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 "Outperform the Market" [5][3]. Core Views - The company has achieved a revenue growth of 29.49% year-on-year in the first three quarters of 2025, with a net profit attributable to the parent company increasing by 13.11% [1][8]. - The company is actively expanding its production capacity to ensure the delivery of natural gas-related business orders, with a significant increase in advance payments and non-current assets [2][3]. - The company has successfully entered the Middle East and North Africa natural gas engineering markets, benefiting from the growth in compressor and gas turbine businesses [3][4]. Financial Performance - In the first three quarters of 2025, the company reported revenues of 10.42 billion yuan and a net profit of 1.808 billion yuan, with a cash flow from operating activities of 2.927 billion yuan, reflecting a strong business expansion [1][2]. - The company’s revenue and net profit forecasts for 2025 to 2027 are 31.63 billion yuan, 37.95 billion yuan, and 44.45 billion yuan respectively, with corresponding PE ratios of 16, 14, and 12 [3][4]. - The company’s financial metrics indicate a stable EBIT margin of around 22% and a return on equity (ROE) projected to increase from 12.7% in 2023 to 15.3% in 2027 [4][19].

Group 1: Company Overview and Strategy - The company has implemented an international strategy, achieving significant results with operations in over 70 countries, leading to an increasing share of overseas business revenue [2][3] - The company focuses on global strategic customers, enhancing collaboration across business segments to drive demand for high-end equipment [3] Group 2: Market Outlook - The global natural gas market is diversifying, with supply networks emerging in North America, the Middle East, North Africa, and Asia, creating new market opportunities [4] - Natural gas is increasingly recognized as a clean energy source, playing a crucial role in the global energy transition and meeting rising energy and electricity demands [4] Group 3: Order Fulfillment and Capacity Expansion - The company has seen rapid growth in natural gas-related orders and is proactively managing production and delivery schedules to meet demand [5] - Key components are being pre-stocked to ensure timely order fulfillment, with significant increases in prepaid accounts and inventory compared to the beginning of the year [5] Group 4: Competitive Advantages in Natural Gas Equipment - The company has established a comprehensive solution capability across the entire natural gas industry chain, from exploration to end-use [6][7] - A focus on innovation and customer-centric service has strengthened the company's market position and product quality, supported by various quality management certifications [7] Group 5: Power Generation Business Development - The company has formed a new subsidiary to advance its power generation business, offering various gas turbine generator sets and related services [8] - Successful sales and service operations have been established both domestically and internationally, with new orders being secured in the current year [8]

Group 1: Company Overview and Strategy - The company has implemented an internationalization strategy, achieving significant results with operations in over 70 countries and regions, leading to an increasing proportion of overseas business revenue [3][4] - The company focuses on global strategic customers and has made breakthroughs in various business segments, enhancing brand recognition and market share [3][4] Group 2: North America Market Development - The company has made steady progress in expanding its North American business, securing new orders for electric-driven fracturing equipment and gas turbine power generation [4][5] - Local capacity building and talent development in North America are ongoing to enhance operational and service capabilities [4] Group 3: Natural Gas Business and Capacity Management - The company has seen rapid growth in natural gas-related orders and is proactively managing production and delivery schedules to meet demand [5][6] - Key core components are being pre-stocked to ensure timely delivery, resulting in increased prepaid accounts and inventory compared to the beginning of the year [5] Group 4: Power Generation Business - The company has established Shandong Jereh Min Electric Energy Co., Ltd. to promote its power generation business, offering various gas turbine generator sets and services [6] - In North America, the company has successfully launched sales and service models for its gas turbine generators, focusing on oil and gas development and emergency power generation [6] Group 5: Cash Flow Improvement - The company emphasizes cash flow management, achieving an operating cash net inflow of CNY 2.927 billion in the first three quarters of 2025, a year-on-year increase of 99.5% [7][8] - Improved collection efforts and an increase in advance payments from new orders have positively impacted cash flow [7][8]

Core Insights - The company, Jerry Co., recently engaged in a research activity with 17 institutions, including E Fund and Morgan Fund, focusing on its natural gas business, overseas operations, core products, and cash flow [1][3]. Group 1: Research Activity Details - The research activity was categorized as targeted research and site visits, conducted in two sessions on September 10 and September 11, 2025, at the company's headquarters [2]. - Participating institutions included well-known financial entities such as E Fund, Invesco Great Wall Fund, and Guotou Ruijin Fund, with company representatives including Qu Ning, Mao Caixia, Song Xiang, and Wang Heyang [2]. Group 2: Business Highlights and Advantages - The natural gas business has become a significant support and growth point for the company, leveraging a comprehensive technical layout across the entire industry chain from gas development to end-use [3]. - The company has established a threefold increase in production capacity through the construction and expansion of its natural gas industrial park [3]. - The international strategy has shown significant results, with overseas market revenue reaching 3.295 billion yuan in the first half of 2025, a year-on-year increase of 38.38%, and new orders growing by 24.16% [3]. - The company has developed its own fracturing plunger pump, recently launching the "Pangu" series, which features long life and high displacement, with a 50% reduction in maintenance costs [3]. - The establishment of Shandong Jerry Min Electric Energy Co. aims to promote the power generation business, providing gas internal combustion generator sets and related services, with new orders in the North American market [3]. Group 3: Cash Flow and Dividend Situation - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion yuan in the first half of the year, an increase of 2.083 billion yuan year-on-year [4]. - For the 2024 fiscal year, the company plans to distribute a cash dividend of 6.9 yuan per 10 shares (before tax), totaling 706 million yuan [4]. - The half-year dividend plan for 2025 is set at 1.5 yuan per 10 shares (before tax), with an expected total of 153 million yuan [4].

