Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.13 billion yuan in Q1 2024, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was 380 million yuan, an increase of 6.8% year-on-year. The revenue decline was attributed to the delivery cycle of certain projects [2] - The company is successfully expanding its overseas market, with a strong order backlog supporting its annual growth. In the Middle East, it has established long-term stable partnerships with strategic clients such as Saudi Aramco and Abu Dhabi National Oil Company, leading to an increasing market share for high-end equipment [2] - The gross margin remained stable at 35.7%, with a year-on-year increase of 0.4 percentage points. The net profit margin was 18.0%, up 2.1 percentage points year-on-year, while the expense ratio decreased significantly to 13.5%, down 2.0 percentage points year-on-year [2] - The oil service industry is experiencing upward momentum, with a projected 5.7% year-on-year increase in global upstream exploration and development capital expenditure in 2024. The global oilfield service market is expected to reach 328 billion USD, a year-on-year increase of 7.1% [2] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.13 billion yuan, a decrease of 6.5% year-on-year, and a net profit of 380 million yuan, an increase of 6.8% year-on-year [2] - The company signed new contracts worth 13.96 billion yuan in 2023, a year-on-year increase of 9.7%, with a backlog of 7.55 billion yuan at the end of 2023 [2] - The projected net profit for 2024-2026 is 3.03 billion, 3.75 billion, and 4.24 billion yuan, respectively, with corresponding EPS of 2.96, 3.66, and 4.14 yuan [3] Market Outlook - The company is focusing on key countries and regions for overseas market expansion, with successful deliveries of high-end products in North America [2] - The demand for unconventional oil and gas development highlights the advantages of electric-driven technology, which significantly reduces operational costs [2] Valuation Metrics - The projected PE ratios for 2024-2026 are 11, 9, and 8 times, respectively, indicating a compound annual growth rate of 20% for net profit over the next three years [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance slightly exceeded market expectations, with a year-on-year revenue growth of 7% and a net profit increase of 6.84% [3] - The company is accelerating its overseas market expansion, particularly in North America, where there is significant demand for electric fracturing equipment [5] - A new employee stock ownership plan has been introduced, reflecting the company's confidence in its growth prospects [6] Financial Performance Summary - In Q1 2024, the company achieved total revenue of 2.131 billion yuan, a year-on-year decrease of 6.52%, primarily due to a one-time revenue recognition from a KOC oil and gas engineering project in 2023 [3] - The net profit attributable to shareholders was 375 million yuan, with a year-on-year growth of 6.84% [3] - The company's gross margin and net margin for Q1 2024 were 35.7% and 18.0%, respectively, indicating stable profitability [4] Market Expansion Summary - In 2023, approximately 36.8% of the company's new orders came from overseas markets, showing rapid growth [5] - The North American market presents a significant opportunity due to a ten-year replacement cycle for fracturing equipment, with the company having secured its first electric fracturing equipment order in North America [5] - The company has established long-term partnerships with major clients in the Middle East, contributing to positive performance trends [5] Profit Forecast and Valuation - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 2.7 billion, 3.3 billion, and 3.7 billion yuan, respectively [6] - The current market valuation corresponds to P/E ratios of 12, 10, and 9 for the years 2024-2026 [6]

北京市天元律师事务所 关于烟台杰瑞石油服务集团股份有限公司 实施奋斗者 9 号员工持股计划的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于烟台杰瑞石油服务集团股份有限公司 实施奋斗者 9 号员工持股计划的 法律意见 京天股字（2024）第151号 致：烟台杰瑞石油服务集团股份有限公司 北京市天元律师事务所（以下简称"本所"）接受烟台杰瑞石油服务集团股份 有限公司（以下简称"公司"或"杰瑞股份"）委托，担任公司本次实施奋斗者 9 号员工持股计划（以下简称"本员工持股计划"或"本计划"）的专项中国法律顾 问并出具法律意见。 本所及经办律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《律师事务所从事证券 法律业务管理办法》以及中国证券监督管理委员会（以下简称"中国证监会"）《关 于上市公司实施员工持股计划试点的指导意见》（以下简称"《试点指导意见》"）、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以 下简称"《自律监管指 ...

