Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]

对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金一一八组合，持股增加占比 小幅上涨。 险资方向，本期较上一季度持股减少的险资共计1个，即中国人寿保险股份有限公司-传统-普通保险产 品-005L-CT001沪，持股减少占比小幅下跌。本期较上一季未再披露的养老金基金共计1个，即泰康人 寿保险有限责任公司-分红-个人分红-019L-FH002深。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.34%。 2025年4月10日，杰瑞股份(002353.SZ)发布2024年年度报告。截至2025年4月09日，共有548个机构投资 者披露持有杰瑞股份A股股份，合计持股量达2.35亿股，占杰瑞股份总股本的22.95%。其中，前十大机 构投资者包括香港中央结算有限公司、广发证券股份有限公司、中国工商银行股份有限公司-富国天惠 精选成长混合型证券投资基金(LOF)、全国社保基金一一八组合、中国农业银行股份有限公司-中证500 交易型开放式指数证券投资基金、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、博 时主题行业混合、富国研究精选灵 ...

Dividend Distribution - The company plans to distribute a cash dividend of 6.9 RMB per 10 shares to all shareholders, based on a total share capital of 1,023,855,833 shares as of December 31, 2024[6]. - The company has a total of 1,023,849,677 shares eligible for dividend distribution after excluding shares held in the repurchase account[6]. - The proposed profit distribution plan for 2024 includes a cash dividend of 6.9 yuan (including tax) per 10 shares, totaling approximately 706.46 million yuan (including tax), which represents 38.46% of the audited net profit attributable to shareholders for the year[144]. - The cash dividend distribution plan for 2023 proposes a cash dividend of 4.9 yuan per 10 shares, totaling approximately 500.3 million yuan[185]. - For the first half of 2024, the company plans to distribute a cash dividend of 1.2 yuan per 10 shares, amounting to approximately 122.9 million yuan[186]. - The total cash dividend amount, including other methods, is projected to be approximately 1.01 billion yuan, representing 100% of the total profit distribution[188]. Financial Performance - The company's operating revenue for 2024 was ¥13,354,918,639.62, a decrease of 4.00% compared to ¥13,912,093,668.10 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥2,627,034,930.95, an increase of 7.03% from ¥2,454,377,699.43 in 2023[22]. - Basic earnings per share for 2024 were ¥2.59, up 7.02% from ¥2.42 in 2023[22]. - Total assets at the end of 2024 reached ¥35,695,116,715.45, reflecting a growth of 12.33% from ¥31,776,572,493.51 at the end of 2023[22]. - The oil and gas sector contributed ¥12.89 billion, accounting for 96.53% of total revenue, with a year-on-year decline of 4.38%[62]. - High-end equipment manufacturing revenue increased by 12.71% to ¥9.18 billion, representing 68.74% of total revenue[62]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management[168]. Risk Factors - The company faces risks including fluctuations in oil and gas prices, intensified market competition, and the development of a low-carbon energy system[6]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and future plans[5]. - The company faces risks from fluctuating crude oil and natural gas prices, which could impact the demand for oil and gas equipment and services[130]. - The company's overseas business revenue is increasing, but it faces risks from geopolitical instability, trade restrictions, and currency fluctuations that could impact financial performance[134]. Operational Stability - The company has not reported any changes in its main business since its listing, indicating stability in its operations[20]. - The company has not experienced any changes in its controlling shareholders since its establishment, reflecting stability in ownership[20]. - The company has maintained its registered address at 5 Jereh Road, Laishan District, Yantai City, since 2012[17]. Research and Development - The company has applied for a total of 265 patents, including 115 invention patents, and holds 1,914 valid authorized patents[44]. - The company completed the development of a high-performance artificial graphite anode material, enhancing its competitiveness in the high-energy-density battery market[77]. - The company is currently developing a high-temperature electric fracturing device to enhance its market position and technical advantages[76]. - The company is investing $30 million in R&D for new technologies aimed at enhancing operational efficiency[167]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development[163]. - The company plans to enhance its digital marketing efforts, increasing the budget by 40% to improve customer engagement and brand visibility[137]. - The company is exploring potential acquisitions to enhance its product portfolio, with a focus on companies that align with its strategic goals[137]. - The company plans to strengthen its global development strategy, accelerating the establishment of regional centers and enhancing local management capabilities[123]. Environmental Responsibility - The company has a comprehensive approach to environmental responsibility, including services related to oil sludge treatment and soil remediation[15]. - The company launched a new generation of Jerry turbine fracturing trucks, which can achieve a stable working output of 2.0 cubic meters per minute and reduce greenhouse gas emissions by 25.5% compared to the highest global emission standards[148]. - The company has completed 270,000 hours of fracturing operations with its turbine fracturing equipment, resulting in a total carbon emission reduction of 1.6 million tons, equivalent to the annual emissions of 350,000 cars[148]. - The company emphasized the importance of sustainability in its operations, aiming for a 30% reduction in carbon emissions by 2025[137]. Corporate Governance - The company has established a performance-oriented remuneration management system focusing on key contributions and sustainable development[170]. - The company has maintained an A-level rating in information disclosure for five consecutive years since 2019, ensuring transparency and accuracy in its communications[151]. - The company has established a complete and independent financial accounting system, ensuring financial independence and compliance with relevant laws[157]. - The company is committed to maintaining compliance with relevant laws and regulations, enhancing decision-making processes through diligent board participation[177]. Shareholder Engagement - The company conducted multiple investor relations activities, including on-site research and teleconferences, from January to June 2024[137]. - The company plans to enhance its strength through independent innovation and will continue to explore new product development concepts and practices[150]. - The company is focused on improving shareholder engagement and transparency through regular meetings and updates[160]. - The first extraordinary general meeting of 2024 had an investor participation rate of 54.30% on January 18, 2024[160].

