杰瑞股份20260115

Summary of Jerry Holdings Conference Call Company Overview - Company: Jerry Holdings (杰瑞股份) - Industry: Oil and Gas Equipment and Services Key Points Business Performance - Jerry Holdings' natural gas business benefited from the expansion wave in the Middle East, with revenue growth exceeding 100% year-on-year in the first half of the year [2][4] - New orders in the natural gas segment increased by 43% year-on-year, with a significant contract worth $900 million recently secured [2][4] - The company expects over 50% performance growth in the natural gas business, which is becoming a second growth curve for the company [2][13] Financial Highlights - For the first three quarters of 2025, the company reported revenue of 10.4 billion RMB, a 30% increase year-on-year, and a net profit of 1.808 billion RMB, up 13% year-on-year [10] - The overseas revenue accounted for 47.75% of total revenue, with a backlog of orders amounting to 12.3 billion RMB, providing momentum for future growth [10][3] - Projected revenues for 2026 and 2027 are 19.809 billion RMB and 23.799 billion RMB, respectively [3][19] Market Position and Strategy - Jerry Holdings holds a leading position in the global drilling and completion market, with a domestic market share of over 1,200 units of production capacity [4] - The company has expanded its capabilities in shale gas production services in Saudi Arabia and the UAE, with a service capacity of 700,000 hydraulic horsepower [9] - Collaborations with Siemens Energy, Baker Hughes, and Kawasaki Heavy Industries have led to the development of high-efficiency gas turbine units [2][17] Industry Trends - The global LNG industry is entering a new construction phase, with significant infrastructure investment expected to reach $128.2 billion by 2029 [10][11] - The demand for natural gas is projected to increase, particularly in data centers, where natural gas is expected to become the primary source of new supply [16] Risks and Challenges - The company faces operational risks from fluctuating oil and gas prices, increased market competition, and geopolitical uncertainties [5][20] - Despite these challenges, the company is considered undervalued compared to peers, with projected P/E ratios of 27.273, 22.80, and 19.36 for 2025, 2026, and 2027, respectively [5][19] Future Outlook - The electric power business is expected to grow significantly due to rising investments in artificial intelligence, with a projected CAGR of 31.9% from 2024 to 2029 [2][14] - The company aims to establish a revenue segment similar in scale to its drilling and completion business, targeting revenues of 5 to 6 billion RMB [18] Conclusion - Jerry Holdings is positioned for strong growth in both its natural gas and electric power segments, supported by strategic partnerships and a robust order backlog, despite facing certain market risks [2][19]