• 杰瑞股份 2024 年营收 26.27 亿元，同比增长 7.03%，净利润 10.28 亿 元，同比增长 15.51%。新签订单 182.32 亿元，同比增长 30.64%，存 量订单 101.55 亿元，同比增长 34.52%，显示强劲增长势头。 • 公司油气装备领域保持领先，钻完井设备收入显著增长，毛利率提升。天 然气物理设备成为第二支柱，压缩机组获中石油储气库和全球最大电厂调 压站项目，新天然气工业园产能提升三倍。 • 杰瑞股份中标阿布扎比国家石油公司数字化井场改造项目（65.55 亿元）， 创单笔金额最高纪录，并中标巴林国家石油公司增压站项目，体现 EPC 业 务与天然气压缩设备制造协同优势。 • 公司推进"大海外"战略，完成美国工厂一期扩建，启动中东工厂建设， 加强海外资源投入和本地化能力建设，提升国际竞争力，中东区域订单占 据海外订单最大份额。 • 2024 年末，公司资产负债率为 38.36%，短期借款与长期借款比例改善 为 1:1.5，结构优化。经营活动现金净流量 25.94 亿元，同比增长 147.3%，合同负债增加 5.5 亿元至 13 亿元，现金流状况显著改善。 Q&A 请介绍一下杰 ...

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

证券之星消息，根据市场公开信息及4月10日披露的机构调研信息，嘉合基金近期对1家上市公司进行了 调研，相关名单如下： 嘉合基金成立于2014年，截至目前，资产管理规模(全部公募基金)406.01亿元，排名93/210；资产管理 规模(非货币公募基金)302.97亿元，排名90/210；管理公募基金数46只，排名105/210；旗下公募基金经 理10人，排名109/210。旗下最近一年表现最佳的公募基金产品为嘉合锦元回报混合A，最新单位净值为 0.8，近一年增长11.31%。 调研纪要：公司坚定执行国际化战略，海外业务布局取得显著成效。中东是公司重点战略市场，业务涉 及多个领域，市场占有率持续向好，正在推进阿联酋迪拜新建生产及办公基地。公司在中东业务链条完 整，产业协同能力强，以优势产品或服务打开市场，建立品牌影响力，坚持'以客户为中心'的质量控制 和服务。北美市场方面，直接出口至美国收入规模较小，美国建有生产基地，具备一定生产能力，进行 产能扩建以应对贸易摩擦。2024年，公司强化降本增效并注重两金管理，全年经营活动产生的现金净流 量为25.94亿元，同比增长147.3%，优化存货管理和应收账款管理，海内外收 ...

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

根据市场公开信息及4月10日披露的机构调研信息，知名私募盘京投资近期对3家上市公司进行了调研，相关名单如下： 1）杰瑞股份 （上海盘京投资管理中心(有限合伙)参与公司电话会议&线上电话会议） 调研纪要：公司坚定执行国际化战略，海外业务布局取得显著成效。中东是公司重点战略市场，业务涉及多个领域，市场占有率持续向好，正在 推进阿联酋迪拜新建生产及办公基地。公司在中东业务链条完整，产业协同能力强，以优势产品或服务打开市场，建立品牌影响力，坚持'以客户 为中心'的质量控制和服务。北美市场方面，直接出口至美国收入规模较小，美国建有生产基地，具备一定生产能力，进行产能扩建以应对贸易摩 擦。2024年，公司强化降本增效并注重两金管理，全年经营活动产生的现金净流量为25.94亿元，同比增长147.3%，优化存货管理和应收账款管 理，海内外收入比重变化也对公司现金流情况产生积极影响。未来，公司将继续通过技术创新引领行业发展，深化海外市场本地化部署，加强海 外产能建设和人才梯队建设。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 2）立讯精密 （上海盘 ...

根据市场公开信息及4月10日披露的机构调研信息，知名私募高毅资产近期对3家上市公司进行了调研，相关名单如下： 1）杰瑞股份 （上海高毅资产管理合伙企业(有限合伙)参与公司电话会议&线上电话会议） 调研纪要：公司坚定执行国际化战略，海外业务布局取得显著成效。中东是公司重点战略市场，业务涉及多个领域，市场占有率持续向好，正在 推进阿联酋迪拜新建生产及办公基地。公司在中东业务链条完整，产业协同能力强，以优势产品或服务打开市场，建立品牌影响力，坚持'以客户 为中心'的质量控制和服务。北美市场方面，直接出口至美国收入规模较小，美国建有生产基地，具备一定生产能力，进行产能扩建以应对贸易摩 擦。2024年，公司强化降本增效并注重两金管理，全年经营活动产生的现金净流量为25.94亿元，同比增长147.3%，优化存货管理和应收账款管 理，海内外收入比重变化也对公司现金流情况产生积极影响。未来，公司将继续通过技术创新引领行业发展，深化海外市场本地化部署，加强海 外产能建设和人才梯队建设。 2）立讯精密 （上海高毅资产管理合伙企业(有限合伙)参与公司电话会议） 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104 ...

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

证券研究报告·公司点评报告·专用设备 杰瑞股份（002353） 2024 年报点评：2024 年归母净利润+7%，在 手订单饱满业绩拐点即将到来 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,912 | 13,355 | 15,564 | 17,911 | 20,195 | | 同比（%） | 21.94 | (4.00) | 16.54 | 15.08 | 12.75 | | 归母净利润（百万元） | 2,454 | 2,627 | 3,027 | 3,492 | 3,990 | | 同比（%） | 9.33 | 7.03 | 15.23 | 15.37 | 14.25 | | EPS-最新摊薄（元/股） | 2.40 | 2.57 | 2.96 | 3.41 | 3.90 | | P/E（现价&最新摊薄） | 12.00 | 11.21 | 9.73 | 8.43 | 7.38 | [Table_Ta ...

证券研究报告·公司点评报告·专用设备 杰瑞股份（002353） 2024 年报点评：2024 年归母净利润+7%，在 手订单饱满业绩拐点即将到来 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,912 | 13,355 | 15,564 | 17,911 | 20,195 | | 同比（%） | 21.94 | (4.00) | 16.54 | 15.08 | 12.75 | | 归母净利润（百万元） | 2,454 | 2,627 | 3,027 | 3,492 | 3,990 | | 同比（%） | 9.33 | 7.03 | 15.23 | 15.37 | 14.25 | | EPS-最新摊薄（元/股） | 2.40 | 2.57 | 2.96 | 3.41 | 3.90 | | P/E（现价&最新摊薄） | 12.00 | 11.21 | 9.73 | 8.43 | 7.38 | [Table_Ta ...

证券代码：002353 证券简称：杰瑞股份 烟台杰瑞石油服务集团股份有限公司投资者关系活动记录表 编号：20250409 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | |  其他 （电话会议） | | | 参会机构： | | | Daiwa Capital Markets Hong Kong Limited；Dymon Asia Capital (HK) Limited； | | | HARVEST FUND LIMITED；IGWT Investment；Kaison Capital；Vontobel Asset | | | Management, Inc；爱建证券有限责任公司；安联环球投资有限公司；柏骏资本管理（香 | | | 港）有限公司；碧云资本管理有限公司；彬元资本有限公司；博道基金管理有限公司； | | | 博时基金管理有限公司；财通证券股份有限公司；大成基金管理有限公司；德邦基金管 | | | 理有限公司；东北证券股份有限公司；东方阿尔法基金管理 ...