杰瑞股份：2024年净利润26.27亿元，同比增长7.03% 拟10派6.9元 金十数据4月9日讯，杰瑞股份公告，2024年营业收入133.55亿元，同比下降4.00%。归属于上市公司股 东的净利润26.27亿元，同比增长7.03%。基本每股收益2.59元/股。公司拟向全体股东每10股派发现金红 利6.9元（含税）。 ...

Group 1 - The company chairman, Li Huitao, proposed a share buyback to enhance investor confidence and stabilize company value [1][4] - The buyback will involve repurchasing A-shares through centralized bidding on the Shenzhen Stock Exchange [2] - The total amount for the buyback is set between RMB 150 million and RMB 250 million, funded by self-raised capital [2] Group 2 - Li Huitao has increased his holdings by 67,700 shares, amounting to RMB 2.3833 million, in the six months prior to the proposal [3] - There are no plans for Li Huitao to increase or decrease his shareholdings during the buyback period [5] - Li Huitao committed to actively promote the board meeting to review the buyback proposal and will vote in favor of it [6] Group 3 - The board of directors will promptly study the buyback proposal and develop a feasible plan in compliance with relevant laws and regulations [7] - The controlling shareholders plan to increase their holdings by a total of no less than RMB 50 million and no more than RMB 70 million within six months [12][15] - The increase in shareholding aims to support the company's stable and healthy development, enhancing investor confidence [15]

4月8日，在经历了周一（4月7日）的震荡后，A股迎来反弹。 截至4月8日收盘，沪指涨1.58%，深成指涨0.64%，创业板指涨1.83%，北证50指数涨4.82%，市场情绪逐步回暖。据悉，4月7日盘后至4月8日早盘，多家A 股上市公司出手，宣布回购计划。4月8日盘后，截至《每日经济新闻》记者发稿时，又有多家上市公司披露了回购或增持公司股票的计划。 全市场超3200只个股上涨，逾百股涨停 上市公司宣布回购公司股票，提振市场信心的方案在4月7日盘后就开始密集出炉，其中不乏各行业龙头企业。 4月7日晚，宁德时代（SZ300750，股价219.05元，市值9645亿元）、英科再生（SH688087，股价20.84元，市值39.02亿元）、盛天网络（SZ300494，股价 10.19元，市值49.98亿元）、杰克股份（SH603337，股价25.77元，市值123.6亿元）、海尔智家（SH600690，股价24.75元，市值2322亿元）等多家上市公司 发布回购或增持计划公告。4月8日上午，贵州茅台（SH600519，股价1545.00元，市值1.94万亿元）、国电南瑞（SH600406，股价23.17元，市值1861 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.4 CNY based on a 20x P/E ratio for 2025 [4][6]. Core Views - The company has demonstrated steady revenue growth, with a projected revenue of 51.6 billion CNY in 2025, reflecting a 6.8% year-on-year increase [10]. - The company is leveraging technology and cost control to strengthen its market position, with a focus on high-end technology breakthroughs and integrated service capabilities [12]. - The company's net profit for 2024 is expected to be 3.1 billion CNY, a 4.1% increase from the previous year, indicating stable profitability [10][12]. Financial Performance Summary - Revenue for 2023 was 44.1 billion CNY, with a year-on-year growth of 23.7%, and is projected to reach 48.3 billion CNY in 2024 [10]. - The gross profit margin for 2024 is expected to be 15.7%, slightly down from 15.9% in 2023, while the net profit margin is projected to be 6.5% [10][12]. - The company’s EPS for 2025 is forecasted at 0.82 CNY, with a steady increase to 0.94 CNY by 2027 [4][10]. Market Position and Strategy - The company is positioned as a leading integrated oilfield service provider, focusing on technological advancements and cost leadership to enhance its competitive edge [12]. - The company has reduced its debt ratio to 46.4%, which supports future capital expenditures and technological investments [12]. - The report highlights the recovery in global oilfield service demand, particularly in the Asia-Pacific, Middle East, and Americas regions [12].

