Summary of Jerry Corporation's Conference Call Company Overview - **Company**: Jerry Corporation - **Period**: First half of 2025 - **Revenue**: 6.894 billion CNY, up 37.72% YoY - **Net Profit**: 1.231 billion CNY, up 33.9% YoY - **Operating Cash Flow**: 3.144 billion CNY, up 196% YoY, a historical high - **Dividend Plan**: Increase in mid-term dividend to 1.5 CNY per share Key Financial Highlights - **New Orders**: 9.881 billion CNY, up 37.65% YoY, with domestic and international orders each accounting for half [2][6] - **Backlog**: 12.386 billion CNY, up 34.76% YoY, providing assurance for future performance [2][6] - **High-end Equipment Manufacturing Revenue**: 4.224 billion CNY, up 22.4%, with a gross margin of 38.28%, down 5.25% YoY [2][7] - **Oil and Gas Engineering Services Revenue**: 2 billion CNY, up 88%, with a gross margin of 23%, up 6% YoY [2][9] - **Natural Gas Business Revenue**: Nearly 2 billion CNY, up 112.69%, with a gross margin increase of 5.61% YoY [2][15] Business Segment Performance - **High-end Equipment Manufacturing**: Expected to maintain profit levels from the previous year despite delays in equipment delivery; new orders in North America anticipated to boost performance [8] - **Oil and Gas Engineering Services**: Significant growth driven by overseas markets; projects primarily funded through prepayments and progress payments, positively impacting financial health [9] - **Natural Gas Business**: Strong performance with significant revenue growth and new orders; expansion of production capacity in Dubai planned to double output [15][3] Research and Development - **R&D Investment**: 243 million CNY, up 20.01% YoY, focusing on digitalization, intelligence, and low-carbon technologies [4][13] - **New Technologies**: Development of advanced pump technology with zero loss over its lifecycle, enhancing market competitiveness [18] Market and Strategic Insights - **Overseas Market Performance**: Revenue of 3.295 billion CNY, up 38.38% YoY; strong order acquisition capabilities demonstrated [16] - **Middle East Market**: Identified as a strategic focus area with significant growth potential; ongoing projects expected to drive future revenue [23][24] - **Challenges**: High entry barriers in the Middle East market favor established players like Jerry, providing a competitive advantage [25] Future Outlook - **2026 Expectations**: Confidence in achieving profitability across business segments; ongoing management improvements expected to enhance financial performance [11] - **Natural Gas Business Strategy**: Continued focus on expanding capacity and market share, particularly in the Middle East and Central Asia [19][20] Additional Considerations - **Cost Management**: Sales and management expenses increased but at a lower rate than revenue growth, indicating effective cost control [12] - **Credit Management**: Improved receivables management led to a credit impairment gain of 101 million CNY [14] - **North American Market**: Positive outlook with significant order growth and stable profitability despite tariff challenges [34] This summary encapsulates the key points from Jerry Corporation's conference call, highlighting financial performance, business segment insights, strategic initiatives, and future outlook.

行业来看，汽车行业最受青睐，比亚迪、正裕工业等5只个股上榜机构买入评级榜。医药生物、机械设 备等行业也较受机构关注，分别有4只、3只个股上榜。（数据宝） 机构今日买入型评级记录 30只个股今日获机构买入型评级，11股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布38条买入型评级记录，共涉及30只个股。杰瑞股份、 浦发银行等关注度最高，均有3次机构买入型评级记录。 今日获机构买入型评级个股中，共有14条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有7股上涨空间超20%，比亚迪上涨空间最高，8月7日国泰海通预计 公司目标价为148.49元，上涨空间达40.98%，上涨空间较高的个股还有宁德时代、鱼跃医疗等，上涨空 间分别为38.26%、36.27%。 从机构评级变动看，今日机构买入型评级记录中，有11条评级记录为机构首次关注，涉及步步高、藏格 矿业等11只个股。 市场表现方面，机构买入型评级个股今日平均上涨1.28%，表现强于沪指。股价上涨的有20只，涨停的 有莱绅通灵、杰瑞股份等。涨幅居前的有中宠股份、正裕工业、潮宏基等，今日涨幅分别为5.33%、 4.5 ...

（原标题：37股每笔成交量增长超50%） 证券时报•数据宝统计，截至8月7日收盘，沪指报收3639.67点，涨跌幅0.16%；深成指报收11157.94点， 涨跌幅-0.18%；创业板指报收2342.86点，涨跌幅-0.68%。从平均每笔成交数据来看，有2176只个股平 均每笔成交量环比增加，其中，37只个股平均每笔成交量增幅超50%；2376只个股每笔成交量环比下 降。其中杰瑞股份、国创高新、朝阳科技等个股环比增幅较大。从单只个股成交笔数来看，倍加洁、飞 龙股份、洪通燃气等三只个股环比增幅居前，说明这些个股近期表现活跃。结合每笔成交量和成交笔数 来看，有11只个股每笔成交量和成交笔数环比增幅均超50%，详情如下表所示。（数据宝） 点击查看近一周每笔成交明细数据 8月7日每笔成交和笔数环比均超50%个股 | | (%) | 成交(股) | (%) | 笔数 | 环比 | | --- | --- | --- | --- | --- | --- | | 证券简称 | 日涨跌 | 每笔 | 环比 | | 笔数 (%) | | 特发信息 | 10.03 | 2753 | 154.70 | 47306 | 102.75 ...

