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 答：公司注重构建全球化供应链体系，采取多种措施提升公司供应链韧性，与西门子、 贝克休斯、川崎重工等燃气轮机厂商建立了战略合作关系，合作范围涉及多个型号的 燃气轮机，为相关产品交付提供坚实保障。在产能方面，公司通过在美国杰瑞原有厂 房的基础上进行产能扩建，目前已具备电驱/涡轮压裂成套设备、燃气轮机发电设备等 多种类设备总装配的生产能力，可满足北美地区相关产品的生产需求；同时公司海内 外产能可以相互调节，公司会根据实际订单情况合理规划利用海内外产能，强化交付 能力。 编号：20251226 | | 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 | | | □其他 | | | 序号 代表机构 姓 名 | | | 1 工银瑞信 黄 璨 | | | 2 工银瑞信 李文明 | | | 3 熵盈基金 刘 翔 | | | 4 立心基金 孙 毅 | | | 5 立心基金 张海涛 | | 活动参与人员 ...

Investment Rating - The report assigns a "Buy" rating for the company, Jerry Holdings (002353), marking its first coverage [1]. Core Insights - Jerry Holdings is a leading company in the drilling and completion equipment sector, driven by dual engines of "natural gas + electricity" for growth [1]. - The company has established a diversified business model with significant breakthroughs in domestic and international markets, particularly in drilling, natural gas, and gas turbine generator businesses [1][6]. Summary by Relevant Sections Company Overview - Jerry Holdings, founded in 1999, is a prominent energy equipment and technology service provider in China, with a focus on high-end equipment manufacturing, oil and gas engineering services, new energy, and environmental governance [10]. - The company has a strong market position in drilling and completion equipment, holding the largest market share in domestic sectors such as fracturing, cementing, and coiled tubing [15][17]. Natural Gas Business - The natural gas segment has emerged as a "second growth curve" for the company, with significant orders and revenue growth, including a 112.69% year-on-year increase in revenue for the first half of 2025 [6][57]. - The global LNG market is entering a new construction phase, with over 300 billion cubic meters of new capacity expected to be operational from 2025 to 2030, particularly in the Middle East [44][46]. Power Energy Business - The power energy segment is being developed as a "third growth curve," driven by the increasing demand for gas turbine generator sets, particularly in data centers [6][19]. - The company has signed multiple contracts exceeding $100 million for gas turbine sales, establishing a new business growth point [6][19]. Financial Projections - The company forecasts total revenue of 13,354.92 million yuan in 2024, with a projected growth rate of 21.96% in 2025, reaching 16,287.21 million yuan [2]. - Net profit attributable to shareholders is expected to grow from 2,627.03 million yuan in 2024 to 3,164.19 million yuan in 2025, reflecting a growth rate of 20.45% [2]. Valuation Metrics - The report provides a P/E ratio forecast, indicating a decrease from 27.59 in 2024 to 22.91 in 2025, and further down to 16.29 by 2027, suggesting an attractive valuation as earnings grow [2].

编号：20251224 | | 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 | | | | □其他 | | | | 序号 代表机构 | 姓 名 | | | 1 华夏基金 | 吕佳玮 | | | 2 华夏基金 | 王嘉伟 | | | 3 华夏基金 | 吴 昊 | | 活动参与人员 | 4 光大证券 | 陈佳宁 | | | 5 光大证券 | 王礼沫 | | | 6 光大证券 梅 玲 | | | | 按照要求，以上人员已签署了承诺书。 | | | | 杰瑞股份参会人员： | | | | 毛彩霞、王鹤扬 | | | 时间 | 2025 年 12 月 24 日 09:00-12:00 | | | 地点、形式 | 公司总部大楼会议室、现场调研参观 | | | | 一、公司基本情况介绍 | | | | 二、互动交流摘要 | | | | 1.请问公司海外业务整体发展情况如何？ | | | | 答：近年来，公司坚定执行国际化战略，海外战略布局取得显著成效，业务遍布70 ...