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The government work report has introduced "deep-sea technology" for the first time, indicating a potential acceleration in industry development. Policies supporting marine economy and deep-sea technology have been rolled out in various regions [1] - Deep-sea resources are abundant, and the shift from shallow to deep-sea economic development is a definitive trend. The report highlights the significance of oil and gas resources, particularly in deep water, where the breakeven points for deep and shallow oil fields are $43 and $37 per barrel, respectively [1] - The marine economy is projected to reach a total production value of 10.5 trillion yuan in 2024, with a year-on-year growth of 5.9%, accounting for 8% of the national GDP. The shipbuilding industry is expected to grow by 15% year-on-year, while marine engineering equipment is projected to grow by 9% [2] Summary by Sections Government Policy and Industry Development - The introduction of "deep-sea technology" in the government work report is expected to enhance support for innovation and technology iteration in related industries [1] - Various regions have begun implementing policies to support the development of the marine economy and deep-sea technology [1] Resource Potential and Economic Trends - Deep-sea technology encompasses complex applications across various disciplines, with significant military-civilian integration [1] - The report emphasizes the rich resources in deep-sea areas, including oil and gas, mineral resources, and biological resources, which are becoming increasingly important as land and near-shore resources become depleted [1] Investment Opportunities - The report suggests focusing on high-quality marine equipment companies with solid fundamentals, such as China Shipbuilding, CIMC, and others, which are expected to benefit from the accelerating industry development [2] - Specific recommendations include companies involved in FPSO, drilling platforms, and deep-sea robotics, among others [2]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The mechanical equipment industry has shown a year-to-date cumulative excess return of +15.05% as of March 2025, despite a negative weekly excess return of -2.07% in the 11th week of 2025 [6][11] - The report highlights significant growth in various segments, including a 5.1% year-on-year increase in fixed asset investment in railways and a 49% year-on-year increase in forklift sales in February 2025 [6][7][8] Summary by Relevant Sections Rail Transit Equipment - Fixed asset investment in railways reached 68.54 billion yuan in January and February 2025, marking a 5.1% increase year-on-year [6] - The number of passengers transported by railways was 726 million, a 4.7% increase year-on-year, achieving a historical high for the same period [6] Forklifts - In February 2025, forklift sales totaled 101,451 units, representing a 49.1% year-on-year increase, with domestic sales up 59.4% [6] - Anhui Heli plans to establish a factory in Thailand with an annual production capacity of 10,000 forklifts and lithium battery packs [6] Industrial Gases - Prices for liquid gases have shown a week-on-week recovery, with liquid oxygen priced at 424 yuan/ton, up 5% from the previous week [6] Oilfield Equipment - Jerry Natural Gas has begun shipping gas turbine pressure station equipment to Saudi Arabia, supporting local clean energy initiatives [6] Shipbuilding - The global container ship capacity reached 31.88 million TEU, with the delivery of three bulk carriers by Sumida [6] Lithium Battery Equipment - The global shipment of lithium batteries for embodied intelligent robots is expected to reach 2.2 GWh in 2025, with a compound annual growth rate exceeding 100% from 2025 to 2030 [7] Robotics - The launch of the first general-purpose embodied base model, GO-1, by Zhiyuan, which integrates advanced AI capabilities [8] Engineering Machinery - In February 2025, sales of truck cranes increased by 11.9% year-on-year, with total sales of 1,656 units [8]