Group 1: Company Overview and Strategy - The company will continue to deepen its focus on the energy sector, enhancing its competitive edge through technological innovation and collaboration across industries [2][3] - A commitment to increasing R&D investment to improve core component technology and maintain leadership in high-end equipment [2][3] Group 2: Natural Gas Business - The natural gas business has become a significant growth driver, with a comprehensive value chain from exploration to end-use [4][5] - The company has built a natural gas industrial park, tripling production capacity to meet growing demand [5] Group 3: International Expansion - The company operates in over 70 countries, with overseas revenue accounting for a growing share of total income [7] - In the first half of 2025, overseas market revenue reached CNY 3.295 billion, a year-on-year increase of 38.38% [7] Group 4: Middle East Market - The Middle East is a key strategic market, with a well-established local business chain across various sectors [8] - Recent projects, such as the ADNOC digital well site transformation, have solidified the company's presence and reputation in the region [8] Group 5: Core Competencies - The company has developed proprietary technology for fracturing plunger pumps, enhancing product lifespan and market competitiveness [9][10] - The establishment of Shandong Jerry Min Electric Energy Co., Ltd. to advance generator set business, including successful operations in North America [10]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has seen significant growth in revenue and non-recurring profit in Q2 2025, indicating an improvement in operational capabilities that may enhance company value [1][9] - The company secured new orders worth 9.881 billion yuan in the first half of 2025, representing a year-on-year increase of 37.65%, suggesting strong performance expectations for 2025-2026 [2] Financial Performance Summary - For 2023A, the company reported revenue of 13,912 million yuan, with a year-on-year growth of 21.9%. The projected revenue for 2025E is 17,014 million yuan, reflecting a growth of 27.4% [3] - The company's net profit attributable to the parent company for 2023A was 2,454 million yuan, with a year-on-year growth of 9.3%. The forecast for 2025E is 3,153 million yuan, indicating a growth of 20.0% [3] - The gross margin for 2025E is projected to be 34.1%, up from 32.8% in 2023A, showing an improvement in profitability [3] - The net profit margin is expected to be 18.5% in 2025E, compared to 17.6% in 2023A, indicating a positive trend in profitability [3] Operational Insights - The company has demonstrated strong growth in natural gas and overseas revenues, with natural gas-related income increasing by 112.69% year-on-year in the first half of 2025 [9] - The gross margin for oil and gas engineering and technical services improved to 23.74% in the first half of 2025, up 6.62 percentage points year-on-year, reflecting enhanced cost control capabilities [9] - Operating cash flow for the first half of 2025 reached 3.144 billion yuan, a year-on-year increase of 196.36%, indicating improved cash management and operational efficiency [9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 51.98 CNY [1][10]. Core Views - The company's performance accelerated in Q2 2025, with significant improvement in operating cash flow and a high increase in new orders supporting continuous growth. The natural gas business has emerged as the company's second growth curve [2][10]. Financial Summary - Total revenue for 2023 is projected at 13,912 million CNY, with a growth rate of 21.9%. The net profit attributable to the parent company is expected to be 2,454 million CNY, reflecting a 9.3% increase. The earnings per share (EPS) for 2025 is estimated at 3.06 CNY, with a projected price-to-earnings (PE) ratio of 17 [4][11]. Performance Highlights - In Q2 2025, the company achieved a revenue of 42.14 billion CNY, a year-on-year increase of 49.12%, and a net profit of 7.75 billion CNY, up 8.78% year-on-year. The operating cash flow net amount reached 31.44 billion CNY, a significant increase of 196.36% year-on-year [10][11]. Business Growth - The company secured new orders worth 98.81 billion CNY in the first half of 2025, a 37.65% increase year-on-year. The natural gas business has become a key growth driver, with revenues from this segment increasing by 112.69% year-on-year in H1 2025 [10][11]. Market Position - The company has a total market capitalization of 41,231 million CNY, with a current stock price of 40.27 CNY. The stock has shown a 52-week price range of 25.50 to 41.65 CNY [5][10].

