Group 1 - The stock price of Jerry Holdings reached 46.56 yuan as of August 22, 2025, with an increase of 0.82% compared to the previous trading day [1] - The trading volume on that day was 78,915 lots, with a total transaction amount of 365 million yuan [1] - As of August 20, the number of shareholders was 25,463, a decrease of 2,409 shareholders, representing a decline of 8.64% compared to August 10 [1] Group 2 - Jerry Holdings specializes in oil and gas field equipment and technical engineering services, falling under the specialized equipment manufacturing industry [1] - The company's product range includes fracturing equipment, cementing equipment, and coiled tubing equipment for oil and gas fields [1] - For the first half of the year, the company reported operating 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% year-on-year [1] Group 3 - On August 22, the net outflow of main funds was 23.056 million yuan, with a cumulative net outflow of 65.7347 million yuan over the past five days [1]

Core Insights - Jerry Holdings (002353) reported a strong performance in the first half of 2025, with revenue and net profit both increasing, particularly notable was the 38.38% year-on-year growth in overseas revenue [1][2] - Despite the positive financial results, the company faces challenges in its transition to renewable energy, particularly with losses in its lithium battery projects and uncertainties in international market expansion [1][5] Financial Performance - In the first half of 2025, Jerry Holdings achieved operating revenue of 6.901 billion yuan, a 39.21% increase from 4.957 billion yuan in the same period of 2024 [2] - The high-end equipment manufacturing segment generated revenue of 4.224 billion yuan, accounting for 61.22% of total revenue, with a year-on-year growth of 22.42% [2] - The oil and gas engineering and technical services segment saw revenue of 2.069 billion yuan, representing a significant increase of 88.14% year-on-year, becoming a key driver of revenue growth [2] - The company's net profit attributable to shareholders reached 1.241 billion yuan, a 14.04% increase, while the net profit excluding non-recurring items was 1.231 billion yuan, up 33.90% [3] Market Expansion - Jerry Holdings' natural gas-related business achieved a revenue growth of 112.69%, with a gross margin increase of 5.61% and new orders rising by 43.28% [3] - The company successfully expanded into the North African oil service market, contributing to a 38.38% year-on-year increase in overseas revenue, which totaled 3.295 billion yuan [3][4] - The company emphasized the importance of selecting high-quality orders to improve profit margins in overseas markets [3] Renewable Energy Transition - Jerry Holdings is actively pursuing a transition to renewable energy, with the renewable and recycling business segment achieving revenue of 328 million yuan, a 65.74% increase [6] - The company has invested approximately 1.512 billion yuan in a lithium-ion battery anode material integration project, which has incurred losses of 248 million yuan to date [7] - Despite the strategic focus on dual main businesses in oil and gas and renewable energy, the lithium battery project has not yet turned profitable due to intense market competition and fluctuating raw material prices [6][7]

证券研究报告 杰瑞股份 (002353 CH) 25H1营收+39%,天然气业务开启成长 | | | 杰瑞股份发布半年报，2025 年 H1 实现营收 69.01 亿元（yoy+39.21%）， 归母净利 12.41 亿元（yoy+14.04%），扣非净利 12.31 亿元（yoy+33.90%）。 其中 Q2 实现营收 42.14 亿元（yoy+49.12%，qoq+56.85%），归母净利 7.75 亿元（yoy+8.78%，qoq+66.52%）。25H1 公司天然气相关业务营收 同比+112.69%，毛利率同比+5.61pct，订单同比+43.28%，持续验证公司 第二成长曲线；展望未来公司业绩有望在压裂设备+天然气设备的双轮驱动 下实现较快增长，维持"增持"评级。 25H1 综合毛利率下降系收入结构变化所致，费用率持续优化 | 倪正洋 | 研究员 | | --- | --- | | SAC No. S0570522100004 | nizhengyang@htsc.com | | SFC No. BTM566 | +(86) 21 2897 2228 | | 谭嘉欣 | 联系人 | | SAC No ...

Core Insights - Jerry Holdings (SZ002353) reported a strong performance in the first half of 2025, with revenue and net profit both increasing, particularly driven by a 38.38% year-on-year growth in overseas revenue [2][4][5] - Despite the positive financial results, the company faces challenges in its transition to renewable energy, particularly with losses in its lithium battery projects and uncertainties in international expansion [2][6][8] Financial Performance - The company achieved a revenue of 6.901 billion yuan in the first half of 2025, a 39.21% increase from 4.957 billion yuan in the same period of 2024 [3] - High-end equipment manufacturing generated 4.224 billion yuan, accounting for 61.22% of total revenue, with a year-on-year growth of 22.42% [3] - The oil and gas engineering and technical services segment saw a significant revenue increase of 88.14%, contributing 2.069 billion yuan, driven by rising demand in both domestic and international markets [3][4] Business Segments - The natural gas-related business reported a revenue growth of 112.69%, with a 5.61% increase in gross margin, indicating strong market expansion [4] - Overseas operations generated 3.295 billion yuan, reflecting a 38.38% increase, with new orders up by 24.16%, showcasing robust growth in international markets [4][8] Renewable Energy Transition - The renewable energy and recycling segment achieved a revenue of 328 million yuan, marking a 65.74% year-on-year increase, highlighting its potential as a growth driver [6] - The company is actively pursuing a dual business strategy focusing on both oil and gas and renewable energy, having entered the lithium battery recycling sector in 2023 [6] Challenges in Renewable Energy - The lithium battery project has been a significant source of losses, with cumulative investments reaching 1.512 billion yuan and a reported loss of 248 million yuan as of the reporting period [7] - The company plans to invest approximately 2.5 billion yuan in the lithium-ion battery negative material integration project, but has faced delays due to market conditions [7] International Market Dynamics - The company has successfully expanded its overseas market presence, reducing reliance on the domestic market, but faces challenges from geopolitical tensions and varying regulations across different regions [8] - The complexity of international operations increases management costs and operational risks, which could impact future growth [8]

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].