Group 1: Company Overview and Business Strategy - The company has established a comprehensive natural gas business chain, covering exploration, storage, processing, liquefaction, and terminal utilization, which has become a significant growth driver for its performance [3] - The company has built a natural gas industrial park, increasing production capacity by over three times to meet the growing demand for natural gas equipment [3] - The company operates in over 70 countries, with overseas business revenue accounting for a growing proportion of total income [4] Group 2: Financial Performance - In the first half of 2025, the company achieved overseas market revenue of CNY 3.295 billion, a year-on-year increase of 38.38%, with new overseas orders growing by 24.16% [4] - The net cash flow from operating activities reached CNY 3.144 billion, an increase of CNY 2.083 billion year-on-year [7] - The company distributed a cash dividend of CNY 6.9 per 10 shares (tax included), totaling CNY 706 million (tax included) for the 2024 fiscal year [7] Group 3: Product Development and Innovation - The company has developed the "Pangu" series of plunger pumps, which feature a high commonality rate of 85% in core structures and components, reducing maintenance costs by 50% [5] - The company emphasizes product innovation to maintain a technological edge, with recent advancements in plunger pump technology enhancing market competitiveness [5] - The company has established Shandong Jerry Min Electric Energy Co., Ltd. to promote its generator set business, offering various reliable power solutions [6] Group 4: Market Position and Brand Recognition - The company has improved its brand recognition and market share through high-quality delivery of engineering orders and high-end equipment applications [4] - The company is focused on enhancing its overseas market capabilities and brand influence through resource integration and increased investment [4]

Group 1: Company Overview and Strategy - The company will continue to deepen its focus on the energy sector, enhancing its competitive edge through technological innovation and collaboration across industries [2][3] - A commitment to increasing R&D investment to improve core component technology and maintain leadership in high-end equipment [2][3] Group 2: Natural Gas Business - The natural gas business has become a significant growth driver, with a comprehensive value chain from exploration to end-use [4][5] - The company has built a natural gas industrial park, tripling production capacity to meet growing demand [5] Group 3: International Expansion - The company operates in over 70 countries, with overseas revenue accounting for a growing share of total income [7] - In the first half of 2025, overseas market revenue reached CNY 3.295 billion, a year-on-year increase of 38.38% [7] Group 4: Middle East Market - The Middle East is a key strategic market, with a well-established local business chain across various sectors [8] - Recent projects, such as the ADNOC digital well site transformation, have solidified the company's presence and reputation in the region [8] Group 5: Core Competencies - The company has developed proprietary technology for fracturing plunger pumps, enhancing product lifespan and market competitiveness [9][10] - The establishment of Shandong Jerry Min Electric Energy Co., Ltd. to advance generator set business, including successful operations in North America [10]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion CNY, a year-on-year increase of 39.21% [3] - Net profit attributable to shareholders was 1.241 billion CNY, up 14.04% year-on-year, with a net profit of 1.231 billion CNY after excluding non-recurring gains and losses, reflecting a growth of 33.90% [3] - The company reported a significant increase in operating cash flow, reaching 3.144 billion CNY, a year-on-year growth of 196.36% [3] Order Acquisition - New orders amounted to 9.881 billion CNY, representing a year-on-year increase of 37.65% [3] - The total backlog of orders reached 12.386 billion CNY, up 34.76% year-on-year [3] Natural Gas Business - The natural gas segment saw a revenue increase of 112.69% year-on-year, with a gross margin growth of 5.61% [5] - New orders in the natural gas sector grew by 43.28% [5] International Expansion - The company operates in over 70 countries, with overseas revenue reaching 3.295 billion CNY, a year-on-year increase of 38.38% [8] - New orders from international markets grew by 24.16% [8] Middle East Market - The Middle East is a key strategic market, with significant recognition and a complete local business chain established [9] - Recent projects include the ADNOC digital well site transformation and the Mansouriya project, both progressing well [9] Cash Flow Management - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion CNY, an increase of 2.083 billion CNY year-on-year [12]

Group 1: Company Overview and Global Strategy - The company has significantly increased its overseas business, with overseas revenue accounting for 45.20% in 2024, covering over 70 countries and regions [3] - The Middle East is a key strategic market, with a complete business chain established, including high-end equipment manufacturing and oil and gas engineering services [3] - Recent major contracts include a $920 million digital transformation project in the UAE and a $316 million gas booster station project in Bahrain [3] Group 2: Localization and Capacity Building - The company is enhancing its local production and service capabilities in overseas markets, including a new production and office base in Dubai [4] - In North America, the company has expanded its existing facilities and is building local capabilities in production, research, and after-sales service [4] - The company has over 1,000 foreign employees, contributing to the localization of its operations and enhancing its international strategy [4] Group 3: Response to Trade Policies - The company has a minimal direct export revenue to the U.S. and has established a production base there, mitigating the impact of U.S. tariffs [5] - It has diversified its supply chain and pre-stocked raw materials to enhance resilience against trade environment changes [5] Group 4: Industry Focus and Innovation - The company focuses on oil and gas and renewable energy sectors, aiming to maintain its leadership in high-end equipment through technological innovation [6] - It has launched the AI·R FRAC intelligent fracturing system, which has been applied in major oil and gas production areas in China [6] - The company has completed a lithium battery recycling project, enhancing its capabilities in the renewable energy sector [6] Group 5: Financial Management and Shareholder Returns - The company emphasizes maintaining healthy cash flow and has implemented measures to improve inventory and receivables management [10] - The 2024 dividend plan includes a cash dividend of 6.9 yuan per 10 shares, with a commitment to increasing the dividend ratio and frequency [12] - The company has executed share buyback plans for three consecutive years, reflecting confidence in its future development [12]