Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a robust performance in Q1 2025, achieving revenue of 2.687 billion yuan, a year-on-year increase of 26.07%. The net profit attributable to shareholders reached 466 million yuan, up 24.04% year-on-year, while the net profit excluding non-recurring items was 462 million yuan, reflecting a 28.37% increase year-on-year [2][6]. - The change in delivery structure has impacted the gross margin, but the company has effectively controlled its operating expenses. The internationalization strategy is being executed successfully, with significant breakthroughs in overseas markets. The company has a sufficient backlog of orders, and both the company and its controlling shareholders are actively increasing their holdings, indicating confidence in future performance. The domestic demand for unconventional oil and gas extraction is rising, and as a leading provider of fracturing equipment, the company is expected to benefit significantly [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 31.43%, a decrease of 0.26 percentage points quarter-on-quarter and a decline of 4.29 percentage points year-on-year. The net profit margin was 17.79%, down 1.75 percentage points quarter-on-quarter and 0.2 percentage points year-on-year. The decline in profitability is attributed to the large-scale delivery of lower-margin conventional cementing equipment. However, as higher-margin fracturing equipment is gradually delivered, profitability is expected to normalize [12]. - The company maintained a good control over its operating expenses, with an expense ratio of 10.75% in Q1 2025, a year-on-year decrease of 2.74 percentage points [12]. International Expansion - The company has made significant progress in its internationalization strategy, with core products in the oil and gas field equipment and technology services experiencing sustained demand. Key international contracts include: 1. A preliminary development contract for the Mansuriya gas field in Iraq signed in May 2024. 2. Successful delivery and application of the first set of Chinese electric fracturing equipment in North America, with new orders secured in July 2024. 3. A total engineering contract for seven gas booster stations with BAPCO in Bahrain, valued at approximately 3.16 billion USD (about 22 billion yuan). 4. Winning a digital well site transformation project with ADNOC, with a contract value of approximately 6.555 billion yuan, setting a record for the company [12]. Order Backlog and Shareholder Confidence - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, with overseas orders growing by 65.37%. As of the end of 2024, the backlog of orders stood at 10.155 billion yuan, providing strong support for future operational performance. Additionally, the company announced a stock buyback plan of 150-250 million yuan and the controlling shareholder plans to increase holdings by 50-70 million yuan, reflecting confidence in future growth [12]. Industry Outlook - The demand for unconventional oil and gas extraction in China is expected to increase, supported by the "14th Five-Year Plan" for modern energy systems, which emphasizes the exploration and development of unconventional resources. The company, as a leading provider of fracturing equipment, is well-positioned to benefit from the anticipated growth in the oilfield services market [12].

证券之星消息，根据市场公开信息及4月10日披露的机构调研信息，嘉合基金近期对1家上市公司进行了 调研，相关名单如下： 嘉合基金成立于2014年，截至目前，资产管理规模(全部公募基金)406.01亿元，排名93/210；资产管理 规模(非货币公募基金)302.97亿元，排名90/210；管理公募基金数46只，排名105/210；旗下公募基金经 理10人，排名109/210。旗下最近一年表现最佳的公募基金产品为嘉合锦元回报混合A，最新单位净值为 0.8，近一年增长11.31%。 调研纪要：公司坚定执行国际化战略，海外业务布局取得显著成效。中东是公司重点战略市场，业务涉 及多个领域，市场占有率持续向好，正在推进阿联酋迪拜新建生产及办公基地。公司在中东业务链条完 整，产业协同能力强，以优势产品或服务打开市场，建立品牌影响力，坚持'以客户为中心'的质量控制 和服务。北美市场方面，直接出口至美国收入规模较小，美国建有生产基地，具备一定生产能力，进行 产能扩建以应对贸易摩擦。2024年，公司强化降本增效并注重两金管理，全年经营活动产生的现金净流 量为25.94亿元，同比增长147.3%，优化存货管理和应收账款管理，海内外收 ...