Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Oil and Gas Equipment Manufacturing Key Points and Arguments Industry Dynamics - Saudi Aramco's capital expenditure is expected to grow steadily, with a growth rate of 3% to 15%, driven by the economic transformation in the Middle East, which is beneficial for Jerry Holdings' natural gas compressor orders [2][4] - Saudi Aramco announced a large-scale plan involving over 80 projects, with around 20 related to oil and gas, which is significant for Jerry Holdings' order growth in natural gas compressors [4] Order Growth and Performance - Jerry Holdings reported a cumulative order growth of approximately 30% from January to August, with pure equipment orders increasing by about 25% [2][4] - Although the growth rate slowed after April, it is expected that overseas orders will accelerate, particularly due to the bidding rhythm of China's three major oil companies [2][4] - Major overseas orders are anticipated in Q4, including a 900 million yuan contract in Algeria and several Middle Eastern projects worth 200 to 300 million USD each [2][5] Revenue and Profitability - Revenue growth for July and August was between 20% and 30%, with similar targets set for September [2][6] - The gross profit margin is expected to improve year-on-year, despite a 3.6 percentage point decline in the first half of 2025 due to changes in delivery structure [2][6][7] - The company forecasts a revenue growth of 20% to 30% for Q3 2025, with a potential market capitalization of 60 billion yuan by year-end if performance continues [2][8] Future Projections - Full-year performance for 2025 is projected at approximately 3.1 billion yuan, with expectations to reach 3.9 to 4 billion yuan in 2026, potentially leading to a market capitalization of 80 billion yuan by 2026 based on a 20x valuation [3][9] - The company anticipates a 15% growth in 2025, accelerating to around 30% in 2026, and maintaining a growth rate of about 25% in subsequent years [10] Capacity and Operational Challenges - Jerry Holdings faced capacity issues that affected performance over the past year, with initial production capacity for natural gas compressors at only 1 billion yuan, while orders reached 3 to 4 billion yuan [10] - The company has been expanding capacity, with theoretical production capacity expected to reach 4 billion yuan by the end of 2024, and additional production from a new Middle Eastern gas plant expected to contribute 2 billion yuan in value [10] Business Segments Contribution - The natural gas compressor business has shown strong performance, with orders growing over 50% year-on-year from January to July [11] - The EPC business is also expected to contribute significantly to future performance, alleviating concerns about revenue growth [11]

Core Insights - The petrochemical industry in China faced a decline in both revenue and profit in the first half of the year, with total revenue of 5.1077 trillion yuan, down 4.93% year-on-year, and net profit of 270 billion yuan, down 10.28% [1] - The oil and gas sector's performance was impacted by falling international oil prices, with WTI and Brent crude oil prices decreasing from Q1 to Q2 [1] - The oil service sector showed resilience and growth despite overall sector challenges, benefiting from stable long-term demand [1][6] Oil and Gas Exploration - The "Big Three" oil companies reported a collective revenue of 3.0668 trillion yuan, down 8.64%, and a net profit of 175 billion yuan, down 14.23% [2] - The companies are focusing on internal optimization and external transformation to maintain operational resilience, increasing exploration and development investments [2] - They are also actively pursuing renewable energy initiatives, with significant investments in wind, solar, and hydrogen energy projects [2][3] Refining Sector - The refining sector faced dual pressures from raw material costs and product demand, with 30 key refining enterprises reporting a revenue of 548.44 billion yuan, down 6.17%, and a net profit of 10.057 billion yuan, down 14.47% [4] - The sector is expected to see a slowdown in capacity growth, with a focus on eliminating inefficient production capacity by 2025 [5][6] Oil Service Sector - The oil service sector experienced growth, with 17 companies reporting a revenue of 121.681 billion yuan, up 3.73%, and a net profit of 5.688 billion yuan, up 3.78% [6] - Increased capital expenditure in upstream oil and gas exploration is expected to support the oil service sector's growth [6] - Chinese oil service companies have secured significant contracts in the Middle East, indicating strong international demand [7]

上市企业：胜利股份（000407）、泰山石油（000554）、东方电子（000682）、冰轮环境（000811）、 鲁西化工（000830）、胜通能源（001331）、华明装备（002270）、积成电子（002339）、杰瑞股份 （002353）、齐翔腾达（002408） 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年4月，山东省发电458亿千瓦时，同比下滑2.8%。2025年1-4月，山东省发电1972.7亿千瓦时，同 比下滑2.3%。分品种看，2025年1-4月，山东省火力发电量1540.5亿千瓦时，占总发电量的78.1%，同比 下滑5.9%；山东省水力发电量18.2亿千瓦时，占总发电量的0.9%，同比下滑5.2%；山东省核能发电量 108.9亿千瓦时，占总发电量的5.5%，同比增长56.1%；山东省风力发电量227.3亿千瓦时，占总发电量 的11.5%，同比下滑0.7%；山东省太阳能发电量77.31亿千瓦时占总发电量的3.9%，同比增长20%。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采 ...

