股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 国内油服设备龙头企业，内需持续复苏，外需维持高景气，电驱压裂设备突破北美 市场，订单快速增长有望推动业绩高增。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 11,409 | 13,912 | 14,715 | 17,097 | 19,731 | | (+/-)% | 30.0% | 21.9% | 5.8% | 16.2% | 15.4% | | 净利润（归母） | 2,245 | 2,454 | 2,700 | 3,201 | 3,692 | | (+/-)% | 41.5% | 9.3% | 10.0% | 18.5% | 15.3% | | 每股净收益（元） ...

杰瑞股份(002353) / 专用设备 / 公司点评 / 2024.10.25 合同负债大幅增长，出海业务持续突破 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-24 | | 收盘价 ( 元 ) | 32.10 | | 流通股本 ( 亿股 ) | 6.93 | | 每股净资产 ( 元 ) | 19.66 | | 总股本 ( 亿股 ) | 10.24 | | 最近 12 月市场表现 | | -25% -14% -3% 9% 20% 31% 杰瑞股份 沪深300 上证指数 专用设备 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 联系人 孙瀚栋 sunhd@ctsec.com 相关报告 1. 《与 BAPCO 签署大型天然气项目， 中东市场再突破》 2024-09-26 2. 《核心高管集体增持，彰显公司长期 价值充足信心》 2024-09-20 3. 《业绩符合预期，北美电驱压裂迎来 行业拐点》 2024-08-30 ❖ 事件：2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2% increase in net profit attributable to shareholders for the first three quarters of 2024, indicating an upcoming performance inflection point [2] - The company achieved total revenue of 8.05 billion yuan in the first three quarters, a year-on-year decrease of 8%, while net profit attributable to shareholders was 1.6 billion yuan, reflecting a 2% increase [2] - The increase in profit growth outpaced revenue growth due to a higher proportion of overseas and equipment orders, enhancing profitability [2] - The company has significantly increased its contract liabilities to 1.49 billion yuan, up 99% from the beginning of the year, indicating a backlog of high-profit orders waiting to be released [2] - The gross profit margin for the first three quarters was 35.0%, up 1.51 percentage points year-on-year, while the net profit margin was 20.5%, up 2.2 percentage points [2] - The company is deepening its cooperation in the "Belt and Road" initiative, with significant contracts signed in the Middle East, showcasing its capabilities in high-end oil service projects [2] - The company is committed to advancing its globalization strategy by establishing a manufacturing base in the Middle East, which will enhance its production and service capabilities in the region [2] - The company is considered a high-quality target in the machinery sector with low valuation and confirmed growth potential, maintaining profit forecasts of 2.7 billion, 3.3 billion, and 3.7 billion yuan for 2024-2026 [2] Financial Summary - Total revenue forecast for 2024 is 14.42 billion yuan, with a year-on-year growth of 3.64% [1] - Net profit attributable to shareholders is projected to be 2.725 billion yuan in 2024, reflecting an 11.02% year-on-year increase [1] - The company’s earnings per share (EPS) is expected to be 2.66 yuan in 2024, with a price-to-earnings (P/E) ratio of 12.06 based on the current price [1]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 8.047 billion RMB for the first three quarters of 2024, a year-on-year decrease of 8.10%, with Q3 revenue at 3.09 billion RMB, down 7.38% year-on-year. However, the net profit attributable to shareholders for the same period was 1.598 billion RMB, an increase of 2.21% year-on-year [2]. - The company has signed new orders worth 7.18 billion RMB in H1 2024, reflecting an 18.9% year-on-year increase, indicating strong demand in the downstream market [2]. - The company's overseas revenue accounted for 48.0% of total revenue in H1 2024, with a gross margin of 37.2%, which is higher than the domestic gross margin of 34.6% [2]. - The management team has collectively increased their holdings in the company, demonstrating confidence in its long-term development [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a net profit of 1.598 billion RMB, with a Q3 net profit of 510 million RMB, down 2.04% year-on-year [2]. - The company expects revenue growth to recover as orders are executed, with projected revenues of 14.286 billion RMB, 16.916 billion RMB, and 19.164 billion RMB for 2024, 2025, and 2026 respectively [3][6]. Operational Analysis - The company has improved cash flow management, resulting in a net cash flow from operating activities of 1.468 billion RMB, a significant increase of 288.4% year-on-year [2]. - The company has secured significant overseas contracts, including a 2.2 billion RMB EPC order in Bahrain, which is expected to enhance overall profitability [2]. Management Confidence - The management's decision to increase their shareholding indicates a strong belief in the company's future prospects [2].

