证券研究报告 杰瑞股份 (002353 CH) 与全球 AI巨头签署超 1亿美金发电合同 2025 年 12 月 01 日│中国内地 专用设备 | 华泰研究 更新报告 | 投资评级(维持): | 增持 | | --- | --- | --- | | 2025 年 12 月 01 日│中国内地 专用设备 | 目标价(人民币): | 73.20 | | 杰瑞股份是全球领先的高端装备制造商和技术服务商，公司在钻完井、天然 | 倪正洋 SAC No. S0570522100004 | 研究员 nizhengyang@htsc.com | | 气设备及解决方案等领域在全球广受业主好评。11 月 27 日晚，杰瑞股份在 | SFC No. BTM566 | +(86) 21 2897 2228 | 谭嘉欣* 研究员 SAC No. S0570525100005 tanjiaxin@htsc.com +(86) 21 2897 2228 基本数据 杰瑞股份是全球领先的高端装备制造商和技术服务商，公司在钻完井、天然 气设备及解决方案等领域在全球广受业主好评。11 月 27 日晚，杰瑞股份在 其官方微信公众号宣布近日杰瑞股份全 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].

11月27日晚间，杰瑞股份(002353.SZ)披露的投资者关系活动记录表显示，该公司近日签署北美数据中心发电机组销售合同，合同金额超1亿美元。 该公司表示，这一订单标志着其模块化、智能化发电解决方案成功进入北美高端电力市场。 智通财经见习记者｜蒋习 随着海外数据中心不断建设，对高功率柴油发电机的需求激增。 该公司一内部人士对智通财经表示，此为杰瑞股份在北美数据中心领域的首个发电机订单。据其透露，为拓展发电业务，杰瑞股份目前成立了独立公司，布 局数据中心细分领域。 杰瑞股份成立于1999年，于2010年在深交所上市。该公司原以油气装备为主业，近年来持续拓展电力装备板块。 海外厂商的交付瓶颈，为中国发电机组企业提供了切入全球市场的战略窗口。 中国内燃机工业协会数据显示，2025年1-10月内燃机行业出口总额达232.14亿美元，同比增长11.33%。其中，发电机组出口54.36亿美元，同比增长25.96%。 目前，杰瑞股份产品线包括燃气轮机发电机组、往复式内燃机发电组、储能设备及变频设备等，应用于石油天然气开发、调峰发电、应急发电、工业发电及 数据中心等场景。 截至11月28日收盘，杰瑞股份触及涨停，股价报收5 ...

Core Viewpoint - Jerry Holdings has made a significant breakthrough in the North American data center market by signing a sales contract for generator sets worth over $100 million, marking a key milestone in its strategic expansion in this sector [1][3]. Group 1: Business Development - The company has established a wholly-owned subsidiary, Jerry MinDian Energy Group, to deepen its engagement in the power sector and accelerate business breakthroughs [2]. - Jerry Holdings has developed a comprehensive energy solution based on years of technical accumulation in gas power generation, intelligent control, and complex system integration [2]. - The company has a complete management system covering R&D design, precision manufacturing, quality control, and global supply chain collaboration to ensure efficient project implementation [2]. Group 2: Product and Technology - Jerry Holdings offers a full range of self-developed power equipment, including gas turbine generator sets, reciprocating internal combustion engine generator sets, energy storage devices, and variable frequency devices, forming a highly integrated, modular, and intelligent gas power product system [2]. - The product system is designed to meet high standards of reliability, responsiveness, operational flexibility, and stability required in various applications, including data centers and oil and gas development [1][2]. Group 3: Strategic Partnerships - The company has strengthened its core component supply stability by signing a global strategic cooperation and large-scale order agreement with Baker Hughes, building on its long-term collaboration with Siemens [2]. - This partnership aims to provide robust support for project delivery on a global scale, ensuring timely and high-quality equipment delivery following the recent $100 million order [2]. Group 4: Market Recognition - The successful sale of equipment in the data center sector reflects the company's comprehensive strength and the high market recognition established through repeated validations of its power generation equipment in North America [3]. - The signing of this contract not only signifies a strategic upgrade in the North American market but also marks a critical step in the company's integrated capability development in the data center sector [3]. Group 5: Investor Engagement - The investor relations activity included participation from various well-known domestic and international investment institutions, including investment banks, public funds, private equity funds, and insurance companies [4].