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：20251217 | | 特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | | --- | --- | --- | --- | --- | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | | | 现场参观 | | | | | □其他 | | | | | | | | 场次一 | | | | | 序号 | 代表机构 | 姓 名 | | | | 1 | 汇添富基金 | 蔡志文 | | | | 2 | 汇添富基金 | 马 磊 | | | | 3 | 汇添富基金 | 袁天洋 | | | | 4 | 汇添富基金 | 江 健 | | | | | 场次二 | | | | | 序号 | 代表机构 | 姓 名 | | | | 1 | Point 72 | Rex Feng | | | | 2 | Point 72 | Christina | He | | | 3 | 高毅资产 | 邢天成 | | | 活动参与人员 | | 场次三 | | | | | 序号 | 代表机构 | 姓 名 ...

Group 1: Company Overview and Strategy - The company has implemented an international strategy, achieving significant results with operations in over 70 countries and regions, with increasing overseas business revenue proportion [3] - The company is expanding into the data center power generation sector, enhancing its global high-end data center energy strategy and promoting diversification of overseas business [3] Group 2: Natural Gas Business Growth - The rapid growth of natural gas orders is attributed to the restructuring of global supply patterns and increasing demand for clean energy, with natural gas being recognized as a strategic bridge in energy transition [4] - The company has established a comprehensive solution capability across the entire natural gas industry chain, covering exploration, storage, power generation, and processing [4] Group 3: Equipment and Production Capacity - A new natural gas industrial park has been established to optimize product structure and improve delivery efficiency, addressing production capacity challenges [5] - The company emphasizes innovation in product design and has established a strong service network to ensure rapid customer response [4] Group 4: Power Generation Sector Development - The company’s power generation equipment meets high standards for reliability and flexibility, with successful sales and leasing cases in the North American market [6] - Future plans include deepening involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions [7]

Summary of Jerry Corporation Conference Call Company Overview - **Company**: Jerry Corporation - **Industry**: Oil and Gas Equipment Services - **Key Business Segments**: Oil (50% revenue), Natural Gas (25% revenue), Gas Turbines (low revenue but high potential) [2][4][5] Core Insights and Arguments 1. **Oil Business**: - Oil-related business primarily involves fracturing equipment and underwater EPC projects, with a revenue share of approximately 50% [4] - Anticipated increase in capital expenditure (capex) from global oil companies will drive demand for oil service equipment [2][4] - The development of aging oil fields is expected to boost demand for pressure equipment [2][4] 2. **Natural Gas Business**: - Natural gas revenue accounts for about 25% of total revenue, but backlog orders represent nearly 50% [2][4] - Growth is supported by large projects in North America and the Middle East, as well as the development of liquefied natural gas (LNG) [2][4][20] - Seen as the fastest-growing segment outside the core business [2][4] 3. **Gas Turbine Business**: - Currently a smaller revenue contributor but with significant growth potential due to North America's electricity shortages and expansion of the turbine supply chain [2][5] - Strong partnerships with major suppliers like Siemens and GE Baker Hughes are expected to enhance growth [2][5][22][23] 4. **Financial Performance**: - Projected net profits for 2025, 2026, and 2027 are 2.96 billion, 3.82 billion, and 4.61 billion RMB respectively [3][24] - Anticipated valuation of 82 billion RMB, with a recommendation to maintain a "buy" rating [3][24] 5. **Industry Trends**: - Global oil and gas capital expenditure peaked at $462 billion in 2014, dropped to $182 billion in 2020, but is expected to reach approximately $300 billion by 2024 [8] - Exploration and development spending has increased since 2020, but the cost of discovering new oil and gas has surged significantly [9][10] 6. **Market Dynamics**: - The relationship between oil prices and capital expenditure has weakened post-2020 due to changes in OPEC strategies and regional production strategies [12][16] - Domestic oil service companies, including Jerry, are performing well internationally, particularly in the Middle East [17] Additional Important Insights - **Pressure Equipment Demand**: - Increased demand for pressure equipment due to aging oil fields and the need for enhanced recovery methods [19] - Transition from traditional hydraulic pressure products to electric-driven pressure products presents structural growth opportunities [19] - **Natural Gas Market Outlook**: - Significant LNG capacity growth expected, particularly in Qatar and North America, with a projected increase of 40% by 2030 [20] - High levels of investment in natural gas projects indicate a strong pipeline of future orders [20] - **Stock Performance and Future Potential**: - Jerry Corporation's stock has shown strong performance in 2025, with future growth driven by the natural gas segment and gas turbine business [25] - Historical stock performance suggests potential for significant price increases based on current growth drivers [25]