Group 1 - The core viewpoint of the news indicates that the CSI 500 Quality Growth Index has experienced a slight decline of 0.32%, with mixed performance among constituent stocks, highlighting both gainers and losers in the market [1] - The top-performing stocks include Jerry Holdings, which hit the daily limit up, Yunda Holdings with a rise of 9.23%, and Guai Bao Pet with an increase of 5.21% [1] - Conversely, Huahai Pharmaceutical led the decline, followed by Kanghong Pharmaceutical and Huagong Technology [1] Group 2 - The CSI 500 Quality Growth Index is composed of 100 listed companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2] - As of July 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Dongwu Securities, Kaiying Network, and Huagong Technology, collectively accounting for 20.47% of the index [2] - The latest price-to-book ratio (PB) of the CSI 500 Quality Growth Index is 1.96, indicating that the valuation is at a historical low, being below 80.19% of the time over the past three years, suggesting attractive valuation [1]

证券研究报告 杰瑞股份 (002353 CH) 25H1营收+39%,天然气业务开启成长 | | | 杰瑞股份发布半年报，2025 年 H1 实现营收 69.01 亿元（yoy+39.21%）， 归母净利 12.41 亿元（yoy+14.04%），扣非净利 12.31 亿元（yoy+33.90%）。 其中 Q2 实现营收 42.14 亿元（yoy+49.12%，qoq+56.85%），归母净利 7.75 亿元（yoy+8.78%，qoq+66.52%）。25H1 公司天然气相关业务营收 同比+112.69%，毛利率同比+5.61pct，订单同比+43.28%，持续验证公司 第二成长曲线；展望未来公司业绩有望在压裂设备+天然气设备的双轮驱动 下实现较快增长，维持"增持"评级。 25H1 综合毛利率下降系收入结构变化所致，费用率持续优化 | 倪正洋 | 研究员 | | --- | --- | | SAC No. S0570522100004 | nizhengyang@htsc.com | | SFC No. BTM566 | +(86) 21 2897 2228 | | 谭嘉欣 | 联系人 | | SAC No ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a significant increase in Q2 non-net profit, which grew by 37% year-on-year, indicating that the performance inflection point has been reached [2] - In the first half of 2025, the company achieved total revenue of 6.9 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 1.24 billion yuan, up 14% year-on-year [2] - The company’s revenue and profit in Q2 exceeded expectations, with total revenue reaching 4.21 billion yuan, a 49% increase year-on-year, and a net profit of 780 million yuan, a 9% increase year-on-year [2] Revenue and Profit Analysis - The revenue from high-end equipment manufacturing in H1 2025 was 4.22 billion yuan, up 22.4% year-on-year, primarily driven by natural gas compression equipment [2] - The oil and gas engineering and technical services segment saw revenue of 2.07 billion yuan in H1 2025, an impressive 88.1% increase year-on-year, mainly benefiting from EPC deliveries in the Middle East [2] Margin and Cash Flow Performance - The company's gross margin for H1 2025 was 32.2%, a decrease of 3.6 percentage points year-on-year, while the net profit margin was 18.4%, down 4.1 percentage points year-on-year [3] - The domestic gross margin was 27.1%, down 7.5 percentage points year-on-year, primarily due to the delivery schedule of drilling and completion products [3] - The operating cash flow for H1 2025 was 3.14 billion yuan, a substantial increase of 196% year-on-year, attributed to excellent collection quality from overseas clients [3] International Market Expansion - The company is entering a harvest phase in its overseas layout, with the Middle East and North America being key markets for growth [4] - The Middle East is experiencing urgent economic transformation needs, leading to increased natural gas extraction and expansion of the natural gas equipment and EPC market, where the company is gaining market share [4] - In North America, the company is well-positioned to tap into the large replacement market for fracturing equipment, supported by its performance advantages [4] Financial Forecasts - The report maintains profit forecasts for the company at 3.03 billion yuan for 2025, 3.49 billion yuan for 2026, and 3.99 billion yuan for 2027, with corresponding P/E ratios of 14, 12, and 10 times [4]

兴业证券表示，支撑本轮行情的核心逻辑依然未被破坏，并且后续依然有较多提振市场信心的潜在催 化，新一轮行情随时可能启动。无论是8月GPT5发布等产业趋势的催化、中美商谈情况的落地，还是9 月3日阅兵活动、10月"十五五"规划会议等支撑国内中长期的宏大叙事，当前市场对于有利于风险偏好 的政策和事件反应都愈发积极。 A500ETF龙头(563800)，均衡配置各行业优质龙头企业，一键布局A股核心资产；场外联接(A类： 022424；C类：022425；Y类：022971)。 截至8月6日，A500ETF龙头近6月净值上涨8.88%。从收益能力看，截至2025年8月6日，A500ETF龙头 自成立以来，最高单月回报为4.54%，最长连涨月数为3个月，最长连涨涨幅为10.12%。截至2025年8月 6日，A500ETF龙头近3个月超越基准年化收益为8.26%。 A500ETF龙头紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。据了解，中证A500指数行业分布 均衡，传统行业和新兴行业各占一半，同时增加医药、新能源、计算 ...