杰瑞股份：上半年业绩增长4.3%，国内外开拓持续突破

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 5.0 billion yuan in the first half of 2024, a year-on-year decrease of 8.5%, while the net profit attributable to shareholders was 1.09 billion yuan, an increase of 4.3% [7][8] - The company has made significant progress in domestic and international market expansion, with a backlog of orders amounting to 9.191 billion yuan, which supports future operational performance [8] - The demand for unconventional oil and gas extraction is expected to increase, and the company, as a leader in fracturing equipment, is poised to benefit from this trend [8] Summary by Sections Financial Performance - In the first half of 2024, the gross margin was 35.83%, a slight increase of 0.15 percentage points year-on-year, primarily due to changes in the product structure of overseas sales [7] - The operating cash flow improved significantly to 1.06 billion yuan from a negative 510 million yuan in the same period last year, attributed to effective management of the company's financial resources [8] Market Expansion - The company successfully won several key contracts, including a centralized procurement project for electric fracturing equipment with PetroChina and a development contract for the Mansuriya gas field in Iraq [8] - New orders received in the first half of 2024 totaled 7.179 billion yuan, an increase of 18.92% year-on-year [8] Future Outlook - The "14th Five-Year Plan" emphasizes increasing domestic oil and gas exploration and development, which is expected to drive growth in the oilfield services market [8] - The company has initiated a share buyback program and an employee stock ownership plan, reflecting strong confidence in its future performance [8] - Earnings per share (EPS) forecasts for 2024-2026 are 2.65 yuan, 3.16 yuan, and 3.64 yuan, with corresponding price-to-earnings (PE) ratios of 10.4X, 8.7X, and 7.6X [8]