 1,391,209.37 million yuan, a year-on-year increase of 21.94%[32]. - The net profit attributable to shareholders was 245,437.77 million yuan, reflecting a year-on-year growth of 9.33%[32]. - The company reported a significant increase in oil and gas exploration and development investment in China, amounting to approximately ¥390 billion, a 10% increase year-on-year[23]. Shareholder Returns - The total share capital as of December 31, 2023, is 1,023,855,833 shares, with a cash dividend of 4.9 RMB per 10 shares proposed for distribution[4]. - The company has a total of 1,021,016,177 shares eligible for dividend distribution after excluding shares held in the repurchase account[4]. - The company distributed a cash dividend of 4.9 CNY per 10 shares, totaling 500,297,926.73 CNY (including tax) to shareholders[101]. - The profit distribution plan for 2023 includes cash dividends based on a total share capital of 1,023,855,833 shares, excluding 2,839,656 shares held in the company's repurchase account[100]. Risk Management - The company reported significant risks including fluctuations in oil and gas prices, intensified market competition, and the development of low-carbon energy systems[3]. - The company emphasizes the importance of investor awareness regarding the uncertainties associated with forward-looking statements and potential risks[3]. - The company has outlined its future development outlook, which includes addressing various risk factors that could impact its operations[3]. - The company acknowledges risks from fluctuating oil and gas prices, which could impact its service demand, and is actively exploring opportunities in the renewable energy sector to mitigate these risks[94]. - The company faces international operational risks due to geopolitical instability and currency fluctuations, which could affect its overseas business performance[95]. Technological Innovation - The company has a strong commitment to environmental responsibility, focusing on technologies related to oil sludge treatment and soil remediation[7]. - The company has a total of 1,825 valid authorized patents, including 354 invention patents, with 169 new invention patents granted during the reporting period[30]. - The company successfully developed and applied the world's first electric-driven intelligent continuous tubing equipment, marking a significant advancement in zero-carbon technology[36]. - The company’s R&D efforts in high-end equipment led to the successful application of the world's first continuous working 8000 electric-driven fracturing unit, achieving a flow rate of 3.4 cubic meters per minute[36]. - The company is currently developing high-performance surface-coated artificial graphite anode materials, enhancing its competitiveness in the high energy density market[51]. - The company is also working on a high-capacity, high-density, fast-charging artificial graphite product, which is expected to significantly improve profit margins upon mass production[51]. Market Expansion - The company plans to expand into lithium battery anode materials and resource recycling related to new energy industries[23]. - The company achieved a breakthrough in the North American market with the sale and delivery of the second 35MW gas turbine generator set, establishing a solid foundation for high-end power generation business[34]. - The company plans to invest $120 million to enhance its Middle East subsidiary, establishing a new production and office base in Dubai to strengthen its brand presence and resource allocation in the region[88]. - The company aims to increase its overseas market revenue share, focusing on innovation and breakthroughs in the oil and gas sector, while optimizing its customer structure and competitive environment[89]. Environmental Responsibility - The company has a strong focus on environmental protection, with compliance to various environmental protection laws and standards during its daily operations[161]. - The company has implemented a comprehensive air pollution control system, including low-nitrogen combustion technology for its natural gas boilers[170]. - The company achieved compliance with wastewater discharge standards for industrial and domestic wastewater through processes like biological degradation and advanced oxidation[171]. - The company reported a total hazardous waste generation of 28.807 tons in 2023, all of which was disposed of by qualified hazardous waste disposal companies[168]. - The company has established a chromium wastewater treatment system and a water reuse treatment system to manage wastewater effectively[168]. Corporate Governance - The company has established a complete internal governance structure, including a shareholder meeting, board of directors, and supervisory board, in compliance with relevant laws and regulations[108]. - The company has maintained independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a clear delineation of ownership and operational capabilities[109]. - The company has a complete and independent financial accounting system, with dedicated financial personnel and separate bank accounts, ensuring compliance with legal requirements[109]. - The company has established a risk management system for foreign exchange hedging to mitigate market risks[70]. - The company has committed to fulfilling measures to compensate for dilution of immediate returns, ensuring compliance with regulations[181]. Employee Engagement - The company has a total of 1,273 technical personnel, highlighting its emphasis on technical expertise within its workforce[131]. - The company has established a performance-oriented compensation management system, linking fixed and variable pay to performance results[133]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management amounted to CNY 1,208.26 million in 2023[123]. - The company aims to enhance its training management system in 2024, focusing on systematic training for management and operational decision-making[134]. Strategic Initiatives - The company has implemented a "Quality Return Dual Improvement" action plan to enhance investor returns[99]. - The company continues to focus on its core business and drive development through innovation[100]. - The company has actively engaged with institutional investors through multiple communication channels, including online meetings and on-site research[98]. - The company is committed to maximizing shareholder value and contributing positively to market stability and investor confidence[107].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in orders and accelerated overseas business expansion, with 2023 revenue reaching 13.912 billion yuan, a year-on-year growth of 21.94% [3][4] - The company’s performance met expectations, with a robust order backlog and strong growth in overseas markets, particularly in North America and the Middle East [4][6] - The company is expected to maintain steady growth in profitability due to its overseas expansion and the increasing demand for unconventional oil and gas development in the domestic market [5][11] Financial Performance Summary - In 2023, the company achieved total revenue of 13.912 billion yuan, a 22% increase year-on-year, and a net profit attributable to shareholders of 2.454 billion yuan, up 9.3% [3][4] - The company’s gross profit margin and net profit margin were 33.0% and 17.9%, respectively, showing slight declines compared to the previous year [5] - The company’s overseas revenue reached 6.52 billion yuan, a remarkable growth of 60.6% year-on-year, accounting for 46.9% of total revenue [4][6] Order and Market Expansion - The company secured a total of 13.956 billion yuan in new orders in 2023, reflecting a year-on-year increase of 9.65% [4] - The North American market is identified as a significant growth area, with a strong demand for electric-driven fracturing equipment [6] - The company has established long-term partnerships with major clients in the Middle East, contributing to its increasing market share [6] Future Outlook and Valuation - The company is projected to achieve a net profit of 2.714 billion yuan in 2024, with a corresponding P/E ratio of 11.75 [2][11] - The company’s valuation is expected to remain flexible due to continuous order growth and the potential for increased profitability from its overseas operations [11]