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]

记者丨张嘉钰 王应贵 编辑丨陈思颖 和佳 据央视新闻报道，当地时间9月23日，美联储主席鲍威尔就政策动向及经济形势表态，指出就业市场下 行风险增大，是促使美联储上周采取降息行动的关键原因。 鲍威尔同时指出，消费者支出已出现放缓迹象，企业信心受不确定性影响，劳动力市场活力有所减弱。 他判断，关税可能会在未来几个季度导致通胀有所上升，但关税带来的通胀可能"相对短暂"，美联储将 防范一次性物价上涨演变为持续性问题。 另据wind，鲍威尔同日在一场公开讲话中表示，当前资产价格整体处于"较高水平"，引发市场对估值过 热的担忧，主要股指随即转跌。 市场上，当地时间9月23日，美股三大指数集体收跌，道指跌0.19%，纳指跌0.95%，标普500指数跌 0.55%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46292.78 | 22573.47 | 6656.92 | | -88.76 -0.19% -215.51 -0.95% -36.83 -0.55% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8391.62 | 24848.00 | 67 ...

9月19日，杰瑞股份涨5.01%，截至发稿，报50.77元/股，成交3.54亿元，换手率1.03%，总市值519.81亿 元。 资料显示，烟台杰瑞石油服务集团股份有限公司位于山东省烟台市莱山区杰瑞路5号，成立日期1999年 12月10日，上市日期2010年2月5日，公司主营业务涉及油气田设备及技术工程服务。主营业务收入构成 为：高端装备制造61.22%，油气工程及技术服务29.99%，新能源及再生循环4.76%，油气田开发 3.31%，其他(补充)0.73%。 从基金十大重仓股角度 数据显示，摩根士丹利基金旗下1只基金重仓杰瑞股份。大摩品质生活精选股票A（000309）二季度持 有股数23.32万股，占基金净值比例为3.43%，位居第九大重仓股。根据测算，今日浮盈赚取约56.43万 元。 大摩品质生活精选股票A（000309）成立日期2013年10月29日，最新规模2.37亿。今年以来收益 29.25%，同类排名1679/4222；近一年收益74.27%，同类排名1176/3805；成立以来收益301.7%。 大摩品质生活精选股票A（000309）基金经理为缪东航、赵伟捷。 截至发稿，缪东航累计任职时间8年2 ...

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]

Core Viewpoint - The company, Jerry Co., has established a comprehensive natural gas business model that significantly contributes to its revenue growth and operational efficiency, supported by a strong international presence and innovative product offerings [1][3][8]. Group 1: Natural Gas Business - The natural gas business has become a crucial growth driver for the company, leveraging a full industry chain approach from exploration to end-use [1]. - The company has developed a comprehensive solution capability across the entire natural gas value chain, enhancing its service offerings and operational efficiency [1][2]. - The company has increased its natural gas equipment production capacity by over three times to meet growing demand [2]. Group 2: International Expansion - The company has successfully executed an internationalization strategy, with operations in over 70 countries, leading to a significant increase in overseas revenue [3]. - In the first half of 2025, overseas market revenue reached 3.295 billion yuan, a year-on-year increase of 38.38%, with new overseas orders growing by 24.16% [3]. Group 3: Product Innovation - The company has a strong focus on R&D for its fracturing equipment, particularly the plunger pump, which has been enhanced to improve performance and reduce maintenance costs [4]. - The newly developed "Pangu" series plunger pumps have achieved significant advancements in lifespan and efficiency, enhancing market competitiveness [4]. Group 4: Financial Performance - In the first half of 2025, the company reported a main revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit of 1.241 billion yuan, up 14.04% [8]. - The company has improved its cash flow management, with a net cash flow from operating activities of 3.144 billion yuan, an increase of 20.83 million yuan year-on-year [6]. Group 5: Dividend Policy - The company has committed to increasing dividend levels, distributing 0.69 yuan per share in cash dividends for the 2024 fiscal year, totaling 706 million yuan [7]. - For the first half of 2025, the company plans to distribute 0.15 yuan per share, amounting to 15.3 million yuan [7].