Revenue and Profit - Revenue for Q1 2024 was CNY 2,131,106,989.38, a decrease of 6.52% compared to CNY 2,279,760,202.42 in the same period last year[5] - Net profit attributable to shareholders increased by 6.84% to CNY 375,421,080.49 from CNY 351,380,194.73 year-on-year[5] - Total operating revenue for the current period was approximately ¥2.13 billion, a decrease of 6.5% from ¥2.28 billion in the previous period[18] - Net profit for the current period was approximately ¥383.37 million, an increase of 5.5% compared to ¥362.77 million in the previous period[19] - Operating profit for the current period was approximately ¥427.25 million, slightly up from ¥422.84 million in the previous period[19] Cash Flow - Net cash flow from operating activities rose significantly by 69.88% to CNY 209,283,472.12 compared to CNY 123,193,666.59 in the previous year[5] - Total cash inflow from operating activities was approximately ¥2.97 billion, down 6.3% from ¥3.17 billion in the previous period[20] - Total cash outflow from operating activities was approximately ¥2.76 billion, down 9.4% from ¥3.04 billion in the previous period[20] - The net cash flow from financing activities was CNY 578,350,970.44, an increase of 177.7% compared to CNY 207,981,061.78 in the previous year[21] - The company reported a net increase in cash and cash equivalents of CNY 803,336,597.81, compared to CNY 224,785,416.08 in the same quarter last year, marking a 257.5% increase[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 32,555,515,655.96, reflecting a 2.45% increase from CNY 31,776,572,493.51 at the end of the previous year[5] - Current assets rose to CNY 23.55 billion, compared to CNY 22.62 billion at the beginning of the period, marking an increase of about 4.13%[15] - Total liabilities amounted to CNY 12.14 billion, up from CNY 11.63 billion, indicating an increase of around 4.43%[16] - The company's equity attributable to shareholders reached CNY 19.60 billion, compared to CNY 19.32 billion, showing a growth of about 1.4%[17] Borrowings and Financing - The company’s long-term borrowings increased by 49.98%, indicating new long-term debt financing[7] - Short-term borrowings rose to CNY 2.29 billion from CNY 2.06 billion, an increase of about 11.16%[16] - The company's long-term borrowings and bonds payable increased to CNY 1.55 billion from CNY 1.03 billion, indicating a growth of around 50%[16] - Cash received from borrowings was CNY 1,336,894,625.00, significantly higher than CNY 416,924,000.00 in the same quarter last year, reflecting an increase of 220.5%[21] - Cash paid for debt repayment was CNY 515,020,000.00, which increased from CNY 285,100,000.00, representing an increase of 80.5%[21] Shareholder Information - The largest shareholder, Sun Weijie, holds 18.97% of the shares, while the second-largest shareholder, Wang Kunxiao, holds 13.00%[10] - The top ten shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 40% of the total shares[10] - The company has a total of 32,695 common shareholders as of the end of the reporting period[10] - The company has a significant number of shares held by foreign entities, including Hong Kong Central Clearing Limited, which holds 12.57%[10] Inventory and Costs - The company’s inventory stock increased by 48.95% due to share buybacks[7] - Inventory increased to CNY 5.56 billion from CNY 5.12 billion, representing a rise of approximately 8.63%[15] - Total operating costs decreased to approximately ¥1.67 billion, down 8.3% from ¥1.82 billion in the previous period[18] Other Income and Expenses - The company reported a 198.67% increase in other income, primarily due to benefits from advanced manufacturing tax deductions[8] - Research and development expenses increased to approximately ¥79.50 million, up 28.4% from ¥61.88 million in the previous period[18] - The company reported a decrease in other comprehensive income, with a net amount of approximately -¥29.64 million for the current period[19] Share Buyback - The company plans to repurchase shares using between RMB 150 million and RMB 250 million, with a maximum price of RMB 40.00 per share, within a six-month period[14] - As of March 31, 2024, the company has repurchased a total of 2,750,000 shares, accounting for 0.27% of the total share capital, with a total transaction amount of RMB 81,348,943.44[14] - The company’s shares are actively traded, with the highest transaction price during the buyback being RMB 31.24 per share[14] Audit and Reporting - The company did not undergo an audit for the first quarter report[21] - The company has not disclosed any new strategies or major developments in product or technology during this reporting period[12]

北京市天元律师事务所 关于烟台杰瑞石油服务集团股份有限公司 实施事业合伙人 4 期员工持股计划的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于烟台杰瑞石油服务集团股份有限公司 实施事业合伙人 4 期员工持股计划的 法律意见 京天股字（2024）第152号 致：烟台杰瑞石油服务集团股份有限公司 证。 北京市天元律师事务所（以下简称"本所"）接受烟台杰瑞石油服务集团股份 有限公司（以下简称"公司"或"杰瑞股份"）委托，担任公司本次实施事业合伙 人 4 期员工持股计划（以下简称"本员工持股计划"或"本计划"）的专项中国法 律顾问并出具法律意见。 本所律师特作如下声明： 本所及经办律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《律师事务所从事证券 法律业务管理办法》以及中国证券监督管理委员会（以下简称"中国证监会"）《关 于上市公司实施员工持股计划试点的指导意见》（以下简称"《试点指导意见》"）、 《深圳证券交易所上市公司自律监管指引第 1 号——主板 ...

