杰瑞股份：盈利能力提升，海外布局持续深化

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [14]. Core Insights - The company is positioned as a leader in the oil and gas equipment sector, benefiting from stable oil and gas demand and expanding overseas markets. The main product, fracturing equipment, is expected to see continued demand growth [9][10]. - The company has made significant strides in overseas expansion, establishing a new production and office base in Dubai to serve the Middle East, North Africa, and Southeast Asia [9]. - The report highlights a positive outlook for the oilfield services market, with global market size projected to reach $328 billion in 2024, reflecting a 7.1% year-on-year growth [7]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%, while net profit attributable to shareholders was 1.088 billion yuan, an increase of 4.33% [5][6]. - The company achieved a gross profit margin of 35.83% and a net profit margin of 22.47% in the first half of 2024, indicating improvements in profitability [6]. - New orders totaled 7.179 billion yuan, an increase of 18.92% year-on-year, with overseas revenue accounting for 48.04% of total income [6]. Growth and Development - The company has increased its R&D investment to 203 million yuan in the first half of 2024, representing a 15.68% year-on-year growth, which is 4.09% of its revenue [6]. - The company has been recognized for its innovation, ranking second in the "2024 China Brand Value Evaluation" for independent innovation among oil and gas equipment manufacturers [6]. Market Outlook - The report notes that the demand for oil and gas is expected to continue rising, driven by growth in petrochemical raw materials and aviation sectors [7]. - Domestic policies are supportive of the oil and gas industry, with the government emphasizing the need for increased exploration and production capabilities [8].