Macro Strategy - The September FOMC meeting resulted in a 25bps rate cut, with guidance indicating two more cuts within the year and an additional cut next year, which is more hawkish than market expectations [1][17] - Powell's statements on employment and inflation were consistent with the August Jackson Hole meeting, lacking significant dovish information, leading to volatile movements in major asset classes [1][17] - The focus is shifting towards the independence of the Federal Reserve, with potential political pressures influencing future rate cuts and increasing dollar credit risks [1][17] Fixed Income - The convertible bond market experienced fluctuations, with high-priced bonds outperforming mid and low-priced ones, indicating a highly structured opportunity landscape driven by the current equity market [2][19] - The China convertible bond index has risen over 30% since its low in August 2024, with a corresponding increase in the premium rate of about 8-12 percentage points [2][19] - The issuance of green bonds totaled approximately 20.052 billion yuan this week, a significant increase from the previous week, indicating strong market interest [4][23] Industry Insights - In the semiconductor equipment sector, domestic equipment manufacturers are expected to benefit significantly from the development of domestic computing power chips [12] - The oil service equipment industry is poised to gain from Saudi Aramco's plan to initiate 85 major projects over the next three years, with specific recommendations for companies like Jereh and Neway [13] - The precision manufacturing sector, particularly in 3C electronics, is highlighted for its growth potential, with companies like Fuliwang expected to see significant profit increases from 2025 to 2027 [16]

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日披露了《关于公司董事股份减持计划的预披露公告》（2025-064 号公告）， 持有公司股份 2,894,517 股（占公司总股本比例 0.28%）的公司副董事长王继丽 女士计划自公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 9 月 12 日至 2025 年 12 月 11 日期间）以集中竞价方式减持不超过 723,000 股（占公司总股 本比例 0.07%）。 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-068 公司于近日收到公司副董事长王继丽女士出具的《关于股份减持计划实施完 毕的告知函》，截至告知函出具之日王继丽女士的减持计划已实施完毕。现将有 关情况公告如下： 烟台杰瑞石油服务集团股份有限公司 一、 股东减持情况 关于公司董事股份减持计划实施完毕的公告 王继丽女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 （一）股东减持股份情况 | 股东名称 | 减持方式 | ...

转自：新华财经 新华财经北京9月19日电（罗浩）新华500指数（989001）9月19日收盘下跌0.14点，跌幅0.00%，报4979.37点。 走势上看，新华500指数（989001）19日早间微幅高开，指数早盘期间震荡整理，午后冲高回落，14时后小幅上扬，尾盘微有下跌。 指数盘中最高触及5016.07点，最低触及4967.74点，成分股全天总成交额报8362亿元，总成交额较上一交易日显著缩量。 成分股方面，万达电影、赣锋锂业收于约10%涨停，华阳股份、杰瑞股份、天山股份、三环集团、中航沈飞、徐工机械、潞安环能、雅化集团等涨幅靠前； 金发科技收于约10%跌停，三花智控、拓普集团、杉杉股份（维权）、闻泰科技（维权）、中油资本等跌幅靠前。 新华500指数本周（2025年9月15日至9月19日）累计下跌0.30%。 新华500指数由国家金融信息平台•新华财经发布，新华指数（北京）有限公司运营维护，指数度量A股主要大中市值股票价格水平。关于新华500指数的详 细信息，请参见新华财经客户端。 编辑：胡晨曦 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - Jerry Holdings Co., Ltd. experienced a stock price increase of 5.01% on September 19, reaching 50.77 CNY per share, with a trading volume of 354 million CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 51.981 billion CNY [1] - The company, established on December 10, 1999, and listed on February 5, 2010, is primarily engaged in oil and gas field equipment and technical engineering services, with revenue composition as follows: high-end equipment manufacturing 61.22%, oil and gas engineering and technical services 29.99%, renewable energy and recycling 4.76%, oil and gas field development 3.31%, and others 0.73% [1] Group 2 - Morgan Stanley Fund holds a significant position in Jerry Holdings, with the Morgan Stanley Quality Life Select Stock A Fund (000309) owning 233,200 shares, accounting for 3.43% of the fund's net value, making it the ninth-largest holding [2] - The Morgan Stanley Quality Life Select Stock A Fund was established on October 29, 2013, with a current size of 237 million CNY, achieving a year-to-date return of 29.25% and ranking 1679 out of 4222 in its category, while its one-year return stands at 74.27%, ranking 1176 out of 3805 [2] Group 3 - The fund manager of Morgan Stanley Quality Life Select Stock A Fund is Miao Donghang, who has been in the position for 8 years and 240 days, with a total fund asset size of 1.338 billion CNY, achieving the best return of 81.51% and the worst return of -24.19% during his tenure [3] - Co-manager Zhao Weijie has been in the role for 4 years and 201 days, managing assets totaling 305 million CNY, with a best return of 27.32% and a worst return of -28.41% during his tenure [3]

