杰瑞股份20250916

Summary of Jerry Corporation's Conference Call Company Overview - Company: Jerry Corporation - Industry: Oil and Gas Equipment Key Points Financial Performance - In the first half of 2025, Jerry Corporation achieved a revenue growth rate of 39%, with a non-recurring net profit growth of 34% [2][4] - Operating cash flow net amount increased nearly 200% year-on-year to 3.1 billion [2][4] - The company’s revenue from overseas business is projected to rise from 28% in 2021 to 45% in 2024 [2][4] Order Growth - New orders in 2024 increased by 30% year-on-year, with overseas orders showing significant growth, now accounting for over half of total orders [2][4][5] - The overall order growth rate for Jerry Corporation is expected to maintain above 30% in the first eight months of 2025 [4][5] Market Expansion - The Middle East is identified as the most significant market for Jerry Corporation, with over 30% of overseas orders coming from this region [8][9] - The company has been expanding into North Africa, recently securing a 6 billion RMB EPC project in Algeria [7][8] Product Structure Optimization - The optimization of product structure has led to nearly 50% of revenue coming from natural gas-related businesses, reducing the impact of oil price fluctuations [2][6] - Natural gas-related orders have a compound annual growth rate exceeding 80%, primarily driven by demand in the Middle East and Asia-Pacific [6][9] Competitive Position - Jerry Corporation is recognized as a leading player in the oil and gas equipment sector, with a strong presence in both domestic and international markets [3][13] - The company has established a fully localized production capability in North America, with significant growth expected in electric fracturing and gas turbine power generation businesses [10][13] Future Outlook - The company anticipates a performance growth rate of 15-20% from 2025 to 2027, supported by a strong order delivery schedule [4][11] - The correlation between the company’s performance and oil prices is expected to decrease, enhancing its investment value [11][12] Strategic Advantages - Jerry Corporation has a competitive edge due to its resource integration, management capabilities, and shorter delivery cycles compared to competitors [9][13] - The company’s strong reputation and influence in the Middle East, particularly after successful project deliveries, position it well for future growth [9][10] Additional Insights - The company’s focus on EPC (Engineering, Procurement, and Construction) models has strengthened its performance stability and order growth capacity [3][4] - The ongoing global energy transition and geopolitical factors are expected to further boost demand for natural gas, benefiting Jerry Corporation [8][9]