机构：中金公司 研究员：严蓓娜/裘孝锋 1H25 业绩符合我们预期 公司公布1H25 业绩：收入316 亿元，同比增长10%；归母净利润13.9 亿元，同比增长5%，每股盈利 0.32 元，符合我们预期。公司1H25 经营性现金流同比转正为33 亿元，财务收入净额4.5 亿元，同比减 少1.3 亿元，主要受利率下降影响。 1H25 公司毛利率8.2%，同比下降0.4 个百分点，主要为施工板块项目结算不及预期所致。但公司经营 利润率小幅上升0.5 个百分点至3.4%，主要为汇兑收益、减值拨回影响约1.7 亿元。 发展趋势 新签订单同比增长42%。公司1H25 新签订单712 亿元，同比增长42%，再创同期历史新高，其中境内新 签402 亿元，海外新签43 亿美元，已完成公司年初设定境内630 亿元、海外50 亿美元目标额的 64%/86%。根据公司公告，新签境内外订单主要包括：1）国内中石化三大乙烯项目（洛阳、茂名、九 江），合同金额总计约170 亿元；2）19 亿美元哈萨克斯坦Silleno石化综合体项目；3）20.6 亿美元阿尔 及利亚哈西炼厂项目。 EPC 项目稳中有升。公司1H25EPC 板块毛利率维持 ...

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].