Group 1: Company Overview and Strategy - The company has successfully implemented multiple key EPC projects, enhancing market recognition and securing significant orders from state-owned oil companies in regions like the Middle East and Asia-Pacific [3] - The company adheres to a principle of selecting profitable projects with strong cash flow, focusing on strategic orders that promote synergy across its business segments [3] - The company aims to extend its capabilities upstream in the oil and gas field, building a full value chain from engineering construction to oilfield services [3] Group 2: Natural Gas Market Insights - The global natural gas market is diversifying, with increased demand for natural gas as a clean energy source, leading to more market opportunities [4] - The company anticipates significant growth in the natural gas sector, driven by the need for energy security and the transition to cleaner energy [4] Group 3: Production and Delivery Measures - The company has increased its prepayments and inventory to ensure timely delivery of natural gas orders, reflecting a proactive approach to production planning [4] - Measures include enhancing resource allocation, expanding domestic production capacity through leasing, and accelerating overseas capacity development [4][6] Group 4: Natural Gas Equipment Business - The company has established a comprehensive solution capability across the entire natural gas value chain, from exploration to end-use [5] - A focus on innovation and customer-centric service has strengthened the company's position in the high-end market for natural gas equipment [5] Group 5: Gas Turbine Power Generation - The company has launched its own 35MW and 6MW gas turbine generator sets, providing reliable power solutions for oil and gas development and emergency power needs [7][8] - A strategic partnership with Baker Hughes has been established to secure core component supplies and expand the gas turbine power generation business [8]

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Natural Gas Equipment and Oil Services Key Points Industry and Market Dynamics - **Natural Gas Equipment Capacity**: Short-term bottlenecks expected to stabilize, with Q4 delivery amounts projected to match the first three quarters. Capacity is anticipated to double to 5-6 billion yuan next year, with significant improvements starting in Q4 [2][3][5] - **Oil Price Outlook**: Recent decline in oil prices has pressured stock prices, but management remains optimistic about oil prices stabilizing at $60-65 per barrel over the next 1-3 years [2][3][5] - **Gas Turbine Demand**: Increased demand for gas turbines driven by overseas electricity shortages, with orders exceeding expectations at approximately $100 million [2][4][7] - **Regional Growth**: Middle East, Central Asia, and North Africa identified as high-growth regions, with the oil service market expected to grow at an annual rate of 8-10% from 2024 to 2030, reaching a size of $150 billion by 2030 [2][5] Company Performance and Strategy - **Domestic Market Resilience**: Despite oil price fluctuations, high dependency on imported crude oil supports capital expenditure. The unconventional oil and gas sector presents growth potential [2][5][6] - **North American Market**: Strong demand for fracturing equipment and gas turbines, with expectations of increased market share due to competitive advantages [2][5][6] - **Generator Business**: Jerry Holdings has a stable generator business with 35 MW and 6 MW units, benefiting from long-term procurement agreements with Siemens. The shortage of gas turbines is expected to drive rental prices up [2][10] Financial Performance - **Q3 Performance**: Slightly below market expectations due to delayed delivery of natural gas equipment, but overall annual targets remain unchanged. Q4 is expected to show significant improvement [3][5] - **Order Growth**: Notable growth in gas turbine orders, with actual orders reaching around $100 million, significantly higher than initial expectations of $60 million [4][7] Investment Outlook - **Long-term Investment Logic**: Confidence in Jerry Holdings' growth based on: 1. High growth in the Middle East, Central Asia, and North Africa due to increased investment in the natural gas industry [5][11] 2. Stable domestic business supported by high capital expenditure needs [5][11] 3. Potential surprises in the North American market driven by strong demand for equipment updates [5][6][11] - **Valuation Assessment**: The company is viewed as having strong investment value due to its competitive advantages, reasonable valuation, and new growth expectations in the gas turbine business [10][11] Additional Insights - **Electricity Supply Issues**: North America is facing significant electricity supply shortages, with projections indicating a 25% gap in supply by early 2025, increasing the importance of natural gas as a power source [8][9] - **Market Demand for Natural Gas**: In the U.S., natural gas accounts for 40-50% of electricity generation, highlighting its critical role in meeting supply needs [9] This summary encapsulates the key insights from the conference call, focusing on the company's performance, market dynamics, and investment potential.