Core Insights - The company, Jerry Co., has developed a highly integrated, modular, and intelligent gas power generation product system, which includes gas turbine generator sets, reciprocating internal combustion engine generator sets, energy storage devices, and frequency conversion equipment [1] - The company has established customized power support solutions for various applications, including oil and gas development, peak shaving power generation, emergency power generation, industrial power generation, and data centers [1] - Recently, the company signed a global strategic cooperation and large-scale order agreement with Baker Hughes, building on its long-term partnership with Siemens to ensure the supply of core components [1] - The company has secured sales orders for generator sets from North American data centers, with a contract value exceeding $100 million, and is focused on expediting equipment delivery [1]

证券代码：002353 证券简称：杰瑞股份 烟台杰瑞石油服务集团股份有限公司投资者关系活动记录表 编号：20251127 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | （电话会议） 其他 | | | 参会机构：Citigroup Global Markets Asia Limited；Green Court Limited；浦银 | | | 安盛基金管理有限公司；东北证券股份有限公司；博时基金管理有限公司；东吴证券 | | | 股份有限公司；国寿安保基金管理有限公司；创金合信基金管理有限公司；方正证券 | | | 股份有限公司；华美国际投资集团有限公司；招商证券股份有限公司；幸福人寿保险 | | | 股份有限公司；Bank of America Corporation；富国基金管理有限公司；碧云资本管 | | | 理有限公司；圆信永丰基金管理有限公司；工银瑞信基金管理有限公司；汇百川基金 | | | 管理有限公司；广发基金管理有限公司；中泰证券股份有限公司 ...

Summary of Southern Pump Industry Conference Call Company Overview - **Company**: Southern Pump Industry - **Industry**: Manufacturing, specifically in pumps and environmental services Key Points and Arguments Financial Performance - **Revenue Growth**: Manufacturing business revenue increased by 7% in the first half of the year, with profit growth of 10.7% driven by a 16% increase in overseas markets [2][4] - **Net Profit**: Excluding non-recurring items, net profit grew by 34%, with a significant 55% increase in Q2 [3] - **Overall Revenue**: Total revenue increased by 3%, with net profit reaching over 90 million yuan [3] Business Segments - **Manufacturing Segment**: - Revenue growth of 7% and profit growth of 10.7% [2][4] - Domestic revenue growth was flat at 0.4%, while international revenue grew by nearly 16% [4] - Specific subsidiaries like Southern Anmei and Southern Water Treatment showed rapid growth [6] - **Environmental Business**: - Revenue declined by 22%, with hazardous waste business losses expanding to 32 million yuan [2][14] - Plans to alleviate the burden of hazardous waste assets, with a potential sale of assets valued at approximately 400 million yuan [17] Product Development and Market Strategy - **Liquid Cooling Products**: - Focus on liquid cooling technology, with shipments nearing 70 million yuan in the first half [2][8] - Market dominated by foreign suppliers; company plans to develop new products like mechanical and shielded pumps [8][10] - **High-End Products**: - Emphasis on high-end and specialty products for domestic replacement opportunities [12] - Development of large pumps for water conservancy, energy, and nuclear power sectors [12] Market Dynamics - **Order Trends**: - Water pump manufacturing orders remained stable, with significant growth in municipal water conservancy (60%) and smart equipment (18%) [7] - Environmental water treatment orders declined by 27% due to intense competition [7] - **Overseas Market Performance**: - Strong performance in North America, with a recent project valued over 5 million USD [10] - Overall overseas revenue expected to grow, with a focus on expanding production capacity [30] Financial Management - **Cost Reduction**: - Financial and management costs reduced from 130 million yuan in 2020 to around 50-60 million yuan currently [5][16] - Debt-to-asset ratio decreased to 62%, improving financial stability [5][15] Future Outlook - **Growth Potential**: - Company sees significant growth potential in the low-concentration pump industry, with only 2% market share [2][11] - Plans to enhance R&D investment and product variety to capture market share [11] - **Capital Expenditure**: - Ongoing projects like the Deqing factory are progressing well, with cautious capital expenditure planned [21][23] Challenges and Risks - **Hazardous Waste Business**: - Facing challenges with profitability and competition, with expected losses continuing [17] - **Domestic Market Competition**: - Domestic market characterized by intense competition leading to lower profit margins compared to overseas [29] Conclusion - **Optimistic Outlook**: - Company maintains an optimistic view for the second half of 2025, with expectations of significant growth driven by improved management and market expansion efforts [31]