杰瑞股份：董事长等拟增持股份，彰显长期发展信心

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 27.07 CNY and a target price not specified for the next six months [1]. Core Views - The company's chairman and key executives plan to increase their shareholding by investing between 7 million and 9 million CNY, reflecting their confidence in the company's long-term development and investment value [2]. - The company has successfully expanded its domestic and international markets, securing significant new orders, including a 1.2 billion USD investment in a high-end oil and gas equipment manufacturing base in Dubai and various contracts in North America and Iraq [2]. - The oil service industry is experiencing upward momentum, with unconventional oil and gas development highlighting the advantages of electric fracturing technology. Global oil demand is expected to continue growing, with upstream capital expenditure projected to increase by 5.7% in 2024 [2]. - The company is expected to benefit from the ongoing increase in unconventional oil and gas extraction efforts in China, with a forecasted compound annual growth rate of 14% in net profit from 2024 to 2026 [2]. Summary by Sections Financial Performance - The company's projected net profit for 2024-2026 is 26.8 billion, 32.2 billion, and 36.3 billion CNY, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [2][3]. - Revenue is expected to grow from 13.91 billion CNY in 2023 to 19.16 billion CNY in 2026, with a compound annual growth rate of 14% [3][8]. Market Expansion - The company has made significant strides in international markets, including major contracts in the Middle East and North America, which are expected to enhance its revenue streams [2]. - The domestic market remains strong, with successful bids for major projects from state-owned enterprises like China National Petroleum Corporation [2]. Industry Outlook - The global oilfield service market is projected to reach 328 billion USD in 2024, reflecting a year-on-year growth of 7.1% [2]. - The report emphasizes the ongoing investment in oil and gas exploration and development in China, which is expected to support the company's growth trajectory [2].