Core Viewpoint - The report highlights that Jerry Co., Ltd. has experienced significant revenue and profit growth in the first half of 2025, driven by concentrated orders and strong performance in overseas and natural gas businesses [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion, a year-on-year increase of 39.21% [1]. - The net profit attributable to shareholders reached 1.241 billion, up 14.04% year-on-year, while the net profit excluding non-recurring items was 1.231 billion, reflecting a growth of 33.9% [1]. - The high-end equipment manufacturing business generated revenue of 4.224 billion, growing 22.42% year-on-year, although the gross margin slightly declined by 5.25% [2]. Business Segments - The natural gas business saw a remarkable revenue increase of 112.69%, with a gross margin improvement of 5.61%, contributing to an 88.14% revenue growth in oil and gas engineering and technical services [2]. - The overall gross margin of the company decreased by 3.46% due to the lower margin in oil and gas engineering [2]. - The company executed cash collection measures, resulting in a significant year-on-year increase of 196.36% in operating cash flow net [2]. Order Growth and Quality - New orders signed during the reporting period amounted to 9.881 billion, a year-on-year increase of 37.65%, with existing orders at 12.386 billion, up 34.76% [2]. - The natural gas segment's new orders grew by 43.28%, outpacing the overall order growth rate [2]. - The quality of overseas orders improved, contributing to a steady increase in overseas business gross margins [2]. Profit Forecast and Investment Rating - The company's performance exceeded expectations, with the natural gas business driving over 88% growth in oil and gas engineering [3]. - Forecasted net profits for 2025-2027 are 3.021 billion, 3.463 billion, and 4.149 billion, respectively, with corresponding P/E ratios of 15.0, 13.1, and 10.9 [3]. - The company is considered undervalued compared to peers such as CNOOC Engineering, Petrochemical Machinery, and China Oilfield Services, maintaining a "buy" rating [3]. Analyst Ratings - In the last 90 days, 13 institutions provided ratings for the stock, with 11 recommending "buy" and 2 recommending "hold" [4]. - The average target price from institutions over the past 90 days is 50.02 [4].
华龙证券:给予杰瑞股份买入评级