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：20241024 | --- | --- | --- | |----------------|---------------------|---------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | | 其他 （电话会议） | | | --- | --- | |--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.00 CNY, based on a 15x PE ratio for 2024 [2][5]. Core Insights - The company's revenue for the first three quarters of 2024 is 8.047 billion CNY, a decrease of 8.1% year-on-year, while the net profit attributable to shareholders is 1.598 billion CNY, an increase of 2.2% year-on-year [1][2]. - The gross margin improved to 33.7% in Q3 2024, up 3.74 percentage points year-on-year, indicating a positive shift in business structure [1]. - Contract liabilities surged to 1.495 billion CNY by the end of September 2024, reflecting a 68% year-on-year increase and a 46% quarter-on-quarter increase, suggesting a robust order backlog [1][2]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 11,409 - 2023A: 13,912 - 2024E: 13,931 - 2025E: 16,781 - 2026E: 19,321 - Year-on-year growth rates for revenue: - 2022A: 30.0% - 2023A: 21.9% - 2024E: 0.1% - 2025E: 20.5% - 2026E: 15.1% [4][6]. - Net profit attributable to shareholders (in million CNY): - 2022A: 2,245 - 2023A: 2,454 - 2024E: 2,660 - 2025E: 3,204 - 2026E: 3,858 - Year-on-year growth rates for net profit: - 2022A: 41.5% - 2023A: 9.3% - 2024E: 8.4% - 2025E: 20.5% - 2026E: 20.4% [4][6].

杰瑞股份：前三季度净利润15.98亿元 同比增长2.21% 财联社10月24日电，杰瑞股份发布2024年第三季 度报告，前三季度实现营业收入80.47亿元，同比下降8.1%；净利润15.98亿元，同比增长2.21%。 第三季度实现营业收入30.9亿元，同比下降7.38%；净利润5.1亿元，同比下降2.04%。 查看公告原文 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-074 一、召开会议基本情况 1、股东大会届次：2024 年第三次临时股东大会 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 根据烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）第六届董事会第十九次 会议及第六届监事会第十七次会议提案，公司定于 2024 年 11 月 14 日召开 2024 年第三次 临时股东大会，现将会议具体事项通知如下： 2、会议召集人：公司董事会 3、会议召开的合法、合规性：召集人公司董事会认为本次股东大会会议召开符合有关 法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、现场会议召开日期、时间：现场会 2024 年 11 月 14 日 下午 14:30 开始。 网络投票时间：（1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 14 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；（2）通过深圳证券交易 所互联网投票系统进行网络投票的具体时间为 20 ...

烟台杰瑞石油服务集团股份有限公司 关于在控股子公司之间调剂担保额度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：002353 证券简称：杰瑞股份 公告编号：2024-075 一、担保情况概述 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）分别于 2024 年 4 月 1 日、 2024 年 5 月 7 日召开第六届董事会第十五次会议、2023 年度股东大会，审议并通过《关于 公司及子公司向银行申请综合授信额度及担保的议案》，未来十二个月内公司及子公司拟对 公司合并报表范围内的公司（以下统称"担保对象"）向银行申请综合授信及用信事项提供 总额度不超过人民币 45 亿元的担保（含公司对子公司、子公司之间、子公司对公司的担保， 以下简称"本次担保"）。其中，为资产负债率 70%以上的担保对象提供担保的额度不超过 人民币 18.5 亿元，为资产负债率 70%以下的担保对象提供担保的额度不超过人民币 26.5 亿 元。具体担保金额及保证期间按照合同约定执行。任一时点的担保余额不得超过股东大会审 议通过的担保额度。该额度可循环使用，有效期为自股东 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-071 烟台杰瑞石油服务集团股份有限公司 第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2024 年 10 月 24 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届监事会第十七次会议在公司五楼会议室以现场方式召开。会议通知 已于 2024 年 10 月 13 日通过专人送达、邮件方式送达给监事，会议应到监事 3 人，实到监事 3 人。会议召开符合《公司法》及《公司章程》的规定。会议由监 事会主席史海宁先生召集并主持，全体监事经过审议，以记名投票方式审议通过 了： 一、审议并通过《2024 年第三季度报告》 表决情况：3 票同意，0 票反对，0 票弃权。 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、审议并通过《关于增加公司及子公司销售业务担保额度的议案》 表决情况：3 票同意，0 ...