Group 1: Company Overview and Culture - The core values of the company are "customer-centric, based on strivers, self-criticism, and striving for first place" [3] - The company emphasizes the importance of a healthy corporate culture as a key driver of competitive advantage [3] - Leadership at all levels exemplifies the company's culture, which is crucial for its effective implementation [3] Group 2: International Business Development - The company has successfully expanded its international strategy, with operations in over 70 countries and regions [4] - The revenue from overseas business is continuously increasing, reflecting the effectiveness of the company's global strategy [4] - The company focuses on high-end equipment demand through engineering orders, enhancing brand recognition and market share [4] Group 3: Natural Gas Industry Outlook - The restructuring of the global natural gas supply landscape presents significant market opportunities [5][6] - Natural gas is increasingly recognized as a strategic bridge in the global energy transition, with rising demand for its development [5][6] Group 4: Order Fulfillment and Capacity Expansion - The company has seen rapid growth in natural gas-related orders and is proactively managing production and delivery schedules [7] - Key components are being pre-stocked to ensure timely order fulfillment, with an increase in prepaid accounts and inventory compared to the beginning of the year [7] - The company is expanding capacity through various means, including leasing facilities and enhancing talent recruitment [7] Group 5: Natural Gas Equipment Business Advantages - The company has established a comprehensive solution capability across the entire natural gas industry chain [8] - It maintains a strong focus on innovation and product quality, supported by various quality management certifications [8] - A robust service network ensures quick responses to customer needs, enhancing after-sales support [8] Group 6: Power Generation Business Development - The company has formed a new subsidiary to advance its power generation business, offering various gas turbine solutions [10] - It has successfully implemented equipment sales and power generation services in both domestic and international markets [10] - New orders for gas turbine services have been secured, with ongoing discussions to expand applications and secure additional contracts [10]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 61.88 [1][4]. Core Insights - The company reported a year-on-year revenue increase of 13.90% in Q3, achieving RMB 35.19 billion, and a net profit of RMB 5.67 billion, up 11.11% year-on-year. For the first three quarters of 2025, the total revenue reached RMB 104.20 billion, representing a 29.49% increase year-on-year, with a net profit of RMB 18.08 billion, up 13.11% year-on-year [1][2]. - The company has secured significant overseas orders, including an EPC project from Sonatrach SPA in Algeria, valued at approximately USD 850 million (RMB 6.1 billion), which is expected to support future growth [3][4]. - The company’s gross margin for the first three quarters of 2025 was 31.29%, a decrease of 3.43 percentage points year-on-year, primarily due to changes in product revenue structure and the delivery schedule of EPC projects [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of RMB 35.19 billion, a year-on-year increase of 13.90%, but a quarter-on-quarter decrease of 16.49%. The net profit for the same period was RMB 5.67 billion, reflecting an 11.11% year-on-year increase and a 26.91% quarter-on-quarter decrease [1]. - For the first three quarters of 2025, the company reported a total revenue of RMB 104.20 billion, up 29.49% year-on-year, and a net profit of RMB 18.08 billion, which is a 13.11% increase year-on-year [1]. Order Acquisition - In July 2025, the company’s subsidiary received a project award from Sonatrach SPA for the Rhourde Nouss Boosting Project, valued at approximately USD 850 million (RMB 6.1 billion). This new order is expected to enhance the company's order backlog and support future revenue growth [3][4]. Profitability Metrics - The gross margin for the first three quarters of 2025 was reported at 31.29%, down 3.43 percentage points from the previous year. The Q3 gross margin was 29.52%, a decrease of 3.80 percentage points year-on-year [2][4].