Group 1 - Jerry Holdings Co., Ltd. experienced a stock price increase of 5.01% on September 19, reaching 50.77 CNY per share, with a trading volume of 353 million CNY and a turnover rate of 1.03%, resulting in a total market capitalization of 51.981 billion CNY [1] - The company, established on December 10, 1999, and listed on February 5, 2010, is primarily engaged in oil and gas field equipment and technical engineering services, with revenue composition as follows: high-end equipment manufacturing 61.22%, oil and gas engineering and technical services 29.99%, renewable energy and recycling 4.76%, oil and gas field development 3.31%, and others 0.73% [1] Group 2 - Changjiang Asset Management has a fund that heavily invests in Jerry Holdings, specifically the Changjiang Changyang Mixed Initiation A fund (019293), which increased its holdings by 5,200 shares in the second quarter, totaling 14,200 shares, representing 3.64% of the fund's net value, making it the third-largest holding [2] - The Changjiang Changyang Mixed Initiation A fund was established on September 11, 2023, with a latest scale of 13.5696 million CNY, achieving a year-to-date return of 43.21% and ranking 1394 out of 8172 in its category, while its one-year return is 64.64%, ranking 2026 out of 7980 [2]

Macro Strategy - The September FOMC meeting resulted in a 25bps rate cut, with guidance indicating two more cuts within the year and an additional cut next year, which is more hawkish than market expectations [1][17] - Powell's statements on employment and inflation were consistent with the August Jackson Hole meeting, lacking significant dovish information, leading to volatile movements in major asset classes [1][17] - The focus is shifting towards the independence of the Federal Reserve, with potential political pressures influencing future rate cuts and increasing dollar credit risks [1][17] Fixed Income Market - The convertible bond market experienced fluctuations, with high-priced bonds outperforming mid and low-priced ones, indicating a highly structured opportunity landscape driven by the current equity market [2][19] - The China convertible bond index has risen over 30% since August 2024, with a corresponding increase in the premium rate, suggesting a potential upward shift in the index amid improving corporate performance and increased refinancing needs in the tech sector [2][19] - The issuance of green bonds saw a significant increase, with 23 new bonds issued totaling approximately 20.052 billion yuan, reflecting a growing market interest [4][22] Industry Insights - In the semiconductor equipment sector, domestic equipment manufacturers are expected to benefit from the development of domestic computing power chips, with specific companies recommended for investment [12] - The oil service equipment industry is poised to benefit from Saudi Aramco's plans to initiate 85 major projects over three years, with specific companies highlighted for their strong growth potential [13] - Hikvision is positioned as a global leader in the security industry, expanding its digital transformation capabilities through innovative business segments, including industrial IoT and smart logistics [14][15]

Core Viewpoint - Saudi Aramco plans to execute 85 major projects over the next three years, focusing on oil and gas production, pipeline networks, and civil infrastructure [1][2] Investment Highlights - The 85 major projects include 20 in the oil and petrochemical sector, emphasizing upgrades to oil, gas, and refining facilities, particularly in sulfur recovery units, gas compression systems, and refining installations [2] - The procurement list for these projects includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, 41,000 kilometers of cables, and 1,700 kilometers of transmission lines, along with upgrades to key facilities [2] Capital Expenditure - Saudi Aramco's capital expenditure guidance for 2025 remains in the range of $52 billion to $58 billion, representing a year-on-year increase of 3% to 15%, indicating sustained demand for oilfield equipment [3] Opportunities for Companies - Companies like Neway and Jereh are positioned to benefit from the surge in Middle Eastern orders due to their technological advantages and market access [4] - Neway has successfully established direct supply relationships with Saudi Aramco and is expanding local production capacity in Saudi Arabia, anticipating significant growth in orders from the region [4] - Jereh has built brand recognition in the Middle East through successful project completions and is well-aligned with the demand for gas compression systems planned by Saudi Aramco [4] Investment Recommendations - The report recommends investing in Jereh, which is expected to see a surge in Middle Eastern orders, and Neway, which is projected to maintain steady growth due to its proactive capacity planning [5]