杰瑞股份：国产压裂设备龙头，海外远航绘新篇

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 36.97 CNY based on a 14x PE for 2024 [2][3]. Core Insights - The company is a leading player in domestic fracturing and cementing equipment, holding over 50% market share in China. In the first half of 2024, new orders increased by 18.9% year-on-year, driven by strong overseas demand and stable domestic capital expenditure from major oil companies [2][6]. - The company achieved revenues of 4.96 billion CNY and a net profit of 1.09 billion CNY in the first half of 2024, with a year-on-year decline in revenue of 8.5% but a profit increase of 6.8% [2][18]. - The report highlights the company's competitive advantage in electric-driven fracturing technology, which is expected to replace traditional diesel-driven systems, enhancing its market position [2][6]. Summary by Sections 1. Company Overview - The company specializes in oil and gas equipment and engineering services, including fracturing and cementing equipment, and has seen significant growth in new orders [11][13]. 2. Domestic Market Dynamics - The capital expenditure from China's "Big Three" oil companies remains robust, with a budget of 561 billion CNY for 2024, supporting the company's growth prospects [2][34]. - The report notes the increasing penetration of electric-driven fracturing technology, which offers significant cost advantages over traditional methods [2][34]. 3. International Expansion - The company has made substantial inroads into overseas markets, particularly in North America and the Middle East, with a notable increase in electric-driven fracturing orders [2][26]. - The overseas revenue has been growing, with a significant contribution to overall profitability, as the company capitalizes on high demand in international markets [2][26]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 14.29 billion CNY, 16.92 billion CNY, and 19.16 billion CNY, respectively, with net profits expected to reach 2.70 billion CNY, 3.21 billion CNY, and 3.73 billion CNY [2][5]. - The report anticipates a continued improvement in profitability, driven by a favorable product mix and increased overseas sales [2][22].