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index rising by 0.26% to 25,241.29 points, the Hang Seng Tech Index up by 0.24% to 5,592.3 points, the National Enterprises Index increasing by 0.23% to 9,054.09 points, and the Red Chip Index gaining 0.18% to 4,373.41 points [1] Company Performance - Sinopec Oilfield Services reported revenue of approximately 37.051 billion yuan, a year-on-year increase of 0.6%, and a net profit of approximately 492 million yuan, up 9% [2] - Leap Motor achieved revenue of 24.25 billion yuan, a significant year-on-year growth of 174%, and a net profit of 30 million yuan, turning around from a loss of 2.21 billion yuan in the same period last year [2] - Wanwu Cloud reported revenue of 18.137 billion yuan, a year-on-year increase of 3.11%, and a net profit of 792 million yuan, up 3.88% [3] - China Biopharmaceuticals recorded revenue of 17.57 billion yuan, a year-on-year increase of 10.7%, and a net profit of 3.39 billion yuan, up 140.2% [3] - Tongcheng Travel reported revenue of 9.05 billion yuan, a year-on-year increase of 11.5%, with adjusted EBITDA of 2.34 billion yuan, up 35.2%, and a net profit of 1.56 billion yuan, up 28.6% [3] - Hansoh Pharmaceutical reported revenue of 7.434 billion yuan, a year-on-year increase of 14.27%, and a net profit of 3.135 billion yuan, up 15.02% [4] - Meitu reported revenue of 1.82 billion yuan, a year-on-year increase of 12.3%, and a net profit of 397 million yuan, up 30.8% [5] - Huabao International reported revenue of 1.621 billion yuan, a year-on-year increase of 2.5%, and a net profit of 118 million yuan, up 298.1% [6] - Andeli Juice reported revenue of 948 million yuan, a year-on-year increase of 50%, and a net profit of 201 million yuan, up 50.3% [6] Earnings Warnings and Surprises - Road King issued a profit warning, expecting a mid-term net loss of approximately 1.9 to 2.1 billion HKD [7] - Hui Kee Group also issued a profit warning, anticipating a mid-term net loss of approximately 800 to 900 million HKD, a year-on-year increase [8] - Yunfeng Financial issued a profit alert, expecting a mid-term net profit of approximately 480 million HKD, a significant year-on-year increase of about 139% [9] - Heung Kong Holdings issued a profit warning, expecting a mid-term net loss of 130 to 160 million HKD [10] - JS Global Life issued a profit warning, expecting a mid-term net loss of no more than 56 million USD, turning from profit to loss [11] - United Pharmaceutical issued a profit alert, expecting a mid-term net profit of approximately 1.85 billion yuan, a year-on-year increase [12] - Orange Sky Golden Harvest issued a profit alert, expecting a net profit exceeding 125 million HKD, turning from loss to profit [13] - Ximei Resources issued a profit alert, expecting a mid-term net profit of approximately 81.8 to 100 million HKD, a year-on-year increase [14] - International Resources issued a profit alert, expecting a mid-term net profit of approximately 59 million USD, a year-on-year increase [15] - Siheng Holdings issued a profit alert, expecting a mid-term net profit exceeding 50 million HKD, turning from loss to profit [16] Insurance Sector - New China Life Insurance reported cumulative original premium income of 137.806 billion yuan for the first seven months, a year-on-year increase of 23% [17] Automotive Sector - Leap Motor delivered 50,129 vehicles in July [18]

Market Overview - The Hong Kong stock market opened slightly lower on August 12, with the Hang Seng Index at 24,885 points, down 0.08% [1] - The Hang Seng Tech Index reported a decline of 0.53%, reaching 5,431 points [1] Sector Performance - Technology stocks experienced a general decline, with Baidu, Alibaba, and Kuaishou each falling over 1% [3] - The innovative drug sector opened higher, with Fosun Pharma rising over 7% [3] - The Hang Seng Innovative Drug Index increased by 0.69%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 0.61% [3] Active Stocks - Domestic brokerage stocks were active, with Xingsheng International gaining over 2% [3] - Oil and gas equipment and service stocks saw significant gains, with Hailong Holdings increasing by over 14% [3] ETF Performance - The Hang Seng Innovative Drug ETF rose by over 1%, leading the performance among ETFs [3] - Other ETFs such as the Hong Kong Stock Connect Innovative Drug ETF and the Hong Kong Medical ETF also showed strong gains [3] - In contrast, the Nikkei 225 ETF increased by over 1%, while German ETFs, French CAC40 ETFs, and S&P Oil and Gas ETFs fell by more than 0.5% [3]