一、审议并通过《2024 年第一季度报告》 证券代码：002353 证券简称：杰瑞股份 公告编号：2024-035 烟台杰瑞石油服务集团股份有限公司 第六届监事会第十四次会议决议公告 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 4 月 25 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届监事会第十四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 4 月 14 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： 2024 年 4 月 25 日 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 年第一季度报告的程序符 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。 第一季度报告详见巨潮资讯网（http://www.cninfo ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-038 关于增加 2023 年度股东大会临时提案暨会议补充通知的公告 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。 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2024 年 4 月 3 日在巨潮 资讯网披露了《关于召开 2023 年度股东大会的通知》（公告编号：2024-032），公司拟于 2024 年 5 月 7 日召开 2023 年度股东大会。 2024 年 4 月 25 日，公司收到控股股东、实际控制人孙伟杰先生、王坤晓先生、刘贞峰 先生递交的《关于增加烟台杰瑞石油服务集团股份有限公司 2023 年度股东大会临时提案的 函》，基于市场情况及业务需求急迫性，为提高决策效率、保障相关业务及时开展，孙伟杰 先生、王坤晓先生、刘贞峰先生提议将已经公司第六届董事会第十五次会议及第六届监事会 第十三次会议审议通过的《关于就公司及子公司销售业务为客户提供担保的议案》以临时提 案的方式提交公司 2023 年度股东大会审议。该提案主要内容如下： 1、提案名称：《关于就公司及子公司销售业务为客户提 ...

烟台杰瑞石油服务集团股份有限公司 关于会计政策变更的公告 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。 重要提示： 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）根据中华人民共和国财政部 （以下简称"财政部"）发布的《企业会计准则解释第 17 号》（财会〔2023〕21 号，以下简 称"《解释第 17 号》"），对公司会计政策进行相应变更。本次会计政策变更不影响公司营业 收入、净利润、净资产，不会对公司财务状况、经营成果和现金流量产生重大影响。 根据《深圳证券交易所股票上市规则》，本次会计政策变更无需提交公司董事会和股东 大会审议。具体情况如下： 证券代码：002353 证券简称：杰瑞股份 公告编号：2024-037 一、会计政策变更概述 1、变更原因及变更日期 财政部于 2023 年 10 月 25 日发布了《解释第 17 号》，规定对"关于流动负债与非流动 负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易的会计处理"的解释内容 自 2024 年 1 月 1 日起施行。由于上述会计准则解释的发布，公司需对会计政策进行相应变 更，并按以上 ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2024-034 烟台杰瑞石油服务集团股份有限公司 第一季度报告已经公司董事会审计委员会审议通过。 第一季度报告详见巨潮资讯网（http://www.cninfo.com.cn）。 特此公告。 烟台杰瑞石油服务集团股份有限公司董事会 2024 年 4 月 25 日 2024 年 4 月 25 日，烟台杰瑞石油服务集团股份有限公司（以下简称"公 司"）第六届董事会第十六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 4 月 14 日通过专人送达、邮件方式送达给董事、监事和高管，会议 应到董事 9 人，实到董事 9 人，监事、高管列席会议。会议召开符合《公司法》 及《公司章程》的规定。会议由公司董事长李慧涛先生召集并主持，全体董事经 过审议，以记名投票方式审议通过了： 一、 审议并通过《2024 年第一季度报告》 表决情况：9 票同意，0 票反对，0 票弃权。 公司的董事、监事、高级管理人员保证公司 2024 年第一季度报告内容真实、 准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，并签署了书面确认 意见。 第六届董事会第十六次会议决 ...

证券研究报告：机械设备|公司点评报告 2024年4月12日 股票投资评级 杰瑞股份(002353) 增持|首次覆盖 业绩稳健增长，电驱压裂设备突破北美市场 个股表现 ⚫ 事件描述 公司发布 2023 年年度报告，全年实现营收 139.12 亿元，同增 杰瑞股份 机械设备 20% 21.94%；实现归母净利润24.54亿元，同增9.33%；实现扣非归母净 15% 利润23.87亿元，同增12.27%。 10% 5% ⚫ 事件点评 0% -5% 油气装备制造及技术服务贡献主要增长，海外市场表现突出。分 -10% -15% 产品来看，油气装备制造及技术服务、维修改造及配件销售、环保工 -20% 程服务分别实现收入 117.56、18.63、2.53 亿元，同比增速分别为 -25% -30% 28.75%、14.18%、-58.62%。分区域来看，国内、国外分别实现收入 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 73.93、65.18亿元，同比增速分别为0.60%、60.57%，国外收入占比 资料来源：聚源，中邮证券研究所 提升至46.85%，表现突出。 毛利率基 ...