Jereh Group(002353) 光大证券·2024-09-03 08:20Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has experienced continuous profit growth, with a slight decline in revenue expected to recover significantly in the future [2]. - The company is actively expanding both domestic and international markets, with a robust order backlog ensuring future growth [3]. - The overseas market shows rapid growth in orders, indicating substantial future potential [4]. - The company focuses on a dual main business strategy in the oil and gas industry and the new energy sector, achieving multiple R&D breakthroughs [5]. Financial Summary - In the first half of 2024, the company achieved operating revenue of 4.957 billion yuan, a year-on-year decrease of 8.54%, while net profit attributable to the parent company was 1.088 billion yuan, an increase of 4.33% [2]. - The gross margin for the first half of 2024 was 35.83%, up 0.15 percentage points year-on-year, and the net margin was 22.47%, up 2.71 percentage points year-on-year [2]. - The company secured orders totaling 7.179 billion yuan in the first half of 2024, a year-on-year increase of 18.92%, with a backlog of 9.191 billion yuan at the end of the period [3]. - The overseas revenue for the first half of 2024 was 2.381 billion yuan, a year-on-year decrease of 5.37%, but the proportion of overseas revenue increased to 48.04% [4]. - The company has adjusted its net profit forecasts for 2024-2026 to 2.8 billion, 3.31 billion, and 3.81 billion yuan, respectively, with corresponding EPS of 2.74, 3.23, and 3.72 yuan [5].