Group 1: Company Overview and Market Position - The company is committed to an international strategy, with the Middle East being a key strategic market, recognized for its comprehensive business layout and largest overseas revenue scale [2][3] - The market share of high-end equipment in the Middle East has shown continuous improvement, positively impacting the company's performance [3] - The company has established a complete localized business chain in the Middle East, covering high-end equipment manufacturing, environmental services, oil and gas engineering services, and technology services [3] Group 2: Capacity and Project Developments - The company is actively advancing the construction of a new production and office base in Dubai, UAE, to better meet overseas market demands [4] - The ADNOC digital well site transformation project has signed a formal contract, with the first batch of well site transformation successfully delivered [5] - The Algeria national oil company's gas booster station project has received a letter of award, with contract discussions ongoing [5] Group 3: Natural Gas Business and Innovations - The natural gas business has become a significant growth point, with a comprehensive solution covering the entire industry chain from exploration to end-use [6][7] - The company has built a natural gas industrial park, tripling its production capacity, and is implementing measures to address capacity issues [7] - The company maintains a strong focus on innovation and quality, supported by various management system certifications [7] Group 4: Power Generation Business - The company has established Shandong Jereh Min Electric Energy Co., Ltd., focusing on gas internal combustion generator sets and related services [8] - In North America, the company has successfully launched a 35MW mobile gas turbine generator set and a 6MW version, providing reliable power solutions [8] - The company has secured new orders in the North American market for gas turbine power generation services this year [8] Group 5: On-Site Visit and Facility Overview - The on-site visit included an introduction to the geographical location, layout, and functional planning of the industrial park [9] - Key equipment such as fracturing equipment, cementing equipment, and natural gas equipment were showcased during the visit [9]

Summary of Jerry Corporation Conference Call Company Overview - Jerry Corporation has shifted its growth focus towards natural gas operations, particularly in the Middle East and Central Asia, significantly increasing its overseas order proportion and reducing reliance on oil price fluctuations, transforming into a comprehensive energy platform company [2][3][4]. Key Industry Insights - The Middle East and Central Asia are identified as core regions for future order growth, with compound annual growth rates (CAGR) of over 80% and 50% respectively in recent years. By 2024, these regions are expected to account for 70% of total orders, primarily for natural gas compressors and EPC projects [2][4][5]. - North America represents about 10% of total orders, with limited impact from tariffs. The growth potential for electric fracturing equipment is lower than expected, while the generator business shows higher growth potential, projected to reach 10 billion yuan in the next 3-5 years [2][4][6]. Financial Performance - In the first half of 2025, revenue from EPC projects and natural gas compressors saw significant year-on-year growth of 100% and 90% respectively, indicating a stable revenue release [2][7]. - The company anticipates a 20% increase in overall profit for 2025, with a projected growth rate of 30% for 2026, suggesting a strong acceleration in performance release [4][12]. Market Dynamics - The demand for natural gas in the Middle East is rapidly increasing, driven by economic transformation, oil-to-electricity policies, and adjustments in Europe's energy structure. Jerry Corporation has substantial room for market share growth in this region, with market conditions expected to remain favorable until 2027-2028 [2][8]. - The company’s market share in the Middle East is currently below 5%, indicating significant growth potential despite the ongoing transition in energy sources [8]. Challenges and Solutions - Jerry Corporation faces challenges related to insufficient production capacity for natural gas compressors, leading to extended delivery cycles. To address this, the company is expanding its Yantai factory and constructing a new facility in the Middle East, aiming for full production capacity by 2025-2026 [4][11]. - The reliance on European suppliers for key components of natural gas compressors adds complexity to the expansion efforts, but the company is actively working to mitigate these issues [11]. Investment Outlook - The current market conditions and the company's strategic focus on natural gas present a favorable investment opportunity. With stable and growing orders, the company’s valuation is expected to rise, making it an opportune time to invest in Jerry Corporation stock [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in performance and cash flow, with overseas business expected to continue its breakthrough [2][6]. - In the first half of 2025, the company achieved total revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% year-on-year [2][6]. - The second quarter saw total revenue of 4.214 billion yuan, a 49.12% increase year-on-year, and a net profit of 775 million yuan, an 8.78% increase year-on-year [2][6]. Summary by Sections Financial Performance - The company's main business revenue significantly increased, with a notable performance in the first half and Q2 [2][6]. - The high-end equipment manufacturing segment maintained its leading position, with revenue growth of 22.42% [2][6]. - The oil and gas engineering and technical services business saw an 88.14% increase in revenue, with a gross margin improvement of 6.62% [2][6]. Cash Flow and Profitability - The company's gross profit margin for the first half of 2025 was 32.19%, a decrease of 3.64 percentage points year-on-year, while the net profit margin was 18.4%, down 4.07 percentage points year-on-year [2][6]. - Operating cash flow for the first half of 2025 was 3.14 billion yuan, a 196% increase year-on-year, with a cash flow to performance ratio of 253%, up 156% year-on-year [2][6]. International Strategy - The company is actively pursuing an international strategy, with overseas market revenue reaching 3.295 billion yuan, a 38.38% increase year-on-year [2][6]. - New orders from overseas markets increased by 24.16% year-on-year, indicating strong growth momentum [2][6]. Order Backlog and Management Confidence - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a 37.65% increase year-on-year, with a backlog of 12.386 billion yuan, up 34.76% year-on-year [2][6]. - The company has repurchased shares worth 106 million yuan and the controlling shareholder has increased holdings by 6 million yuan, reflecting confidence in future development [2][6].